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Flood and hail in Europe, Australian floods and severe storms in
the United States also contributed to the total, Guy Carpenter
said in a statement.
Hurricane Ian and other natural catastrophes caused an estimated
$115 billion of insured losses so far this year, well above the
10-year average of $81 billion, reinsurer Swiss Re estimated
earlier this month.
Reinsurance rates are expected to rise sharply at the key Jan. 1
renewal date as a result of losses related to Hurricane Ian and
the war in Ukraine, industry sources say.
Ship insurers have excluded Ukraine, Russia and Belarus from war
liability policies as reinsurers scale back their exposure.
Discussions about rates and war exclusions have made
negotiations between insurers and reinsurers tense this year,
industry sources say.
This year's renewal season was "one of the most challenging.
..the sector has experienced", Guy Carpenter said, adding that
the process had been "extremely late".
The projected losses do not include the impact of the most
recent December natural catastrophes, Guy Carpenter added.
(Reporting by Carolyn Cohn; Editing by Andrew Heavens and Louise
Heavens)
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