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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

Neptune Flood sees more demand as hurricane Ian hammers Florida

29th September 2022

According to a report from Neptune Flood, the firm saw a 4x increase in quotes above its normal volume as of Monday the 26th. Hurricane Ian made landfall on Wednesday the 28th as a major Category 4 storm with maximum sustained winds of around 155 mph near the Cayo Costa ... Read the full article

P&C insurers see net income and policyholder surplus decline

29th September 2022

Elevated loss activity and equity market volatility this year has led to a drop in net income and a decline in policyholders’ surplus for P&C insurers, says AM Best’s new Best’s Market Segment Report. The report says that the drop in net income and the decline in policyholders’ surplus has occurred ... Read the full article

Florida’s reinsurance programme to be tested by Hurricane Ian, says AM Best

28th September 2022

Florida’s new reinsurance programme is going to be tested by Hurricane Ian, says AM Best in a new commentary. It was created in recent months by state governor Ron DeSantis as the Reinsurance to Assist Policyholders (RAP) Program, designed to provide $2bn of coverage for hurricane losses. The reinsurance program’s $2bn coverage ... Read the full article

Major hurricane Ian shifts south ahead of Florida landfall

28th September 2022

The forecast path for hurricane Ian, which is now a major Category 4 storm with maximum sustained winds of 155 mph, has shifted south overnight, with a landfall now expected to be somewhere between Fort Myers and Sarasota. Some two million Floridians have been told to evacuate the state as hurricane ... Read the full article

Over one million Florida homes at risk from Hurricane Ian storm surge: CoreLogic

27th September 2022

CoreLogic has released data analysis showing that more than one million single-family and multifamily homes along the Florida gulf coast with a reconstruction cost value (RCV) of approximately $258.3bn are at potential risk of storm surge damage from Hurricane Ian. Hurricane Ian has now reached major Category 3 status with ... Read the full article