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P&C market reacts to potential threat of hurricane Irma: Analysts
6th September 2017
The property & casualty (P&C) market appears to be discounting a 1-in-100 year loss event for some reinsurers, as major hurricane Irma impacts the Caribbean and remains on track to make a U.S. landfall this weekend, according to industry analysts. Hurricane Irma, now a Category 5 storm with winds of ... Read the full article
April/May flooding in Quebec & Ontario results in over CA$223mn insured loss: IBC
4th September 2017
Two storms and subsequent major flooding in parts of Ontario and Quebec in early April, combined with a severe flooding event in the regions during early May, 2017, has resulted in an insurance industry loss of over CA$223 million (US$179 million), reports the Insurance Bureau of Canada (IBC). This is according ... Read the full article
NFIP could payout 7-10 billion hurricane Harvey claims: RMS
4th September 2017
The National Flood Insurance Programme (NFIP), the U.S. government programme to provide homeowners with flood insurance, will payout an estimated $7-10 billion in claims from hurricane Harvey and undoubtedly trigger its $1 billion of reinsurance cover, according to RMS. The NFIP, which is set to be reviewed and potentially reformed in ... Read the full article
Insurtech Lemonade expands reinsurance program, now has $325m of cover
1st September 2017
Insurtech start-up insurer Lemonade, one of the most high-profile companies to come out of the insurance technology wave, has recently completed an expansion to its reinsurance program, which sees the firm with a huge $325 million of capacity backing it. Lemonade is utilising reinsurance capital as one of its backers, it ... Read the full article
Disputes, business interruption could complicate or escalate Harvey loss: CMS
31st August 2017
Law firm CMS explained today that there are a number of issues which have the potential to complicate the loss caused by hurricane Harvey and could result in increased costs falling to insurance and reinsurance firms. Insurers and reinsurers may face a number of dilemmas, CMS said, with hurricane Harvey's flooding ... Read the full article
April Cyclones in New Zealand drive $109 million insured loss total
31st August 2017
The two cyclones that hit New Zealand in April have left insured costs of $109 million, making this year the most significant the country's seen for severe weather events in over 40 years, the Insurance Council of New Zealand reported today after collating final claims data. This figure makes the cyclones the ... Read the full article
Harvey economic losses could reach U.S. $70-90 billion: RMS
31st August 2017
Hurricane Harvey's economic fallout could reach U.S. $70-90 billion with the majority of costs coming from inland flooding in Houston's metropolitan area, according to RMS' latest preliminary analysis. This estimate includes damage to all residential, commercial, industrial and automotive risks in the area, and possible inflation from area-wide demand surge, however, loss ... Read the full article
Harvey economic loss could near Sandy’s $75 billion, says Moody’s
30th August 2017
Moody's Analytics has updated its economic cost projection for southeast Texas to between $51 billion and $75 billion, as catastrophic flooding from hurricane Harvey continues to impact the state. Moody's states that ultimately, Harvey could drive an overall loss similar to, or exceeding that caused by Superstorm Sandy, which would make it ... Read the full article
Regional P&C insurers face heavy Harvey blow: Moody’s
29th August 2017
The devastating Texas floods triggered by hurricane Harvey are set to worsen into early September, triggering heavy losses for property & casualty re/insurers with primary insurers with a regional focus feeling the heaviest impact due to their geographical density, according to Moody's recent Credit Outlook. Moody’s named State Farm Mutual Automobile Insurance, The ... Read the full article
Harvey could slash European reinsurers’ net income by 1/3
29th August 2017
Hurricane Harvey could slash European reinsurers’ net income by nearly one third with insured losses reaching up to $10-20 billion, or more given the extent of flood damage, analysts predict this could stabilise but not significantly impact the soft market pricing cycle. European reinsurers could see a net loss of 27% ... Read the full article
Harvey’s wind & storm surge insured losses at $1.2 bn to $2.3bn: AIR Worldwide
29th August 2017
AIR Worldwide has estimated Hurricane Harvey’s initial Texas wind and storm surge insured losses will range from $U.S. 1.2 billion to $U.S. 2.3 billion. This figure doesn't include the growing impact of the increasing levels of catastrophic flooding or business interruption losses resulting from the closure of oil refineries in the ... Read the full article
Hurricane Harvey floods could bring NFIP reinsurance into play
29th August 2017
The flooding caused by hurricane Harvey's torrential rainfall continues and is in many cases worsening, with it being termed "catastrophic" and the worst rainstorm in American history. Flood losses to residential homes are of course dealt with by the National Flood Insurance Program (NFIP), where coverage has been purchased and that ... Read the full article
Hurricane Harvey likely to be an earnings event and a reminder to the industry: KBW
25th August 2017
In light of Hurricane Harvey's expected path towards Texas, with reports predicting the storm to intensify to a Category 3 storm as it makes landfall late Friday or early Saturday, analysts at Keefe, Bruyette & Woods (KBW) expect the event to remind re/insurers of hurricane risks as losses are likely ... Read the full article
Legislative assistance needed to address Florida’s AOB crisis: Citizens CEO, Gilway
24th August 2017
The Chief Executive Officer (CEO) of Citizens Property Insurance Corporation, Barry Gilway, recently called for legislative reform to address the growing assignment of benefits (AOB) crisis in Florida, warning of rising homeowners premiums. Addressing the Florida Office of Insurance Regulation (FLOIR), Gilway called for assistance from legislative partners to ensure Citizens was ... Read the full article
Reinsurers welcomed HCI’s use of tech to increase transparency during Matthew
18th August 2017
Paresh Patel, the Chairman and Chief Executive Officer (CEO) of HCI Group, Inc. has revealed how the company's adoption and utilisation of technology turned out to be a big differentiator during hurricane Matthew, raising the homeowners' insurers profile while provide its reinsurers with welcomed transparency. Speaking during the company's second-quarter 2017 ... Read the full article