insurance

Insurance and reinsurance market losses from severe weather and convective storms in the United States is approaching $20 billion in 2021, with tornadoes and storms driving the tally higher in October, according to Aon.

Brit Ltd., the specialty insurance and reinsurance player with a third-party capital management operation under its Sussex Capital entity, is now close to seeing its aggregate reinsurance protection triggered after the major third-quarter catastrophes.

United Insurance Holdings (UPC Insurance), the Florida headquartered but regionally expansive insurer of catastrophe exposed property, benefited significantly from changes made to its reinsurance program at the last renewals, as a larger proportion of its catastrophe losses was ceded to its reinsurers in Q3 2021.

Markel CATCo Investment Management acknowledged the delay to the buyout process for its retrocessional reinsurance investment funds this morning, but said that any challenges from investors would be vigorously defended against.

Insurance and reinsurance broker Aon estimates that as of early fourth-quarter 2021, global insured losses from natural disasters and severe weather are running around 13% above the annual decadal average, having reached roughly $107 billion.

Global insurance and reinsurance giant Zurich has exhausted its aggregate catastrophe reinsurance protection during the third-quarter, as significant losses from hurricane Ida and the European floods took their toll.

Activity surrounding the buyout terms proposed to investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds looks set to drag on, after a court appearance in Bermuda ended with Markel agreeing to provide additional information to creditors, we understand.

Allianz intends to make some tweaks to its catastrophe reinsurance arrangements at the renewals, although overall its reinsurance arrangements are expected to remain fundamentally unchanged and changes are expected to be to the aggregate coverage, the insurers CFO Giulio Terzariol said yesterday.

During the third-quarter of 2021 primary carrier FedNat reported a reduction in its net catastrophe losses as its robust reinsurance arrangements really came into their own, with the insurer ceding some $562 million of gross catastrophe losses to its reinsurance partners.

As reinsurance market modernisation and digitalisation continues apace, there are still a lot more gains to be made and as a result the industry can expect to unlock greater value and insight across the entire market chain, according to speakers in our recent live webcast.