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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
Wildfires could boost P&C pricing and reduce risk appetite: Morgan Stanley
21st November 2018
With the recent outbreak of devastating wildfires in California marking two consecutive years of large losses in the state, analysts at Morgan Stanley have suggested that the property and casualty (P&C) re/insurance market could respond by raising prices and reducing its risk appetite. The firm said that the industry will have ... Read the full article
While significant, wildfire losses should be within budget: Fitch Ratings
21st November 2018
The recent outbreak of wildfires in California is likely to have a negative impact on the Q4 earnings of re/insurers with property exposure in the state, but losses should remain within budget for most companies, according to Fitch Ratings. The rating agency said that wildfire losses should not exceed the level ... Read the full article
RMS estimates up to $13bn insured loss from Californian fires
19th November 2018
Catastrophe risk modelling firm RMS has estimated between a $9 billion and $13 billion insured loss from the Camp and Woolsey wildfires which continue to devastate large areas of California. This estimate includes property and auto damage, including burn and smoke damage, business interruption, additional living expenses, and contents loss. RMS ... Read the full article
Insured California wildfire losses may reach $10bn, says Credit Suisse
14th November 2018
A preliminary estimate from Credit Suisse has put industry losses related to the recent Camp, Woolsey and Hill Wildfires in California in the range of $5 billion to $10 billion. The three fires sprang up in the Butte and Ventura Counties on November 8 and have since collectively burned through 232,151 ... Read the full article
California wildfire losses to reach record levels in 2018: A.M. Best
14th November 2018
The Camp and Woolsey Wildfires, which continue to burn through vast areas of the Butte, Ventura and Los Angeles Counties in California, are expected to contribute to what will likely be a record year for insured wildfire losses in the state, according to A.M. Best. The rating agency noted that ... Read the full article
Camp Wildfire insured losses could reach $4bn: Morgan Stanley
12th November 2018
Insured losses from the Camp Wildfire, which has burnt through roughly 110,000 acres and 6,700 structures in Northern California, are likely to be between $2 billion and $4 billion, with higher total economic losses, according to estimates from Morgan Stanley. The Camp Wildfire became the most destructive in California’s history ... Read the full article
New Paradigm receives investment from TransRe
12th November 2018
New Paradigm Group, a Florida-based developer of parametric insurance and risk transfer solutions, has announced that it has received an investment from global reinsurer TransRe, the reinsurance arm of Alleghany Corporation. New Paradigm is reportedly to use the proceeds to expand its proprietary parametric data platform and also to enhance its ... Read the full article
Aon and Guidewire model silent cyber risks for U.S dam attack
25th October 2018
Re/insurance broker Aon and Guidewire Software, a platform provider for property and casualty (P&C) re/insurers, have collaborated on a scenario that models insured losses related to a hypothetical cyber attack on a U.S hydroelectric dam. The scenario analysed an attack in which a hacker opens the flood gates of a hydroelectric ... Read the full article
Munich Re America partners with BriteCore on inland personal flood coverage
25th October 2018
The U.S branch of global reinsurance firm Munich Re is to offer inland personal lines flood coverage to its insurance carriers and agency partners that use BriteCore, a web-based insurance administration platform. The endorsement from Munich Re America is available to homeowners who live outside of a Special Flood Hazard Area ... Read the full article
Verisk launches new flood underwriting tool WaterLine
23rd October 2018
Leading data analytics provider Verisk has announced the launch of WaterLine, a new underwriting tool that scores flood risk for all properties in the contiguous United States, helping insurers keep up with the growing number of homes and businesses vulnerable to flood. WaterLine was developed by Verisk businesses ISO and AIR ... Read the full article
Hannover Re expects modestly higher premiums and stable conditions in Germany
22nd October 2018
E+S Rück, a subsidiary of Hannover Re responsible for the group’s German business, continues to expect positive premium development in the country’s market for the upcoming round of treaty renewals as at 1 January 2019, albeit at a somewhat more muted pace than in the previous year. "Against the backdrop of ... Read the full article
Composite rate for U.S. P&C placements up by 2.5% in Q3: MarketScout
17th October 2018
The composite rate for U.S. property and casualty (P&C) placements increased by an average of 2.5% in the third-quarter of 2018, in line with the rate increases witnessed in the second-quarter, according to MarketScout. According to Richard Kerr, Chief Executive Officer (CEO) of MarketScout, rates continued to move slowly upward with ... Read the full article
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