Reinsurance News
catastrophe
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
Swiss Re’s Cyclone Debbie losses reveal Australian market share growth: Deutsche Bank
24th April 2017
Swiss Re was hit with a lion’s share of $350 million Cyclone Debbie losses in Q1, after the firm expanded its Australian market share to nearly double its 2011 size, said Deutsche Bank analysts in their Q1 European reinsurance market report. The $350 million Cyclone Debbie blow reveals a Swiss Re ... Read the full article
Aggregation of U.S. storm losses could threaten reinsurance programmes: RMS
13th March 2017
Reinsurance programmes in the U.S. could by threatened by sky-high losses as damages from early year heavy storms continue to aggregate, catastrophe risk modeller RMS has warned. Striking results from early year weather report reviews show that tornado, hail and straight-line wind have more than doubled their averages for the last ... Read the full article
Insured losses reach AU$42 million after Sydney freak summer storm
20th February 2017
The Insurance Council of Australia (ICA) has reported insured losses of AU $42 million (US$32 million) and rising after a freak summer storm ravaged Sydney and parts of New South Wales. And insured loss estimates for the NSW bushfires have risen to AU$28.5 million (US $21 million) - a figure that ... Read the full article
U.S. weather & Chile fires lead January Catastrophe losses: Aon Benfield
8th February 2017
U.S. severe weather and Chile wildfires have led January’s catastrophe loss events, with U.S. weather losses exceeding $1 billion and Chile following with $890 million in losses after its worst wildfire event in modern history. Aon Benfield’s monthly Global Catastrophe report has released figures for January, revealing a month ... Read the full article
Charles Taylor launches catastrophe deductible scheme for LatAm SMEs
7th February 2017
Insurance service provider Charles Taylor has announced the launch of an innovative Insurance & Asset Protection Program for Latin American Small and Middle Sized Enterprises (SMEs), designed to help cover catastrophe deductibles. The programme offers SME’s immediate insurance payment for deductibles, the option of building up US Dollar reserves to protect ... Read the full article
Normalised catastrophe burden expected for reinsurers in Q4: Deutsche Bank
26th January 2017
European reinsurers' fourth-quarter 2016 natural catastrophe budgets are expected to be used or "slightly exceeded" in response to a more normalised loss experience during the period, according to analysts at Deutsche Bank. While far less damaging and costly than initially expected the impact of hurricane Matthew, combined with the Kaikoura, ... Read the full article
Suncorp exceeds catastrophe budget again
23rd January 2017
Suncorp Group, the Australian and New Zealand general insurer, has exceeded its catastrophe loss budget in the second-half of 2016, repeating a trend that has dogged the insurer since 2013. The insurer reports a number of major claims in H2 2016, including the Kaikoura, New Zealand earthquake which it has set ... Read the full article
Argo puts Q4 2016 catastrophes losses at $20m – $25m
18th January 2017
Specialty insurance and reinsurance underwriting firm Argo Group International Holdings, Ltd. has estimated its fourth-quarter 2016 pre-tax catastrophe losses at $20 million to $25 million. The preliminary estimate, released before the fourth-quarter results season begins in the coming weeks, is pre-tax and net of reinsurance and reinstatement premiums. Argo Group explained that ... Read the full article
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