Forget the storm season for the impact on the share price, these sorts of catastrophes are built into insurance models every year.
As for re-insurance QBE would have a capped limit of around $5m min to a maximum of $10m. So in effect they only pay the first $5m, then claim the rest back from re-insurance. So the bottom line would not be adversely affected by this.
SUN & IAG would be a completely different proposition. Their re-insurance deals wouldn't kick in for 10's of millions, so they roll the dice hoping that storms are small and infrequent. The good point regarding large storms is the lift in premium the following year, with IAG coming out with a target underwriting margin of 10%, guess where premiums will go!
P
$4 drop in 10 days, page-8
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