Annual Meetings-Emerging Trends:Recent Natural Catastrophes and the Effect on the Market

Emerging Trends:Recent Natural Catastrophes and the Effect on the Market

Pdf Summary

Despite facing a series of unprecedented catastrophic events in fall 2017, including devastating hurricanes and wildfires, the US reinsurance market has shown resilience. The hurricanes of 2017, with Hurricanes Harvey, Irma, and Maria causing significant damage, along with the California wildfires, led to over $100 billion in insured losses by the end of the year. Despite these challenges, the reinsurance market saw dedicated capital growth and an increase in alternative capital. The industry continues to evaluate the impact of these events on individual companies, focusing on factors such as preparedness, claims adjustment, and underwriting evaluation. The catastrophe bond market also remains highly competitive in the post-event pricing landscape. As reinsurers assess their responses to these events, lessons learned and the impact on individual companies are being carefully considered. Overall, the US reinsurance market has demonstrated resilience and growth in the face of adversity, with a continued focus on mitigating losses and ensuring market stability.

Asset Caption

Presented by Lara Mowery, Managing Director, Head of Global Property Specialty, Guy Carpenter

Keywords

US reinsurance market

catastrophic events

Hurricanes Harvey, Irma, Maria

California wildfires

insured losses

alternative capital

claims adjustment

underwriting evaluation

catastrophe bond market

market stability