Notice - France Hailstorm Catastrophe Event 30 Jun 2022 (2022-07-26)

Summary

This is a short industry notice from the Bermuda Monetary Authority directing certain insurers to reflect a specific catastrophe event in their upcoming quarterly financial returns. It does not create new ongoing rules but modifies what must be reported for the 30 June 2022 filing period.

• Who must act: Insurance groups and Class 4, 3B and 3A insurers that are required to file quarterly financial returns.
• What to report: Their exposure to the France Hailstorm events that occurred in 2022, to be included in the 30 June 2022 quarterly filing.
• Where to report it: In the Catastrophe Exposure section of the quarterly return, under Underwriting Loss Event #1.
• Scope confirmation: The BMA confirms this is the only catastrophe event insurers need to include for the 30 June 2022 reporting period.

Firms with questions about this or other reporting requirements are directed to contact the Authority's RiskAnalytics team.

Key obligations

• Insurance groups and Class 4, 3B and 3A insurers must include their exposure to the France Hailstorm events (2022) in the 30 June 2022 quarterly financial return filing.
• Such exposure must be reported in the Catastrophe Exposure section of the quarterly return under Underwriting Loss Event #1.

Applies to

Insurance groups, Class 4 insurers, Class 3B insurers, Class 3A insurers

Deadlines

• 30 June 2022: Quarterly financial return filing period for which insurers must include France Hailstorm catastrophe exposure under Underwriting Loss Event #1.