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Hurricane Helene unlikely to impact FHCF or Citizens ratings, but may trigger NFIP reinsurance: Fitch

3rd October 2024

Hurricane Helene is not likely to affect credit ratings for property & casualty re/insurers, Citizens Property Insurance or the Florida Hurricane Catastrophe Fund (FHCF), but could trigger the National Flood Insurance Program's (NFIP) catastrophe reinsurance, according to Fitch Ratings. The global rating agency has based its assessment on an initial estimate ... Read the full article

RBC predicts hurricane Helene insured losses could reach double-digit billions

30th September 2024

Analysts at RBC Capital Markets (RBC) predict that insured losses from Hurricane Helene could range from mid-single-digit billions to as high as double-digit billions. Hurricane Helene made landfall in Florida’s Big Bend region on Thursday, September 26th, as a powerful Category 4 storm. This marks the third hurricane to strike the ... Read the full article

Hurricane Helene may lead to significant losses for P&C re/insurers, says Moody’s

30th September 2024

Hurricane Helene, which struck Florida on September 26, 2024, has caused significant damage and could lead to substantial losses for property and casualty (P&C) re/insurers, particularly in the homeowners and commercial property sectors, according to a recent Moody’s Ratings report. Identified as a Category 4 storm, Hurricane Helene brought destructive winds, ... Read the full article

IBC urges gov action as summer weather events in Canada drive insured losses of CAD 7bn+

25th September 2024

Citing initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), which place the combined insured loss of four catastrophe weather events this summer in Canada at more than CAD 7 billion, the Insurance Bureau of Canada (IBC) has called on governments to collaborate on reducing disaster risk. In just July and ... Read the full article

SURE and SageSure launch new business owners policy in California

25th September 2024

SureChoice Underwriters Reciprocal Exchange (SURE), in collaboration with SageSure, has launched its first non-admitted business owners policy (BOP) in California. This new BOP solution comes as California faces fewer insurance options and increasing wildfire risks. So far this year, 6,078 wildfires have burned 977,923 acres, surpassing the state's five-year average. The program ... Read the full article

Re/insurers are implementing improving tech tools to identify emerging future casualty cat perils: KBW

19th September 2024

Following meetings with executives at the recently held 2024 Rendez-Vous de Septembre (RVS) in Monte Carlo, KBW has reported that re/insurers are increasingly implementing steadily improving technological tools to identify emerging or future casualty catastrophe perils. Analysts noted that associated insured loss estimates remain very high. As an example, Praedicat, the casualty ... Read the full article

P&C insurers to retain majority of losses from Hurricane Francine: Moody’s

17th September 2024

According to a recent Moody’s Ratings report, property and casualty (P&C) insurers are expected to absorb most of the losses from Hurricane Francine, which made landfall in Terrebonne Parish, Louisiana, on September 11, 2024. Hurricane Francine, a Category 2 storm with winds reaching 100 miles per hour, caused significant damage with ... Read the full article

Hurricane Debby caused $2.5bn in insured damage in Quebec: CatIQ

16th September 2024

According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the remnants of Hurricane Debby, which hit southern Quebec on August 9-10, caused nearly $2.5 billion in insured damage, making it the costliest event in Quebec’s history. Johanne Lamanque, Vice-President, Quebec at Insurance Bureau of Canada (IBC), stated, “The record-breaking ... Read the full article

Flood Re & BIBA collaborate to promote Build Back Better scheme and property flood resilience

16th September 2024

Flood Re, a UK government-backed initiative that makes flood insurance more affordable, has partnered with the British Insurance Brokers’ Association (BIBA), the trade body for UK insurance brokers. Together, they aim to increase awareness within the broking community about the Build Back Better (BBB) scheme, highlight the importance of Property Flood ... Read the full article

Hurricane Francine to have minor impact on reinsurers, seen as very manageable for P&C space: RBC

13th September 2024

Analysts at RBC Capital Markets expect Hurricane Francine to be a highly manageable loss event for the P&C insurance industry, most likely in the very low billions, with a minimal impact to reinsurers. On September 11th, Francine made landfall in southern Louisiana, the parish of Terrebonne as a Category 2 storm ... Read the full article

Munich Re’s HSB expands cyber offering as potential losses from the sector rise

11th September 2024

HSB, a multi-line specialty insurer and part of reinsurance giant Munich Re, has expanded its cyber insurance coverage with new protections for connected vehicles, cybercrime victims, digital wallets, and other emerging risks. HSB Home Cyber Protection offers a mix of innovative cyber coverages and services for online fraud, cyber extortion, home ... Read the full article

Climate-change induced rise in claims costs unlikely to lead to negative ratings: S&P

11th September 2024

Global ratings agency S&P Global has stated that for most rated rated primary insurers, a climate change-induced rise in claims costs is unlikely to lead to negative rating actions over the medium term, even if profitability was to become more volatile. 2023 marked the fourth consecutive year that insured losses from ... Read the full article

NFP acquires Scott Litman Insurance Agency, expanding P&C expertise in Southern California

5th September 2024

NFP, a company under Aon and a broker in property and casualty (P&C) insurance, benefits consulting, wealth management, and retirement plan advising, has announced its acquisition of Scott Litman Insurance Agency (SLIA). SLIA, based in Calabasas, California, is a P&C broker with expertise in habitational risk. Scott Litman, President of SLIA, will ... Read the full article

KBRA assigns rating to new Florida reciprocal exchange Trident

30th August 2024

Credit rating agency KBRA has assigned a BBB Insurance Financial Strength Rating (IFSR) to Trident Reciprocal Exchange (Trident), with a stable outlook. Trident is a newly established de novo reciprocal exchange focused on writing homeowners’ insurance in Florida. The rating reflects Trident’s low underwriting leverage and substantial surplus relative to expected premiums ... Read the full article

Intact’s Q3 catastrophe losses already at $1.1bn

23rd August 2024

Intact Financial Corporation, a Canadian property and casualty insurer, has estimated total catastrophe losses quarter-to-date of approximately $1.1 billion, pre-tax and net of reinsurance, well above expectations for a third quarter. The insurer says that it is helping thousands of clients get back on track after suffering significant damages from four ... Read the full article

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