After a costly 2023 severe convective storm season in the US, reinsurers underwriting in the regional property catastrophe market are skeptical about providing frequency cover, but their overall appetite remains healthy, according to Gallagher Re.

Carriers are less willing to provide aggregate covers for regional property-catastrophe risk, preferring instead to deploy capital through occurrence excess of loss (XOL) programs, said Gallagher Re in a blog titled US Regional Property Reinsurance Market Stabilizes After a Summer of Storms, which was authored by Josh Knapp, executive vice president – Broking – National, Gallagher Re.

The report is based on the findings of a mar

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