Best's Market Segment Report: French Insurers Reconsider Natural Catastrophe Assumptions Following Another Very Expensive Year

Growing frequency and severity of weather-related events such as drought, storms and wildfires are prompting French insurers and reinsurers to rethink their appetite and pricing for natural catastrophe risks, according to a new report from AM Best.

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Business Wire, Inc.Business Wire, Inc.
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Wednesday, March 15, 2023
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Other Professional Services, Professional Services, Insurance, Wildfire, News, Appetite, ALL, EUR, AM Best, Reinsurance
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NEW JERSEY, EUROPE, UNITED STATES, NETHERLANDS, NORTH AMERICA, SINGAPORE, LONDON, FRANCE
Summary
Key Points: 
  • Growing frequency and severity of weather-related events such as drought, storms and wildfires are prompting French insurers and reinsurers to rethink their appetite and pricing for natural catastrophe risks, according to a new report from AM Best.
  • The Best’s Market Segment Report, “French Insurers Reconsider Natural Catastrophe Assumptions Following Another Very Expensive Year,” notes that record-breaking temperatures and severe droughts led to significant property damage losses in 2022.
  • The latest estimate from France Assureurs puts insurers’ weather-related natural catastrophe losses for 2022 at around EUR 10 billion, prompting reinsurers to push up prices and tighten conditions in the January 1 renewals.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.


Growing frequency and severity of weather-related events such as drought, storms and wildfires are prompting French insurers and reinsurers to rethink their appetite and pricing for natural catastrophe risks, according to a new report from AM Best.

The Best’s Market Segment Report, “French Insurers Reconsider Natural Catastrophe Assumptions Following Another Very Expensive Year,” notes that record-breaking temperatures and severe droughts led to significant property damage losses in 2022. The latest estimate from France Assureurs puts insurers’ weather-related natural catastrophe losses for 2022 at around EUR 10 billion, prompting reinsurers to push up prices and tighten conditions in the January 1 renewals.

To access a complimentary copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=329668.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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