Property

Lara's plan, backed Thursday by an executive order from California Governor Gavin Newsom, repackages elements of a proposed bill that collapsed earlier this month.

Rating agency cites elevated underwriting results from convective storms, cat events in core states of operation.

Insureds that have taken higher retentions or less limit due to increased cost could be exposed this year if there is a major cat event, according to Swiss Re’s Kyle Burnett.

Competing forces of loss cost inflation and mixed rate action yield uneven trajectories for the largest commercial lines.

European and Bermudian reinsurers are expected to be the most favorably affected by the current environment.

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Some 15 months on from the property reinsurance exit, he said the firm continued to reserve the right to reshape the portfolio.

The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.

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Some reinsurers are developing products and solutions for cedants’ newly retained risk under those higher attachment points, executives noted.

It is more dependent on property, and its longevity is uncertain.

Floridians will bear the brunt of Idalia's losses as a retention event, but reinsurers will reap the benefits of pricing.