Hurricane Milton Presents Acid Test for European Speciality Insurers -- Market Talk

Dow Jones10-09

1134 GMT - Hurricane Milton has the potential to result in a $60 billion industry loss, which could be manageable for European speciality insurers and reinsurers as the sector is keen to demonstrate its strong earnings resiliency, RBC Capital Markets says in a research note as the storm threatens Florida's coast. The market seems to be pricing in an impact similar to 2022's Hurricane Ian, analysts say. Given there were no large events in 2023, Hurricane Milton will be the first real test to the sector's better reinsurance contract terms, broader earnings diversification and bigger reserve buffers, which should put it in a better position. "There is ample scope to take a bigger hit before capital returns are threatened, although this would be accompanied by an even stronger pricing reaction at next year's renewals," they add. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

October 09, 2024 07:34 ET (11:34 GMT)

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The market seems to be pricing in an impact similar to 2022's Hurricane Ian, analysts say. Given there were no large events in 2023, Hurricane Milton will be the first real test to the sector's better reinsurance contract terms, broader earnings diversification and bigger reserve buffers, which should put it in a better position. \"There is ample scope to take a bigger hit before capital returns are threatened, although this would be accompanied by an even stronger pricing reaction at next year's renewals,\" they add. 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