Reinsurance News

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Amazon launches new home insurance product in the UK

19th October 2022

Amazon has announced the launch of its Amazon Insurance Store, a new way for UK customers to shop for home insurance. For the initial launch, Amazon partnered with Ageas UK, Co-op, and LV= General Insurance, noting that each company was carefully selected using a number of customer-focused criteria, including reasonable time ... Read the full article

California looks to lower insurance costs with new wildfire regulations

18th October 2022

California has introduced new wildfire safety regulation to help drive down cost of insurance by recognizing and rewarding wildfire safety and mitigation efforts made by homeowners and businesses. Insurance Commission Ricardo Lara’s regulation will require insurance companies to submit new rates that recognize the benefit of safety measures such as upgraded ... Read the full article

Commercial pricing to carry on showing modest deceleration: Goldman Sachs

18th October 2022

According to a recent Goldman Sachs report, commercial pricing is expected to continue to show modest deceleration in the quarter. This is mainly due to higher investment yields and improved underwriting over the past several years which have modestly outweigh ongoing inflationary pressures. Analysts noted that in the first two months ... Read the full article

Florida’s litigation environment & social inflation will boost Ian losses: Moody’s

17th October 2022

According to a report from Moody's, Hurricane Ian will inflict a heavy toll on Florida-only insurers, which have already been struggling with poor profitability, high claims litigation costs, weak capitalisation, inflation, and increased reinsurance costs in recent years. Florida-only players will bear outsized losses from Ian given their business concentration in ... Read the full article

Hurricane Ian a potential capital event for reinsurers, says KBRA

14th October 2022

Analysts at KBRA have said that Hurricane Ian could result in a capital impact to some reinsurers, depending on the ultimate magnitude of their losses from the event. The firm said that “all insurers with exposure” in the areas affected by Ian will experience "at least an earnings impact,” but stressed ... Read the full article

Citizens CEO estimates Hurricane Ian losses to be ~$40bn

14th October 2022

The CEO of Citizens Property Insurance has said his best estimate for losses arising from Hurricane Ian to be around $40bn. Keefe, Bruyette, & Woods (KBW) says in a new note that it sat with Barry Gilway, CEO of Citizens Property Insurance, to discuss the impact of Hurricane Ian on the ... Read the full article

Property flood resilience measures could reduce re/insurer losses: JBA

12th October 2022

A new study by flood risk modeller JBA Risk Management has revealed that adopting Property Flood Resilience (PFR) measures could have a major impact on projected flood losses in the UK, with a possible loss reduction of up to £453m a year. The review was carried out following the launch of ... Read the full article

Universal pegs ultimate hurricane Ian loss at $1 billion

12th October 2022

Universal Insurance Holdings has so far received approximately 18,000 claims following the impacts of hurricane Ian and expects its overall gross ultimate loss from the storm to be $1 billion, which is below its $3 billion reinsurance tower. To date, Universal has received around half the number of claims as it ... Read the full article

HCI reports $78m loss from Ian, all reinsurance towers hit

10th October 2022

Paresh Patel, Chairman and CEO of HCI Group, Inc., has reported that his company is facing a total pre-tax net loss of $78 million from Hurricane Ian, with significant use of its reinsurance program to absorb costs. Speaking during a presentation this week, Patel said that HCI had received 10,000 claims ... Read the full article

Hurricane Ian to “dramatically” impact Florida rates: MarketScout

7th October 2022

Analysts at MarketScout, a Managing General Agent, Lloyd's Coverholder and wholesale broker, have suggested that losses from Hurricane Ian will “dramatically” impact insurance pricing across both commercial and personal lines. MarketScout data shows that the commercial market composite rate for the third quarter 2022 increased 5.28%, with property rates up 7.67%. It’s ... Read the full article

FLOIR pegs initial Ian insured loss estimate at $3.28bn. Will rise significantly

7th October 2022

Initial data from the Florida Office of Insurance Regulation (FLOIR) reveals that more than 375,000 claims have been filed after hurricane Ian, mostly related to residential property, as the entity reports total estimated insured losses of close to $3.28 billion. A total of 375,293 claims a little over a week after ... Read the full article

Goldman Sachs estimates $45bn of P&C industry insured losses from Hurricane Ian

6th October 2022

According to a report from Goldman Sachs, Hurricane Ian was the most notable catastrophe in the quarter, with the firm estimating $45 billion of P&C industry-insured losses, excluding those from the NFIP program. Other industry loss estimates vary, but remain high, with Verisk assuming re/insurance industry loss between $42bn-$57bn. CoreLogic ... Read the full article

Public finance issuer ratings to remain stable following Ian: Fitch

4th October 2022

According to a new report from Fitch Ratings, the ratings of US public finance issuers affected by Hurricane Ian will largely remain stable, but the credit quality of some issuers with lesser resources and financial flexibility could weaken. While the full extent of property damage in Florida, Georgia and the Carolinas ... Read the full article

Fitch estimates losses of up to $40bn from Hurricane Ian

30th September 2022

Hurricane Ian, which hit Florida in recent days, is unlikely to affect credit for rated P&C (re)insurers because of ample capital levels and the ability to increase premium rates, said Fitch Ratings. However, the company said that Florida insurance specialists that are unrated by Fitch have suffered financial losses and diminished ... Read the full article

CoreLogic estimates insured wind and surge loss from hurricane Ian up to $47bn

30th September 2022

CoreLogic has estimated that the insurance and reinsurance industry losses from Hurricane Ian could reach $47bn. The firm said that its analysis indicated losses arising from the hurricane could land between $22bn and $32bn, with additional storm surge losses in Florida of another $6bn to $15bn. It also said that this ... Read the full article