Hurricane Arthur, the first tropical cyclone of the Atlantic Hurricane Season and the first hurricane to make U.S. landfall since Sandy in 2012, is not expected to produce major losses. An expert from RMS though notes why the storm was somewhat unusual.
Near-record snowfall and prolonged extreme cold throughout much of the U.S. have caused more than $1.5 billion in insured losses so far this year, according to the Insurance Information Institute. See the Top 10 winter storm and damage events in the U.S. and Canada from 1980 to 2013.
Whether considering market dynamics or organizational functions, transformation may be the most important word for insurers in 2014, according to Deloitte analysis.
Catastrophe-reinsurance pricing will likely see a low-double-digit drop at Jan. 1 renewals thanks to the quietest U.S. Atlantic hurricane season in decades, says Fitch. And a Fitch analyst says alternative capital, which is also pressuring rates, is likely here to stay even in the event of a major loss.