Of the total estimated losses this year, $1.3 billion relates to Cyclone Debbie, $1.1 billion to South American flooding, and $2.6 billion relates to severe weather in the US.
During the same period in 2016, the industry had already incurred more than $3.4 billion in losses from two severe storms in the US and $5.9 billion from the Japanese earthquakes, contributing to global insured catastrophe losses of $17 billion.
Macquarie said: “While it is still early in the year and catastrophe loss events can occur at any time, with little or no warning, 2017 has thus far been relatively calm.”
The research company added: “We consider recent year loss events such as Cyclone Debbie to be earnings, rather than capital event, assuring us that neither dividends nor share buybacks are in question. As such we reiterate our positive view of the reinsurance sector.”