Fairfax Financial Holdings may face net losses between $500 million and $750 million from the wildfires that impacted the Los Angeles area, based on preliminary estimates, according to a report from AM Best. During a fourth-quarter earnings presentation, president and chief operating officer Peter Clarke stated that the fires would primarily be a reinsurance event … Read more
We’re told by sources that the secondary market price for the $100 million Class A notes of Farmers Insurance Group’s Topanga Re Ltd. (Series 2021-1) catastrophe bond has recovered further, as the cat bond market views the risk of principal losses from the California wildfires as having declined.Immediately after the wildfires, the Topanga Re cat … Read more
By William Nibbelin, Senior Research Actuary, Triple-I The workers compensation insurance industry experienced its second-best underwriting result in the past 20 years in 2023, with a net combined ratio of 87, according to Triple-I’s latest Issues Brief. It was the ninth year in a row of net underwriting profit following eight years of net underwriting … Read more
With the recent California wildfires seen as likely to drive the second most costly first-quarter on record for the global insurance and reinsurance industry, AIG CEO Peter Zaffino has warned that a $200 billion annual catastrophe loss year in 2025 could “recalibrate the entire industry.”Zaffino highlighted that, “Much more of the risk is now being … Read more
Euler ILS Partners, the specialist insurance-linked securities (ILS) investment manager, has issued an updated event report for the California wildfires, saying it believes the insurance industry loss may sit between $23 billion to $33 billion.In January, the investment manager released its first event report from the wildfires, where analysts initially estimated that insured losses from … Read more
