U.S.-based Fitch Ratings Inc. said that natural catastrophe losses are expected to exceed the French nonlife insurers’ annual budgets this year despite reinsurance payouts from state-owned reinsurer Caisse Centrale de Reassurance SA, Artemis reported. Data from the French insurance association said that local insurers have already recorded unprecedented catastrophe losses of €4.3 billion in the first half of the year, which is above the insurers’ aggregate annual catastrophe loss average of €3.5 billion recorded between 2017 and 2021.
