One of the worst years ever in terms of disaster losses is unlikely to scare off new sources of property & catastrophe insurance capacity pouring in from the capital markets, and may even have whet their appetite for additional investment, much to the chagrin of incumbent carriers.
Indeed, despite paying out tens of billions of dollars in claims from multiple hurricanes, wildfires, and other major events, speakers at the recent Property/Casualty Insurance Joint Industry Forum recounted how low-to-mid single-digit premium increases were the rule rather than the exception for most Jan. 1 renewals in disaster-prone areas, while the rest of the market generally saw few to no hikes (and some even enjoyed cuts) in their rates. Reinsurers in particular, it was pointed out, had anticipated much bigger boosts to their top lines than what actually materialized.
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