Hurricane Ian to add pressure in an already hardening re/insurance market
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Hurricane Ian will add to profitability pressures in non-life re/insurance. The impact will extend beyond Florida and add to pre-existing drivers of rate increases such as claims inflation.
Key takeaways
- Hurricane Ian is an estimated USD 50-65 billion loss event.
- It will add to strains on reinsurance capacity for upcoming renewals.
- Capacity has been further constrained as re/insurers assess exposures and model uncertainties.
- Also, potential new entrants are hesitant after six years of elevated catastrophe insured losses.