Claims and losses

The outlook flags “large uncertainties” amid possible El Niño through summer 2026.

The policy includes a $200mn limit with an additional $100mn for side A coverage.

MGAs going public is now a viable option, but dominating a market comes first.

The highest portion of losses was experienced in Alberta.

Highly concentrated, overly leveraged fronts could repeat the Unicover-Reliance story.

The PE fund says Argo failed to indemnify it for costs related to a probe by New York’s attorney general.

Admitted carriers on the other hand are still exercising caution as regulatory reforms take hold.

An “extraordinary” proportion of storms reached Category 5 status this year.

The MGA said payments to affected customers began shortly after the event.

A string of high-profile bankruptcies has put more scrutiny on the once marginal sector.

Many carriers are still pricing above technical rate, but could reassess their strategies after Q1.

A jury awarded $32.3mn for repair costs, and $80mn for business interruption.

Light cat losses at year-end portend capital deployment and return decisions in 2026.

The city said it was self-insured at the time of the attack.

The peril has been historically difficult to model compared to others.

Sizable reserve releases offsetting casualty reserve charges cannot last forever.

Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.

Despite a softening market, underwriters were still able to attain up to 10% above technical pricing.

With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.

Building electrical capacity quickly requires carriers to do due diligence on who’s behind the new power plants.

The plaintiffs' bar has been playing out the same rulebook for 15 years. It’s time the defense catches up.

The tech error, now resolved, halted traffic to sites like X and ChatGPT.

Kemper and Selective’s woes stem partly from own issues, but industry-level issues persist.

The deal to reopen the government also extended the NFIP.

The MGA began offering US commercial E&S property products in December.

Many nuclear verdicts become much less radioactive on appeal.

The loss would be one of the largest ever for mining underwriters.

California may not be the only state to see non-economic damage caps in medmal get challenged.

Insurance penetration varies, but hotels have “near-total” coverage and strong limits.

The executive said inflation isn’t completely gone but is now “more understood”.

The credit can now be applied to mitigation against operational losses.

The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.

The Marsh-placed account renews its all-risks cover on 16 November.

Widespread underinsurance and low exposures will limit losses.

While attritional losses were up for the quarter, those in the carrier’s core business declined.

Many commercial risks will have London coverage, but insured values are relatively low.

The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.

Exposure for California’s Fair plan has jumped, as insurers drop policyholders.

Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.

Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.

The global insurer will need to convince investors on the quality of the book.

The global insurer will pick up a $650mn portfolio of US casualty business.

AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.

A US landfall is not expected, but the storm could hit the Bahamas by Friday.

The storm could bring flooding to Jamaica, Cuba and Haiti.

The bill includes provisions to encourage retrofitting homes in high-risk areas.

While limited to only some accounts, it’s a sign of the intense competition in the segment.

A canvassing of the cyber market suggests the impact will be negligible.

The range allows “for information that could emerge beyond what is known today”.

Selective’s CEO earlier attributed Q3 adverse development to the NJ market.

The company and its main debt provider Ares agreed to relax its debt terms in April.

A former NOAA climatologist who left the agency is running the new operation.

Cat losses in Q3 were light as peak hurricane season passes without incident.

AWS suffered a large-scale service disruption originating in northern Virginia.

There’s nothing medical about SAM claims.

Northeast Insurance said 55 claims were brought under the Child Victims Act.

Since Simon Wilson was elevated to insurance CEO, the firm has been refocusing its underwriting.

The protection covers the US insurance book for the 2024 and prior accident years.

Critics claim the dispute system denies consumers' key legal rights.

Nine-month insured losses still exceeded $100bn due to California wildfires.

As the Great Japanese M&A Contest develops, the executive said inorganic expansion is “a top priority”.

Though wildfire losses are up, total losses are the lowest since 2015.

A US district judge ruled a delay could put human life and property at risk.

The federal panel hasn’t finalized a timeline for formulating the new rules.

Shared and layered accounts are seen as reaping the biggest benefits.

Fronting doesn’t look any better when it’s broken down by segment.

Trade credit insurers are expected to respond with tighter buyer limits and stricter wordings.

Growth concerns were top of mind at this year’s conference.

The governor has yet to sign a pending bill to create a public cat model.

Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.

Moretti has relocated to California from London.

Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.

The insurer of last resort currently has $2.15bn of cat bond protection on risk.

As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.

Expansion into adjacent markets, capital return and M&A among top means of capital deployment.

Insurers continue to compete on price, especially in the SME sector.

The ratings agency cited a reduction in exposure to nat cat risk as a reason for the change.

Sexual abuse and molestation exclusions are starting to hold in higher layers of hospital towers this year.

Home buyers looking to close on a mortgage could find the private market an attractive alternative.

Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.

The jump in the latest estimate could be due to damage to seasonal properties only being recently discovered.

The NHC also warned that a hurricane watch could be required in Bermuda as early as Monday afternoon.

According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.

The tropical cyclone is expected to be named Imelda.

Juries don’t significantly differentiate in cases involving severe injury.

California’s insurance regulator has Fair Plan depopulation, cat models on his mind.

Rates continue to be favorable for buyers across major lines of coverage.

Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.

The risk also ranked as a top three concern for companies of all sizes.

Whether in property or casualty, areas of the market will be profitable even with new entrants, the executive said.

The proposed changes aim to establish clear guidelines for intervenors.

Cat losses in August were below historical trends, but we are not in the clear just yet.

Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.

Despite tort reform, physicians’ insurers are struggling with the same loss inflation challenges as other liability peers.

Average incident costs for SMEs were up nearly 30%.

The MGU is entering the often-difficult habitational GL space with an initial E&S offering.

As data privacy litigation increases, insurers increasingly lean on exclusions.

The measures also seek to encourage greater wildfire mitigation efforts.

While the Fed is more concerned with jobs, other macroeconomic concerns trouble the industry.

This follows the news that AmTrust will spin off some of its MGA businesses.

The specialty MGA said it didn’t experience direct losses from the LA wildfires.

Reinsurers will not back business indefinitely where loss ratios continue to exceed the industry by a wide margin.

The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.

IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.

A report by the ratings agency challenges current industry wisdom.

The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.

Models anticipate a busier second half, particularly in the next few weeks.

The wildfire MGA is expecting to write higher value homes soon and may expand into new states.

Ransomware claims have made up the majority of recent large losses.

The company saw a 53% decrease in cyber claims after a surge in 2024.

The fundraising round brought in $50mn for the insurer.

A survey from PwC described the sector as “stable”, “evolving” and “dynamic”.

Supply for property outstrips demand, but the casualty market is “bifurcated”.

Clients in the segments that AIG trades in may not be as receptive to the idea as the insurer would like.

The bi-partisan legislation would make FEMA a cabinet-level agency.

Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.

The executive said claims can be a differentiator in a softening market.

The rest of 2025 appears poised to remain favorable for insureds, however.

The data modeling firm said losses previously averaged $132bn annually.

After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.

The group claims the White House is undermining disaster preparedness.

Cat losses in July were below historical trends, but all eyes are on peak hurricane season.

Storm surge of two to four feet could affect the North Carolina coast.

The Delaware high court’s reasoning could find application in other cases.

The US has been lucky over recent decades to avoid a $100bn insured hurricane event.

The program is aimed at affluent homes valued between $1mn and $6mn.

Life-threatening surf and rip currents are expected on the east coast of the US.

The company was hit with a data breach on July 16.

Despite mild headline CPI, some insurance-related items are heading in a worrying direction.

Profitability improves, even as growth stagnates.

The estimate covers property and vehicle claims.

This publication revealed two years ago that EQT could lodge a $1bn claim.

A shift to back to the admitted property space and MGAs choosing ignorance are other possible scenarios.

Both organisations still predict an above-average hurricane season.

As the fires spread, the priority shifted from saving structures to saving lives.

The forecast has increased since the early July update due to several additional factors.

California wildfires account for $40bn of the insured loss tally in H1.

The group has hit multiple industries since March, including a raft of insurance companies.

The risk of cyber incidents that cause physical damage is also rising.

Reinsurers are mostly aligned on cat reinsurance, but goals are otherwise diverse.

This follows last month’s takeout of 12,000 Citizens policies.

The CEO said business remains adequately priced in most classes.

Roughly half a year since the LA fires, brokers said there’s hope things are turning around.

The carrier is reducing its exposure to quota shares and shifting to XoL.

Millions are evacuating after one of the strongest earthquakes in modern history.

Mercury’s recovery from the guaranteed percentage of losses is $47mn.

Insurers can offer features the beleaguered fund can’t, the MGA said.

The regional insurer has increased its weighting to OLO and commercial auto, versus comp.

Insured losses produced the second highest first-half tally since records began in 1980.

As the US recovers from a major flood event, the vast majority of Americans remain uninsured.

The company adjusts its rate options to expand California business under the new cat model.

The executive said the claims industry is going to “be transformed”.

Court documents show Travelers subsidiary Northfield Insurance is the insurer.

The research team presents the June cat heatmap.

Pricing slowdown and reserving concerns are the hot-button topics as earnings kick off.

The company also encouraged insurers and brokers to support the initiative.

Rising inflation could raise claims severity but also increase investment income.

BI claims are notoriously difficult to manage and some insurers believe binary coverage can help.

The losses were below May’s $777mn, but almost 3x higher than for June 2024.

The suit claims billions of dollars are being illegally withheld.

Rate gains are easing across many commercial and personal lines.

The US accounted for 92% of all global insured losses for the period.

US events accounted for more than 90% of global insured losses.

The Inflation Reduction Act 2022 established new tax credits to incentivize investment in renewables.

State legislation has led to major strides in rate adequacy.

Social inflation, reserving, and organic growth are the topics to watch this earnings season.

Category 4 and 5 storms could become more common and hit further north.

Nominee Neil Jacobs was warned cuts will cause ‘rising home insurance rates’.

Despite predicting fewer hurricanes, the numbers are still above average.

When it comes to sympathetic juries, high net worth individuals are under the same pressure as corporations.

The weather-modelling agency is predicting a below-normal season.

The floods have killed at least 81 people, with dozens more missing.

Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.

The investigation follows several civil racketeering cases filed by Tradesman based on similar facts.

The late March storm caused extensive damage in southern Quebec and Ontario.

The company said the reduction was due to years of steady improvements.

Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.

The ruling comes as insurers face growing legal pressures following the January blazes.

The exec said the feds have been given data to potentially pursue criminal charges.

With the added capacity, the MGA can offer up to $35mn per risk.

Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.

The partnership is being formed via Liberty Mutual’s Ironshore subsidiary.

The insurer intends to take on up to 81,040 policies this year.

The outages began around 07:00 ET on Tuesday.

Much was learned after the fires, but it could take years before that data influences models.

The insurer’s system has now been out of commission for over two weeks.

In North America, the median W&I claim payment in 2024 was $5.5mn, the highest on record.

The research team presents the May cat heatmap.

It didn’t have a major impact on insurers’ finances – instead, it served as a wake-up call.

The regulatory body is also looking at AI rulemaking and catastrophe resiliency.

Allstate attributed the bulk of its losses to three major wind and hail events.

Tariffs could drive up property loss costs, but the impact on other items has been muted.

The impact of SAM claims is reverberating through the tower and the broader marketplace beyond hospitals.

Florida regulators have also approved takeouts for Mangrove and Slide.

Coverage has broadened while limits have increased, the broker said.

A deep-dive analysis shows LitFin is not the boogeyman this industry paints it out to be.

This is up from last year’s $1bn protection for its Florida treaty.

An active hurricane season threatens to weigh on hard-fought capital and underwriting margins.

Few claims have been filed thus far, as damages have been highly localized.

Van Bakel said that AI can help triage thousands of disaster claims.

The company first experienced system disruptions on June 7.

The suit, filed in Florida federal court, is Uber’s second Rico case.

The former Hub executive has over 30 years of experience in transportation.

Chubb told insurers to look inward in the fight against LitFin, but insurers are also tied to that industry.

The number has expanded by around 40% from an earlier update, sources said.

Estimates on what a cat five in downtown Miami could cost vary, but it would be painful for reinsurers.

The modeller said the insurance market could be exposed to unexpected aggregations.

The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.

The executive has 15 years of experience in meteorology and cat analytics.

Catastrophe losses in Q1 exceeded $50bn, the second highest on record.

With fee income less understood, a primary acquisition or merger could reset the narrative.

HCI secured three towers with $3.5bn in XoL coverage.

The program includes all perils coverage and subsequent event protection.

The $2.59bn renewal is up 45% from last year.

Up to nine million acres of US land are considered likely to burn.

Last week, TSR updated its forecast and is now predicting above-average storm activity.

Most of the losses are attributable to a supercell storm in Texas.

The Floridian also secured $352mn of multi-year coverage extending to 2027.

The collective CoR of 45 Floridians hit 93.1% in 2024

Starr and Axon also are among those on the Marsh USA-placed $40mn line.

Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.

Burford’s CEO said Chubb is inappropriately using its corporate power.

Politically related exposures are growing for the marine market.

TSR previously predicted activity slightly below the 1995-2024 average.

A historic cat loss year remains a possibility as storm losses accumulate.

SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.

The agency forecasts up to five major hurricanes and 19 named storms.

Kirsh was involved in launching an industrywide “legal system abuse coalition”, which now has 350 participants.

Two large storms hit the Midwest and Ohio Valley regions on May 14-17 and May 18-20.

The two parties seek to delay a judge’s summary judgment order.

Wildfires resulted in heavy losses for insurers focused on HNW, personal lines and reinsurance.

"Smoke damage is real damage," Commissioner Lara said.

Tornadoes have killed at least 32 people in three states.

The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.

Competition and ample capacity are pushing premiums lower.

Inflation indices fell in April, but some items related to P&C are still elevated.

Previous complaints alleged their involvement, but this is the first time a complaint has identified the alleged funders.

The company has settled, or is in the settlement stage, for 80% of the exposure.

Two wind and hail events were responsible for 60% of the total.

Rates have fallen an average of 10%, though changes can be highly specific to each property.

The revision is significantly lower than the $4.5bn October estimate.

Modeling wildfires is particularly challenging compared to primary perils like hurricanes.

This in turn gives carriers on a tower a little more liberty and less risk to optimize claim outcomes.

They cover environment, political violence, equipment and cannabis.

The CEO spoke after Chubb chief executive Evan Greenberg’s call to action at RIMS.

Writing credit wraps for LitFin firms and steering third-party assets to them should stop.

The industry is seen as “resilient” amid a volatile risk environment.

Growth and returns on equity fall, but most of the industry is still profitable.

Shares were down as much as 20% after Hippo posted a $48mn loss.

The MGA market now makes up 10% of the overall P&C market.

The carrier said it is prepared to drop asset managers, lawyers, banks and brokers.

The market is also facing potential losses from injuries to NFL stars.

The insurer has not decided whether to sell its Eaton subrogation rights.

The program is designed to address a changing risk environment.

As the industry gathers in Chicago, Insurance Insider US reviews key discussion points.

The facility provides up to $100mn in claims-made excess casualty coverage.

The impact could also raise home-building costs by $10,000 per unit.

But automotive repair costs are likely to increase faster than home repair.

The LA wildfires, however, will be the firm’s largest event to date.

Secondary perils are no longer so secondary, but the losses are already priced in for commercial property.

Growing economic and population exposures are driving potentially larger insured losses.

Axis is retroceding $2.3bn of reinsurance segment reserves to Enstar.

The program will offer liability coverage up to $5mn per occurrence.

The company will continue to deploy additional limit in property cat through mid-year, the firm’s CUO added.

Severe weather in March drove monthly and Q1 losses to historic highs.

Imported goods account for 30%-50%+ of materials used for HNW homes, versus 15%-25% in standard houses.

SCS losses were also above average in Q1 due to “lingering” La Niña conditions.

The law imposes limits on third-party litigation funding, among other changes.

The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.

Insured losses were the second highest on record for the first quarter.

Industry bellwether results and commentary don't indicate a crisis, despite uncertainty.

He will replace Scott Lee, who is retiring after 40 years in claims.

The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.

The insurer achieved an 86.4% acceptance rate of the policies selected.

After seven years of premium rate growth, rates are down 5% to 40% across the US.

Despite positive inflation headlines, there are issues for insurers under the surface.

Economic unease will join cat losses, renewals, and organic growth as Q1’s key topics.

It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.

The suit alleges a “deliberate scheme” to deny smoke damage claims.

The investment recovery will be welcome but Chinese tariffs will contribute to loss-cost inflation.

A positive outcome could significantly curb insurers’ exposure to the loss.

Storms in the UK and Ireland drove losses in the commercial segment.

The coverage will only be available in Illinois and Michigan at first.

The program is being launched through subsidiary Southern Marine.

Trade credit and marine are among the lines facing direct impacts amid a broader inflationary challenge.

A survey from the carrier looked at the political risk and violence concerns of companies.

Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.

P&C has strengths that will help it survive this crisis, but not without some pain.

The 12 insurers together have $418mn in policyholder surplus.

What past trends can tell us about the future of commercial reserving.

The prediction comes after a highly active hurricane season in 2024.

The tariffs could expose insurers to the risk of recession and shrinking income.

Colorado State University is predicting 17 named storms, nine hurricanes and four major hurricanes.

The insurer also pointed to accelerating growth, M&A to come, and a sub-30% ER.

The costs of accident/casualty-related claims continue to rise.

The amount of change over the past year falls short versus the discourse.

Capital funding new litigation dropped 16% YoY, however.

The carrier has received 12,300 claims as of 28 March.

Defendants claim that Tradesman lacks standing to bring the case.

This publication revealed earlier that Command was seeking a new backer.

A new report warns that underwriters must consider political uncertainty and macroeconomic trends.

The Georgia verdict is one of many legal battles over Monsanto’s herbicide.

Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.

ShoreOne is offering an all-in-one policy that includes flood protection.

What insurers can learn from the history that led to this deal.

The March 13-16 storms would mark the first billion-dollar US SCS event of the year.

The insurance industry has experienced mounting losses from severe convective storms.

The agency collects gold standard data and conducts research. Without that, there’s more uncertainty.

A quick roundup of our best journalism for the week.

Of the 178 passengers and crew on board, no serious injuries have been reported.

The Democratic senator said increased federal oversight of insurance is not the answer.

Kathleen Reardon, CEO of Hiscox Re & ILS, also talked about the impact of the California wildfires and why it’s important for cedants to work with a reinsurer with strong underwriting and modelling skills when disaster strikes.

The MGA recently secured capacity to write HNW homes in California.

The carrier was seeking to expand its March 1-renewing program.

While significant, the fires are expected to be an earnings rather than a capital event for the industry, John Huff, CEO of the Association of Bermuda Insurers & Reinsurers, said.

Admitted insurer withdrawals and rising demand are pushing more entrants into E&S.

Aviation reserve strengthening added 10.1 points to the combined ratio.

Four cat modelers have also submitted their tech for regulatory review.

Executives see earnings benefits from workers’ comp beginning to diminish.

Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.

Hippo estimated its pre-tax cat loss from the LA wildfires at $42mn.

As of February 14, the company received 405 claims.

The London D&F market will shoulder most of the losses.

Underwriting profits for casualty-exposed insurers show signs of struggle as loss costs worsen.

Under the new guidelines, the carrier is requiring more distance from the brush.

Workers' comp continued to offset GL adverse development, but the bucket is running dry.

The estimate is based on industry losses in the range of $35bn-$45bn.

The US sports disability market has been dubbed the “problem child” due to its volatility.

The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.

Frequency has rebounded, while severity has spiked beyond the pre-Covid-19 years.

Berkshire Hathaway’s "float" rose to $171bn in 2024 from $169bn in 2023 as Buffett praised Geico’s Todd Combs.

The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.

A quick roundup of our best journalism for the week.

January cat losses continue to run higher than prior years, with no help from latest wildfires.

The news comes around three months after GTCR agreed to sell AssuredPartners to AJ Gallagher for nearly $13.5bn.

The ratings agency has revised Mercury’s outlook from stable to negative.

The carrier estimated January cat losses of $1.08bn, or $849mn after-tax, including the fires.

Insureds, however, are often reinvesting savings into purchasing increased limit.

The traditional R&W product is seeing an increasing number of large losses.

In tandem, it pegged its net cat loss estimate from California wildfires at $160mn-$190mn.

The carrier said 72% of those losses occurred in personal property.

The estimate is net of its per-occurrence reinsurance program and gross of tax.

The carrier expects to book $100mn-$140mn from the California wildfires.

Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.

Regionals and smaller carriers need to exercise vigilance when expanding commercial casualty lines.

The loss aggregator has classified the fires as two separate events for reinsurance purposes.

The insurance commissioner said the carrier has not shown the need for price increases.

More than 33,000 claims had been filed as of 5 February.

The losses do not change the near-term assessment of CinFin’s balance sheet strength.

The estimate covers property and vehicle claims.

Casualty reserve concerns continue to mount as releases remain elevated.

The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.

The company will ‘aggressively pursue subrogation’ for the Eaton Fire.

Annual report pegged data and cyber security risks as most cited business challenges.

Insurers could absorb as much as 90% of this year’s already elevated losses given shifts in attachment points.

Alexandra Furth has more than 20 years of claims and legal leadership experience.

Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.

The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.

The NFIP’s strategy is to use "short-term borrowings" to meet what could be $10bn in claims.

The role at PCS included acting as primary touchpoint for ILS.

Its post-tax estimate of $1.3bn is net of reinsurance recoveries.

This year's modelled outputs have increased across all return periods.

CFP has a $900mn reinsurance attachment point and is still receiving claims daily.

The storm is likely to be one of the costliest weather events in Canadian history.

Insureds often just want cover in place at the lowest price possible, and insurers oblige under the skeptical eye of regulators.

The Florida of 2022 lacked stability and saw many carrier insolvencies.

But cat bonds are experiencing negative secondary market price movement.

The company did not take questions on its recently announced business review.

The carrier has not added new business in the state since 2007.

The carrier disclosed it will book $1.1bn in net losses from the California fires.

The insurer acknowledged additional claims in 2025 would be “reasonably possible”.

The specialty insurer reported favorable developments in both its insurance and reinsurance segments.

The carrier has been reducing its presence in the state since 2007.

A majority of losses come from property-oriented businesses and inland marine.

The carrier’s Eaton Fire loss would be a retained net loss hit.

RenRe gave the highest anticipated market loss of $50bn.

At January 1 renewals, prices dropped 5%-15% for loss-free programs.

The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.

The company’s reinsurance business also has some exposure, the executive said.

The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.

The Floridian also expects to report its “best earnings quarter” for Q4 2024.

The figure does not include specie or auto losses.

The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.

The carrier also has a $500mn excess $2.4bn aggregate protection.

Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.

Loss estimates for the disaster from the likes of KCC, Verisk and Moody’s RMS now range between $28bn and $40bn.

Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.

The laws mandating payments were enacted after devastating fires in 2018.

The insurer’s strong Q4 results might not read across to the rest of its peer group.

The industry loss number has increased threefold from an initial $5bn pick.

The total includes fire and smoke damage plus living expenses for evacuees.

The fire started Wednesday morning and is currently 0% contained.

The figure was 54% above the 21st century average.

Cat activity was a “modest” $175mn for Q4, but still up year over year.

Losses from the larger fire will amount to $20bn-$25bn, the modeler said.

Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.

Most carriers paid more in homeowners’ claims than they collected in premiums.

Severe convective storms accounted for 41% of last year’s insured loss load.

The carrier can claim separately for the Palisades and Eaton fires if necessary.

The carrier has received more than 3,600 claims from LA wildfires.

There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.

The estimate has reduced slightly since the modeler’s last update in October.

Year-end reserving, Milton and wildfires will dominate Q4 earnings discussions.

The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.

This will be the most expensive fire in the state’s history, it said.

A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.

Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.

Rates are now falling, but submissions are still rising, according to wholesale brokers.

The carrier is the largest writer of homeowners’ multi-peril in the state.

CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.

This publication revealed in July 2023 that the utility company had chosen to try self-insurance for the first time.

As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.

The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.

The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.

Utilities have faced major liabilities for their involvement in starting wildfires.

The number of structures damaged may put the event on par with the fires of 2017 and 2018.

Many are confident the regulatory changes will still stabilize the market in the near-term.

The company’s stock price has plummeted in the wake of the LA wildfires.

Sources are saying 2025 could be as expensive for wildfires as the $20bn loss years of 2017 and 2018.

Total economic and insured losses are “virtually certain” to reach into the billions.

AM Best said it expects insured losses from the California wildfires to be “significant”.

Moody’s also expects losses in the billions of dollars.

Six wildfires are now burning in SoCal, with the Palisades fire being the largest.

Six fires now cover more than 27,000 acres across Southern California.

Hurricane Milton resulted in the largest insured loss of the year at $25bn.

The fast-moving blazes have prompted evacuations across the city.

More than 4,000 acres are burning as thousands evacuate.

The multi-day weather outbreak caused widespread damage from Texas to the Carolinas.

The largest non-US event in 2024 was the catastrophic flooding in Valencia.

A look back at the stories that defined the year in P&C for 2024.

A separate Senate report found climate change is also increasing non-renewals.

A look back at the year in P&C (re)insurance, with the aid of some of our visual journalism.

Fronting growth fell by half in 2024 due to uncertain loss climate and high cost of capital.

Malibu, which has 10,000 residents, posted on social media on Wednesday that the fire was 7% contained.

The fire started Monday night, with high winds predicted for Tuesday morning.

TSR anticipates that next year will see an ACE value of 129 compared with the 30-year norm of 122.

The state reinsurer of last resort discussed options for 2025 reinsurance buying strategy.

There has been increased W&I appetite in South American jurisdictions.

The insurer will conduct an audit to ensure “transparency and accountability.”

It estimated insured losses from nat cats on track to exceed $135bn in 2024.

The carrier attributed the intensification of storms this season to climate change.

Major reserve releases help drive strong Q3 and year-to-date results, but the industry looks over-optimistic.

The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.

The Class B notes on the carrier’s debut deal attach at $500mn of losses.