Reinsurance News
catastrophe
Talanx’s financial results remain robust in spite of heavy 2017 losses
19th March 2018
Despite heavy catastrophe losses in 2017 Hannover Re's parent company Talanx's financial results show the re/insurance giant remains well-placed to ride out the industry's cyclical low points reporting an overall 6.3% gross written premiums increase, solid return on investment and continued dividends' growth. Group net income for 2017 was EUR 672 ... Read the full article
January storms expected to cost European insurers over $2 bn
9th February 2018
The Atlantic storm systems that impacted Western and Central Europe in January are expected to cost European insurers more than $2 billion, according to Aon's latest catastrophe report. The German Insurance Association (GDV) said the most significant windstorm Friederike, was the costliest windstorm in the country since Windstorm Kyrill in 2007, ... Read the full article
California mudslide losses will reach into tens of millions: Aon
12th January 2018
The devastating mudslides that struck southern California after torrential rains are likely to cause an economic loss of over $100 million and insured losses of at least tens of millions of dollars, according to an Aon Benfield division. The latest weekly catastrophe recap report from Aon Benfield's Impact Forecasting unit explains ... Read the full article
2017 global insured losses third highest on record at $136bn: Swiss Re
20th December 2017
2017 was the third highest global insured loss year on Swiss Re sigma records with preliminary loss estimates of $136 billion in global insured losses and total economic losses rising dramatically from $188 billion in 2016 to $306 billion this year. The $136 billion of global insured losses is well-above the ... Read the full article
P&C soft market trend continues despite severe Q3 cat losses: CreditSights
20th October 2017
The aggregation of severe re/insurance losses from the recent natural catastrophes across North and South America are not significant enough to impact the current trend of the P&C reinsurance market softening, according to CreditSights analysts. P&C reinsurance continues to be characterised by an excess supply of capital, while primary insurers have ... Read the full article
American Financial Q3 catastrophe losses estimated at $105 million
4th October 2017
American Financial Group’s (AFG) initial third quarter losses for catastrophe events including Hurricanes Harvey, Irma and Maria and the Mexico earthquakes are estimated at $105 million net of reinsurance coverage, pretax, and inclusive of reinstatement premiums and other associated offsets. On an after-tax basis, this amount represents $0.95 per share. AFG is backed ... Read the full article
Digital tech revolution could increase casualty catastrophe risk
17th August 2017
Casualty catastrophe reinsurers could be hit with higher claims costs as legislation for software and app manufacturers evolves to shift the focus onto consumer contractual protections in coming years. Willis Towers Watson's Pete Thomas, Reinsurance and risk management expert, warned of the potential impact to reinsurers of expected upcoming legislative changes ... Read the full article
2017 H1 global catastrophe losses far below average: Swiss Re
17th August 2017
The first half of 2017 has been well below average for catastrophe losses which reached just $44 billion in H1, just 37% of last year's $117 billion for the same period, according to Swiss Re's preliminary sigma estimates. Fewer and less intense weather events were experienced this year so far globally; ... Read the full article
2017 H1 catastrophe losses in U.S. reach six year peak: PCS
9th August 2017
At $15 billion U.S. catastrophe losses for the first half of the year were at their highest since 2011 - the trend of natural catastrophe events increasing in frequency continued with H1 seeing the highest number of severe weather events since 1980, according to PCS' H1 2017 Catastrophe Review. Four of ... Read the full article
Higher catastrophe losses dent Travelers’ Q2 performance
21st July 2017
High levels of both catastrophe and non-catastrophe weather losses saw insurer Travelers record lower net income in the second-quarter of 2017 when compared with the previous year, while the insurer's combined ratio weakened to 96.7%. The firm has reported pre-tax catastrophe losses, net of reinsurance, of $433 million for the second-quarter ... Read the full article
U.S. thunderstorms lead mid-year catastrophe losses: Munich Re
19th July 2017
2017 severe weather event related insurance and reinsurance losses have been largely dominated by a series of severe U.S. hailstorms and tornadoes which each incurred costs in the billions, although overall, global catastrophe losses have been well below the ten-year average, Munich Re said in its natural catastrophe review for January to ... Read the full article
Reinsurers face losses from South Africa storm and fires
9th June 2017
Losses from South Africa's recent Cape storm and fires in Knysna have made it a tough start to the year for insurers in the region, as analysts warn the industry will come under pressure to manage the growing claims costs, although a cushion will be provided by reinsurance cover. Earlier this week Cape ... Read the full article
Weak El Nino could bring above-average Atlantic hurricane season
26th May 2017
A weak or non-existent El Nino could bring another above-normal hurricane season this year, potentially causing significant re/insurance payouts, as Forecasters at NOAA’s Climate Prediction Center say weather conditions point towards a hard-hitting Atlantic hurricane season. The chances of an above-normal Atlantic hurricane season - the season running from June 1st through November ... Read the full article
Sendai Framework’s targets based on too little data: RMS
24th May 2017
RMS Catastrophe Risk Expert, Dr. Robert Muir-Wood, has spoken out against the short-term metrics used to measure progress towards the Sendai Framework for Disaster Risk Reduction 2015-2030, warning countries could fall short in their risk mitigation efforts if they don't have proper tools to assess progress and accurately measure risks. The Sendai Framework ... Read the full article
Canada hit with heavy flooding, too early to call losses
16th May 2017
Canadian provinces of British Columbia, Quebec, Ontario, and the Canadian Maritimes were hit with severe floods after persistent, heavy rainfall combined with snowmelt, causing rivers and lakes in the region to swell. Losses are expected to be felt in the millions of dollars (USD), but it's too early to call industry ... Read the full article
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