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The concentration of high value properties affected by the recent Los Angeles wildfires contributed to large and complex insured losses. Reinsurance claims professionals have been swift to help cedants manage their way through an unexpectedly significant event.

Against a backdrop of increasing ‘mega losses’ and the impact of natural catastrophes, the key question now is if the recent rate increases, followed by stabilization at the most recent renewals, are enough to address the prior year losses. Data collated by the International Association of Engineering Insurers (IMIA) considers the headline trends.

Throughout the past two years the Credit & Surety insurance business has demonstrated its ability to provide security and stability in testing times. During the COVID-19 pandemic neither of the two product lines suffered significant losses and strongly supported their clients in spotting market deterioration, improving risk management and exposures and trimming portfolios in time. As a leading global Credit & Surety reinsurer, ¾ÅÉ«ÊÓƵis keen to further enhance the relevance of these lines of business. We, therefore, embarked on a survey with Credit & Surety insurers, brokers and insurtechs that operate in our segment and discussed with them opportunities to further expand this business line through innovation.