Reinsurance News
Catastrophe reinsurance
Catastrophe reinsurance news includes coverage of the main catastrophe reinsurance renewals, pricing trends and market developments, as well as analysis of reinsurance market exposure to major natural catastrophe loss events.
The catastrophe reinsurance market remains a core component of global reinsurance and one of the most competitive sectors.
Read all our catastrophe reinsurance news below.
Carriers sufficiently reinsured to withstand Hurricane Lane losses: A.M. Best
29th August 2018
Insurance carriers operating in Hawaii have sufficient capital and appropriate reinsurance programs in place to effectively absorb losses resulting from Hurricane Lane, which battered Hawaii with floods and landslides last week, according to A.M. Best. While Hurricane Lane never quite made direct landfall on Hawaii, it brought over 50 inches ... Read the full article
90% of Peru’s $660mn insured El Niño losses absorbed by reinsurers
24th August 2018
Insured losses resulting from the El Niño coastal phenomenon (FEN) totalled US $660 million for the period ending June 2018, although 89.02% of this figure was absorbed by the international reinsurance markets, according to Peru’s Superintendency of Banking and Insurance (SBS). "The reports presented by Rímac Seguros, La Positiva, Mapfre Perú, ... Read the full article
Half of Australia’s Hobart storm claims paid as insured losses reach $100mn
21st August 2018
The Insurance Council of Australia (ICA) has announced that over half of the insurance claims relating to the flooding and storm that hit the Australian city of Hobart, Tasmania over May 10-11 have now been closed as the insurance bill nears AUD $100 million (USD $73 million). The $99.72 million figure ... Read the full article
Drought and wildfires drive global catastrophe losses in July: Impact Forecasting
10th August 2018
Global insured catastrophe losses in July were primarily driven by severe droughts and heatwaves across Northern Europe, as well as major wildfires that caused extensive damage and loss of life in Northern California and Greece, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s report estimated that ongoing drought in ... Read the full article
GCC countries must focus on ERM following recent losses: A.M. Best
1st August 2018
Countries belonging to the Gulf Cooperation Council (GCC) must increasingly focus on enterprise risk management (ERM) strategies following a recent series of both natural catastrophes and man-made losses, according to a report by rating agency A.M. Best. While countries such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab ... Read the full article
California’s Carr wildfire continues to spread, marking worst season in decade
30th July 2018
The Carr wildfire, which hit Shasta county in Northern California last week, has claimed at least six lives and destroyed or damaged more than 1,000 structures, and continues to spread despite efforts to contain the blaze. The fire more than doubled in size over the weekend, driven by strong winds and ... Read the full article
Pioneer adds James Sharpington to CAT underwriting team
23rd July 2018
Pioneer Underwriters has appointed James Sharpington as an underwriter in the Pioneer CAT team, which provides property catastrophe reinsurance underwriting, distribution and portfolio management expertise to Pioneer’s capacity providers from its base in London. Sharpington will be tasked with developing and expanding the team’s existing property cat portfolio, and will focus ... Read the full article
Catastrophe market to remain highly competitive: Hannover Re CEO Wallin
13th July 2018
Natural catastrophe is set to remain the most competitive area for reinsurers, due primarily to an abundance of both traditional and alternative capital in the market, as well as the stability of catastrophe models following 2017’s huge losses, according to Ulrich Wallin, Chief Executive Officer (CEO) of Hannover Re. Speaking in ... Read the full article
Insured U.S weather losses totalled $3bn in June: Impact Forecasting
12th July 2018
The severe weather events that affected the eastern two-thirds of the U.S over June 2018 are estimated to have caused around US $4 billion of combined economic damage, $3 billion of which is expected to be covered by re/insurers, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s monthly Global ... Read the full article
California homes in at-risk wildfire areas may become uninsurable: Report
11th July 2018
Reconstruction efforts are underway in California following the devastating October 2017 wildfires, but many commentators and re/insurance experts have begun to question the prudency of rebuilding and re/insuring homes in these hazardous areas, according to a report by the Columbia Law School. Approximately 250 wildfires sparked in Northern California on the ... Read the full article
Mixed mid-year pricing results for Florida property cat reinsurers: Willis Re
11th July 2018
Property catastrophe pricing has been mixed for reinsurers in Florida at mid-year renewals, as increased demand for some companies following 2017’s catastrophes was offset by further non-traditional capital entering the market, according to reinsurance broker Willis Re. Willis Re’s 1st View Report observed that companies that performed well in Hurricane Irma ... Read the full article
Widespread destruction following historic Japan floods
9th July 2018
Japan has suffered some of the worst flooding in its history over the weekend, with more than 100 people confirmed dead and widespread damage to homes and businesses reported. "The record rainfalls in various parts of the country have caused rivers to burst their banks, and triggered large scale floods and ... Read the full article
Assurant secures $1.3bn property catastrophe reinsurance program
29th June 2018
New York-headquartered Assurant Inc. has secured a $1.3 billion 2018 catastrophe reinsurance program that protects nearly 3 million homeowners and renters policyholders against severe weather events. The main reinsurance program provides the firm with $985 million of coverage in excess of a $120 million retention. The 2018 U.S. program includes U.S. per-occurrence ... Read the full article
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