Munich Re expecting winter storm loss in the mid-hundreds of millions

Munich Re expecting winter storm loss in the mid-hundreds of millions

German reinsurance giant Munich Re stated that it is anticipating its losses from the current United States winter storm and extreme freezing weather event to be in the mid numerous millions of Euros.The reinsurance provider is the very first significant player to reveal anything on the recent winter season weather occasion, discussing its expectations for claims in its yearly report that was released today.
The company stated that the winter weather condition which especially impacted the state of Texas caused substantial frost damage in particular.
The reinsurance company stated that the “excellent uncertainty” associated with the winter season weather event implies that precise quotes of claims are challenging and so the best it can do is supply a rough price quote.
Munich Res rough quote is for “claims expenditure in the mid triple-digit million euro variety.”
That suggests something maybe in the EUR 300 to 600 variety, at which level it is possible Munich Res retrocessional reinsurance protections might take a small share.
The reinsurers sidecars would perhaps be more likely to take part in the losses from the event, being structured on a quota share basis and covering natural catastrophe threats, which could expose some insurance-linked securities (ILS) investors to the loss event.
Sidecars and quota share reinsurance arrangements are expected to be a source of losses from the winter season weather event for some ILS financiers.
In addition, we understand some start-up conventional reinsurers might also discover themselves a little more exposed due to their concentrate on quota shares at the January renewals.
Read:
— Hurricane-level winter season storm claims to drive billions of losses: Aon.
— Winter storm at $12bn– $18bn only attritional to aggregate feline bonds: Plenum.
Cat claims 34% above 10-year average in 2021 on US winter storm: Jefferies.
— Winter storm Uri an aggregate threat, however commercial loss may safeguard ILS: Twelve Capital.
— Winter storm losses to factor into alternative capital investor conversations: S&P.
— Aon states winter storm losses to strike record level, warns of environment impact.
— Winter storm exposed feline bonds phase partial rate recovery.
Winter storm losses seen a driver for mid-year reinsurance firming: KBW.
— Palomar anticipates reinsurance healings for winter season storm Uri.
— Winter storm to drive record losses, reevaluation of cat spending plans: AM Best.
— Winter storm Uri insured loss seen approximately $20bn: Fitch.
— Winter storm Uri loss could be “well in excess” of $10bn: AIR.
Winter storm losses in Texas drive ERCOT subrogation speculation.
— United States winter season storm loss creep likely to be lengthened: Aon.
— Winter storms imply greater renewal rates into 2022: ILS Capital.
— USAA aggregate cat bonds in concentrate on winter season storm impacts.
— KCC raises US winter storm insurance coverage market loss quote to $18bn.———————————————- View all of our Artemis Live video interviews and sign up for our podcast. All of our Artemis Live insurance-linked securities(ILS ), catastrophe bonds and reinsurance video content and video interviews can be accessed online. Our Artemis Live podcast can be signed up for using the normal podcast services providers, consisting of Apple, Google, Spotify and more.

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!