EUROPEAN RE/INSURERS TO BE HIT HARD BY NEW CALIFORNIA WILDFIRE OUTBREAK

European reinsurers are likely to be hit hard by an increasing number of Californian wildfires. The major players have paid out vast sums to cover losses arising from previous such events. Based on 2018 data, Munich Re suffered a 2.9% share of the loss, according to UBS, while rivals Swiss Re and Axa XL are close behind, both with a 2.2% share. Hannover Re was also exposed (1.3%), as were Scor (1.0%) and Zurich Insurance (0.4%). In the London market, Beazley is understood to have had a 0.2% share of the loss in 2018, along with Hiscox (0.2%) and Lancahire (0.1%).