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Loss-cost indicators are high for liability, low for property. -
Severe convective storms accounted for 41% of last year’s insured loss load.
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The estimate has reduced slightly since the modeler’s last update in October.
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Rate increases averaged 0.0% in December 2024, from 16.3% in December 2023.
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Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.
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Rates are now falling, but submissions are still rising, according to wholesale brokers.
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Irwin joins the firm from Beazley, where she’d worked since 2019.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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This publication revealed in July 2023 that the utility company had chosen to try self-insurance for the first time.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Investigators are homing in on the likely causes of the incidents.
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Moody’s also expects losses in the billions of dollars.
