Catastrophe losses | Insurance Insider US

The market expects a lower proportion of restoration by utilities than after 2018’s Camp Fire.

Last year was the ninth-largest loss year for the country on record.

The year featured the fewest multi-billion-dollar insured loss events since 2019.

The storm is expected to bring freezing rain and heavy snow across a wide swath of the US.

SCS insured losses accounted for 48% of all global losses last year.

Over 30 years after the Northridge earthquake, quakes have fallen out of market discussions.

Increased vegetation could spell trouble in the future.

The broker has analyzed the differences in wildfire risk between Northern and Southern California.

Wildfires and SCS led to $108bn of total insured losses globally, despite no major hurricane making US landfall.

One avenue for capital freed up by a softer-than-expected renewal could be more M&A.

This is lower than some estimates, which had put insured losses at over $30bn.

The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.

Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.

In a state prone to SCS, wind, floods and freezes, carriers are still fighting for market share.

The finance committee discussed shifting market dynamics as tort reform takes effect.

The commissioner said more work needs to be done, but big companies are interested in coming back.

Los Angeles wildfires and SCS pushed US losses to $89bn.

The proposal says oil companies cause climate change and, thus, increased cat losses.

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

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

The highest portion of losses was experienced in Alberta.

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.

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