Reinsurance News
catastrophe
Q1’25 property claims hit five-year low despite severe weather: Verisk
19th June 2025
According to Verisk’s Quarterly Property Report, claims volume continued to decline in the first quarter of 2025, reaching a five-year low despite significant weather events in several regions. The quarter ended with a total of 1,059,323 claims, comprising 700,394 non-catastrophe (non-CAT) claims—the lowest in five years—and 358,929 catastrophe (CAT) claims. Overall claim ... Read the full article
Keeping high attachment points is key: Vickers, Gallagher Re
6th February 2025
In a recent video interview with Reinsurance News, James Vickers, Chairman of Gallagher Re’s International division, emphasised the importance of attachment points for reinsurers, particularly in the face of increasing frequency of non-peak catastrophe events. Vickers noted that while rate has historically been a primary focus, the ... Read the full article
Global reinsurer profitability to remain strong in 2025 despite price reductions, says Fitch
15th January 2025
Fitch Ratings, a provider of credit ratings, research, and risk analysis, has forecasted that global reinsurers' profitability will remain strong in 2025, despite lower risk-adjusted prices for most business lines during the January 1st reinsurance contract renewals. These price reductions are attributed to an abundance of capital in the market and ... Read the full article
Belize receives parametric payout from CCRIF SPC after November rains
23rd December 2024
The Government of Belize received $805,794 under one of The Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC’s Wet Season Trigger, a recently introduced policy endorsement. From November 16th to 18th, the coastal area of northern Belize received rainfall due to Tropical Cyclone Sara, occurring after a period of significantly above the ... Read the full article
PERILS revises insured loss estimate for southern Germany floods to €1.58bn
6th December 2024
Zurich-based catastrophe insurance data provider PERILS has revised its industry loss estimate for the third time, confirming the total cost of the floods in southern Germany, which occurred between May 31st and June 6th, 2024, at €1,582 million. To recap, southern Germany experienced severe flooding in the states of Baden-Wuerttemberg and ... Read the full article
2024 tropical cyclone losses among costliest of the past decade: Munich Re
5th December 2024
A new white paper from reinsurance company Munich Re reveals that the 2024 tropical cyclone season, characterised by unusually severe storms, ranks among the costliest of the past decade, with losses significantly surpassing the ten-year average. Insured losses from natural catastrophes in 2024 have surpassed the $100 billion threshold once again. ... Read the full article
CNA Financial estimates net cat losses of $143m in Q3’24
22nd October 2024
Chicago-domiciled insurer, CNA Financial Corporation expects to report pretax net catastrophe losses of $143 million for Q3 2024 in its results. Approximately 75% of the catastrophe losses are associated with four larger events, including $55 million from Hurricane Helene, noted the insurer. The remaining approximately $35 million of losses is spread across ... Read the full article
Allstate estimates Q3’24 catastrophe losses of $1.7bn with $630m from hurricane Helene
17th October 2024
US primary insurer Allstate reported estimated catastrophe losses of $889 million ($702 million after tax) for September, which includes $630 million in pre-tax losses related to Hurricane Helene, with total catastrophe losses for the third quarter standing at $1.7 billion ($1.35 billion after tax). For the month of August, Allstate reported ... Read the full article
HCI expects to pay up to $750m to policyholders from hurricanes Debby, Helene & Milton
17th October 2024
Insurer HCI Group expects to pay between $600 million and $750 million to policyholders across all three events, with net retained losses for the company far lower at around $185 million as a result of its comprehensive reinsurance arrangements. The property and casualty insurer has provided an update on the hurricane ... Read the full article
US private market insured losses from Francine to be under $2bn: Moody’s RMS
18th September 2024
Moody’s RMS Event Response has disclosed an estimate for US private market insured losses from Hurricane Francine, which made landfall in Terrebonne Parish, Louisiana, on September 11th, 2024, of less than $2 billion. This estimate includes onshore insured losses driven by wind, storm surge, and precipitation-induced flooding, and insured offshore energy ... Read the full article
Calgary hailstorm, 2nd costliest event in Canadian history causes insured losses of $2.8bn
12th September 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the Calgary hailstorm during early August has resulted in nearly $2.8 billion in insured losses, making it the second-costliest event in Canada's history, following the 2016 Fort McMurray wildfire. On August 5th, 2024, severe thunderstorms developed over southern Alberta and ... Read the full article
Aon & Intermap collaborate to enhance underwriting, risk management and portfolio modelling
11th September 2024
Intermap Technologies, a global firm specialising in 3D geospatial products and intelligence solutions, has formed a strategic collaboration with Aon’s Impact Forecasting to enhance underwriting, risk management and portfolio modelling. Intermap’s comprehensive solutions will now enable insurers to access IF’s hazard and risk maps, while improving solutions across the entire insurance ... Read the full article
Intact’s Q3 catastrophe losses already at $1.1bn
23rd August 2024
Intact Financial Corporation, a Canadian property and casualty insurer, has estimated total catastrophe losses quarter-to-date of approximately $1.1 billion, pre-tax and net of reinsurance, well above expectations for a third quarter. The insurer says that it is helping thousands of clients get back on track after suffering significant damages from four ... Read the full article
Reinsurance sector can handle a large tail event: S&P’s Karakuyu
12th July 2024
During yesterday's S&P Global Ratings Insurance In Focus webinar, Ali Karakuyu, Director and Lead Analyst, stated that if a large tail, 1-in-200 year catastrophe event were to occur, the global reinsurance sector is well-prepared and would be able to manage it effectively. Responding to a question on the sector's preparedness for ... Read the full article
Surge in cyber insurance market fuelled by regulatory shifts and global tensions: Morningstar DBRS
27th June 2024
Morningstar DBRS, a global credit rating agency, emphasises that cyber insurance is rapidly growing and essential in the digital age, projected to soar to $40 billion by decade's end amidst rising cyber threats and stringent data regulations. Morningstar DBRS highlights that Cyber insurance is a relatively new type of insurance designed ... Read the full article
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