Reinsurance News

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NZ public insurer EQC shakes up coverage

15th February 2019

Significant changes to the law designed to enhance the level of protection provided by New Zealand’s Earthquake Commission (EQC) will see the cap for residential building cover raised from NZ$100,000 (US$68,300) to NZ$150,000 (US$102,409). Lawmakers also removed the NZ$20,000 (US$13,654) EQC cover for contents, a move that Megan Woods (the minister ... Read the full article

MarketScout launches wildfire, brush & quake MGA, WildCat

25th January 2019

U.S. domiciled electronic insurance exchange and specialty managing general agent (MGA), MarketScout, has announced the launch of WildCat, a new MGA facility for insuring wildfire, brush, and earthquake exposures. In response to increasing losses from the wildfire peril over the last two years, most notably from outbreaks in California, WildCat has ... Read the full article

Travelers to pull-back on California wildfire exposure

23rd January 2019

U.S primary insurer Travelers has revealed that it plans to reduce its exposure to California wildfire risk following back-to-back years of elevated losses. Michael Klein, President, Personal Insurance and Head of Enterprise Business Intelligence & Analytics at Travelers, explained that the insurer had “already taken action in 2017 to begin to ... Read the full article

Florida regulator pegs insured Michael losses at $4.9bn

11th January 2019

Total re/insured losses resulting from Hurricane Michael in Florida are estimated to be approximately $4.9 billion, according to data compiled by the Florida Office of Insurance Regulation (FLOIR). The state regulator’s estimate is based on information from claims data filed by insurers, and shows that a total of 136,873 claims have ... Read the full article

Liberty Mutual completes $150m Limestone Re sidecar transaction

9th January 2019

U.S primary insurer Liberty Mutual has secured $150 million of collateralised reinsurance for its U.S property catastrophe program through a new transaction through Limestone Re, its Bermuda domiciled segregated account company. Liberty Mutual said the deal, which is comprised of $58 million of Bermuda Stock Exchange-listed 2019-1 Notes, will also provide ... Read the full article

Florida’s 135,000 AOB lawsuits in 2018 fuelling a re/insurance crisis

13th December 2018

Abuse of Assignment of Benefits (AOB) in Florida has fuelled an insurance crisis that is acting as a “hidden tax” on consumers and helping to increase what are already some of the highest insurance premiums in the country, according to a report by the Insurance Information Institute. According to the report ... Read the full article

PURE Group expands coverage for high-value, high-risk Californian homes

12th December 2018

Owners of high-value, high-risk home in California are being offered broader coverage than is typically found in the high net worth Excess & Surplus (E&S) market by the PURE Group of Insurance Companies. In addition, the group says brokers who serve these individuals will benefit from a faster, easier and more ... Read the full article

AIR Worldwide puts insured Camp Wildfire losses at up to $9 billion

6th December 2018

Catastrophe risk modelling firm AIR Worldwide has estimated that insured losses from the Camp Wildfire, which burnt through California’s Butte County last month, will be in the range of $6 billion to $9 billion. The Camp Wildfire became the deadliest and most destructive wildfire in California’s history after devastating the town ... Read the full article

Munich Re estimates insured Michael losses at $10bn, Florence at $4bn

5th December 2018

Hurricanes Michael and Florence, which battered the east coast of the U.S earlier this year, are likely to have caused insured losses of $10 billion and $4 billion, respectively, according to new estimates from reinsurance giant Munich Re. Insured losses from Hurricane Michael represent 60% of a total economic loss of ... Read the full article

ASEAN insurance execs raise protection gap concerns

5th December 2018

The protection gap is a serious concern for senior insurance executives throughout the Association of Southeast Asian Nations (ASEAN) region, as large uninsured losses adversely affect a country’s fiscal position and ability to recover swiftly, according to a report published by Dr. Schanz, Alms & Company and Malaysian Re. A lack ... Read the full article

Re/insurers anticipating moderate losses from Alaska earthquake

3rd December 2018

Re/insurers are anticipating moderate losses to result from the magnitude 7.0 earthquake that hit the city of Anchorage in Alaska on Friday morning. The earthquake, which struck around 12km north of Anchorage, has caused widespread disruption and damage to infrastructure, affecting thousands of structures and destroying many roads. However, there have been ... Read the full article

$2.5 billion industry hit from Woolsey wildfire: AIR

3rd December 2018

Catastrophe risk modeller AIR Worldwide has estimated the insured loss from the Woolsey fire, which tore through Southern California for 13 days last month, at $2.5 billion. This estimate is based on the assumption of nearly 100% take-up rates as damage from fire, including wildfire, is included in standard homeowners' policies ... Read the full article

Wildfire assessments may not account for latest property data: BuildFax

30th November 2018

Carriers may not have accounted for a recent increase in levels of property maintenance and construction activity across Butte County in their damage assessments for California’s Camp Wildfire, according to BuildFax, a provider of property condition and history insights. BuildFax found that local maintenance activity increased by 8.57% year-to-date compared to ... Read the full article

Up to $19bn residential and commercial cost from Cali wildfires: CoreLogic

27th November 2018

As the scope of damage from the California wildfires Camp and Woolsey continues to be assessed, catastrophe risk modeller CoreLogic has updated its total residential and commercial loss estimate to between $15 billion and $19 billion. According to its new property data analysis, losses from the Camp Fire, the most destructive ... Read the full article

Insured wildfire losses may exceed highest estimate: Goldman Sachs

22nd November 2018

As the scope of damage from the California wildfires continues to expand, it’s becoming increasingly likely that insured losses will fall in the upper limit of, or exceed, the latest $9 billion to $13 billion RMS estimate, according to analysis by Goldman Sachs. Most of the destruction was caused by ... Read the full article