Reinsurance News
Catastrophe losses
Natural hazard costs erode ~72% of Suncorp’s FY allowance
8th May 2025
In a new market update, Australian insurer Suncorp has disclosed that it incurred natural hazard costs of AUD 1.115 billion in the 10 months to April 30th, 2025, which has eroded almost 72% of the carrier's AUD 1.560 billion full year natural hazard allowance. Suncorp explained that there have been 15 ... Read the full article
Bermuda re/insurers continue to support US policyholders amid cat losses: BMA
1st May 2025
Bermuda-based re/insurers are expected to face gross claim losses nearing US$10 billion in payments to policyholders and cedants in the United States following the catastrophic January 2025 wildfires in Southern California. These fires, which have become the most costly wildfire disaster in US history, were intensified by hurricane-force winds and worsened ... Read the full article
Everest reports positive net income as catastrophes drive underwriting loss
1st May 2025
Bermuda-domiciled insurer and reinsurer Everest Group has reported $472 million of pre-tax catastrophe losses, net of recoveries and reinstatement premiums, in the first quarter of 2025, primarily driven by the California wildfires, compared to $85 million in Q1’24, driving an underwriting loss for the firm. The carrier states that reinstatement premiums ... Read the full article
Arch Capital’s Q1’25 GPW up to $6.5bn as CoR rises to 90.1%
30th April 2025
Bermuda-headquartered insurer and reinsurer Arch Capital Group Ltd. has reported an 8.9% increase in group-wide gross premiums written (GPW) to $6.5 billion for the first quarter of 2025, compared to $5.9 billion last year, as the firm's combined ratio deteriorated to 90.1% on higher catastrophe losses driven by the California ... Read the full article
US insurers surpass cost of capital despite elevated cat losses: AM Best
28th April 2025
In 2024, despite the continued challenge of high catastrophe losses, US insurers in the property and casualty (P&C), life and annuity (L&A), and health sectors successfully exceeded their cost of capital, according to a recent report by credit rating agency, AM Best. This was achieved through strong investment returns and effective ... Read the full article
PERILS lifts industry loss estimate for windstorm Éowyn to €696m
28th April 2025
Zurich-domiciled catastrophe insurance data provider, PERILS, has upped the industry loss in its second estimate for extratropical windstorm “Éowyn”, also known as “Gilles”, at €696 million from €619 million in March. The loss estimate covers the property lines of business and is based on loss data collected from affected insurers. The storm ... Read the full article
Allstate anticipates $123m of reinsurance recoveries from aggregate tower
22nd April 2025
US primary insurer The Allstate Corporation expects aggregate reinsurance recoveries of approximately $123 million, as catastrophe losses in March saw the firm surpasses the retention level of its annual aggregate reinsurance cover for the annual risk period ending March 31st, 2025. The recoveries are expected to lower Allstate's reported March catastrophe ... Read the full article
Definity Financial expects cat losses of CAD 50m in Q1’25
15th April 2025
Canadian property and casualty insurer Definity Financial Corporation has disclosed that catastrophe losses in the first quarter of 2025 would negatively impact operating income by approximately CAD 50 million, net of reinsurance recoveries. The insurer stated that this amount was approximately double of what it expected based on first quarter historical ... Read the full article
Intact estimates Q1’25 cat losses at $244m
14th April 2025
Intact Financial Corporation, a Canadian property and casualty insurer, has estimated total catastrophe losses for the first quarter of 2025 of approximately $244 million, pre-tax and net of reinsurance. Personal lines contributed $82 million, while commercial lines losses were higher at $162 million. The insurer’s personal line losses were in Canada, driven ... Read the full article
Allstate pegs catastrophe losses for February at $92m
20th March 2025
U.S. primary insurer Allstate has estimated catastrophe losses for February 2025 at $92 million or $73 million, after-tax. Considering Allstate's January 2025 catastrophe losses of $1.08 billion, or $849 million after tax, the company's total year-to-date catastrophe losses now stand at $1.17 billion, or $922 million after tax. Readers will recall ... Read the full article
Insurers receive over 22,000 claims following ex-Tropical Cyclone Alfred: ICA
11th March 2025
The Insurance Council of Australia (ICA) has revealed that insurers have received more than 22,000 insurance claims from policyholders across southeast Queensland and northern New South Wales following ex-Tropical Cyclone Alfred. Of the total claims lodged, 20,460 are in Home, 1,182 are for Motor, and 758 are for Commercial. The ICA observed ... Read the full article
PERILS places initial industry loss estimate for windstorm Éowyn at €619m
10th March 2025
Zurich-domiciled catastrophe insurance data provider, PERILS, has placed its initial industry loss estimate for extratropical windstorm “Éowyn”, also known as “Gilles” at €619 million, based on loss data collected from the affected insurers. The storm, which generated very strong winds affecting the Republic of Ireland, Northern Ireland, and the Central Belt ... Read the full article
Allstate projects $1.4bn in reinsurance recoveries for California wildfire losses
20th February 2025
U.S. primary insurer Allstate has estimated catastrophe losses for the month of January at $1.08 billion, or $849 million after tax, after accounting for $1.40 billion in estimated reinsurance recoveries related to the California wildfires. January's losses reportedly stem from three events, with approximately $1.07 billion attributed to the California wildfires. The ... Read the full article
Potential $200bn of insured cat losses could recalibrate the entire industry: AIG CEO
12th February 2025
During global insurer AIG's full-year 2024 earnings call, CEO Peter Zaffino provided a sobering outlook for the insurance and reinsurance industry, forecasting that after the extremely costly Los Angeles wildfires, 2025 could see insured catastrophe losses surpass $200 billion. This outlook follows the release of the company’s strong ... Read the full article
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