January 22, 2025
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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.
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The year featured the fewest multi-billion-dollar insured loss events since 2019.
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The storm is expected to bring freezing rain and heavy snow across a wide swath of the US.
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SCS insured losses accounted for 48% of all global losses last year.
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Over 30 years after the Northridge earthquake, quakes have fallen out of market discussions.
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Increased vegetation could spell trouble in the future.
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The broker has analyzed the differences in wildfire risk between Northern and Southern California.
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Wildfires and SCS led to $108bn of total insured losses globally, despite no major hurricane making US landfall.
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One avenue for capital freed up by a softer-than-expected renewal could be more M&A.
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This is lower than some estimates, which had put insured losses at over $30bn.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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In a state prone to SCS, wind, floods and freezes, carriers are still fighting for market share.
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The finance committee discussed shifting market dynamics as tort reform takes effect.
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The commissioner said more work needs to be done, but big companies are interested in coming back.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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The proposal says oil companies cause climate change and, thus, increased cat losses.
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The outlook flags “large uncertainties” amid possible El Niño through summer 2026.
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MGAs going public is now a viable option, but dominating a market comes first.
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The highest portion of losses was experienced in Alberta.
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Admitted carriers on the other hand are still exercising caution as regulatory reforms take hold.
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An “extraordinary” proportion of storms reached Category 5 status this year.
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Many carriers are still pricing above technical rate, but could reassess their strategies after Q1.
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Light cat losses at year-end portend capital deployment and return decisions in 2026.
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The peril has been historically difficult to model compared to others.
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Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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Despite a softening market, underwriters were still able to attain up to 10% above technical pricing.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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The deal to reopen the government also extended the NFIP.
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The executive said inflation isn’t completely gone but is now “more understood”.
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The credit can now be applied to mitigation against operational losses.
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The Marsh-placed account renews its all-risks cover on 16 November.
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Widespread underinsurance and low exposures will limit losses.
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While attritional losses were up for the quarter, those in the carrier’s core business declined.
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Many commercial risks will have London coverage, but insured values are relatively low.
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