“We’ve seen that in recent events. In Italy, for example, severe convective storms in July 2023 led to a large insured loss and it was short-tail so everybody thought, ‘Okay, give it four or five months, and we’ll know the final loss amount,” he said. “However, the loss more than doubled after January 1. The initial estimates were off – and they were off maybe because the valuations of these installations and insulations [involved] were underestimated. But inflation doesn’t make it easier to estimate, it actually makes it more difficult.”
