Global: Reinsurers' losses should stay within 2024 catastrophe budgets despite Milton
Source: Middle East Insurance Review | Nov 2024
Global reinsurers will feel the impact of hurricane Milton, S&P Global Ratings (S&P) has said but it does not foresee Milton overstepping the sector’s annual catastrophe budgets. In aggregate, earnings assumptions for reinsurers should remain intact, the global credit rating agency said in an October report.
“While the scale of damage remains highly uncertain it could be substantial, potentially matching that of hurricane Ian (a category 4 hurricane) in 2022, which resulted in about $60bn of insured losses.” M