Reinsurance News
catastrophe
Canada faces unprecedented insured cat losses of $3.1bn in 2023: CatIQ
9th January 2024
In a tumultuous year marked by an extraordinary surge in catastrophic events, Canada grappled with insured losses totaling a staggering CAN $3.1 billion in 2023, as reported by CatIQ. While 2023 ranks among the largest loss years for Canada, distinct from its predecessors, no single event dominated the industry losses, showcasing ... Read the full article
GDV reports €4.9bn of insured losses from extreme weather in Germany in 2023
29th December 2023
The General Association of the German Insurance Industry (GDV) has reported that damage caused by extreme weather events in the country, such as floods and storms in 2023 total €4.9 billion. Jörg Asmussen, General Manager of the GDV, commented: “The insured damage to houses, household goods, businesses and motor vehicles is ... Read the full article
PERILS releases initial industry loss estimate of €1.9bn from storm Ciarán
15th December 2023
Zurich-domiciled catastrophe insurance data provider, PERILS, has disclosed an initial industry loss estimate for extratropical windstorm Ciarán, also known as Emir of €1.889 billion. The storm affected France, Belgium, the United Kingdom, and the Netherlands from the 1st-2nd November 2023, with damaging wind gusts. The resulting industry losses were typical for ... Read the full article
PERILS estimates initial loss of €509m for Babet-Aline floods and storms
4th December 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed an initial industry loss estimate of €509 million for the Babet-Aline floods and storms over the British Isles and northwestern Europe in October 2023. In line with the PERILS coverage definition for Europe, this loss number covers the property line of business. The ... Read the full article
9M 2023 global insured cat losses 17% higher than 21st century annual average: Aon
20th October 2023
Global re/insurance broker Aon, in its Q3 Global Catastrophe Recap report, has stated that global insured losses from natural disaster events had reached $88 billion by the end of Q3 2023, 17% higher than the 21st-century annual average, driven by so-called secondary perils. Aon highlights U.S. and Italian severe convective storms ... Read the full article
Intact pegs Q3 2023 cat losses at $611m
13th October 2023
Canadian property and casualty insurer Intact Financial Corporation has estimated total losses from catastrophe events in the third quarter of 2023 of approximately CAD 611 million, on a pre-tax basis and net of reinsurance. The figure is up on the CAD 570 million announced for July and August, although the ... Read the full article
Definity erodes aggregate reinsurance treaty as Q3 catastrophe losses hit CAD122m
6th October 2023
Canadian property and casualty insurer, Definity Financial Corporation, has reported estimated catastrophe losses for Q3 2023 of CAD122 million, with events in the quarter leading to the full erosion of its catastrophe aggregate reinsurance treaty limit for the year. The company warns that the estimated cat losses will negatively impact operating ... Read the full article
GDV reports €1.5bn of insured natural disaster losses in August
26th September 2023
The German Insurance Association (GDV) has reported that damage caused by storms, hail, lightning, and floods in August total €1.5 billion, driven by the severe storms at the end of the month. Jörg Asmussen, Managing Director of the GDV, explained that the association is "currently assuming insured losses totalling a good ... Read the full article
Definity estimates $120m of cat losses for July-Aug 23
5th September 2023
Canadian Property and casualty insurer, Definity Financial Corporation, has released an estimate of approximately $120 million in catastrophe losses that will impact its operating income negatively in July and August 2023. This estimate is net of reinsurance recoveries and includes reinstatement premiums. The company confirmed that the British Columbia wildfires were the ... Read the full article
Secondary perils are starting to take a much greater share of losses: Moody’s RMS’ Stevenson
30th August 2023
The insurance industry has essentially focused its attention on what is regarded as "primary’ perils", which mainly involves tropical cyclones and earthquakes, according to Rob Stevenson, Senior Client Director of Moody’s RMS. In a recently published blog, authored by Stevenson, he highlights how secondary perils – either perils that follow on ... Read the full article
Allstate estimates cat losses for July at $313 million
17th August 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for July of $313 million or $247 million, after-tax. According to Allstate, July's catastrophe losses include 18 events estimated at $349 million, primarily related to geographically widespread wind and hail events. This was partially offset by favourable reserve reestimates for prior events, the ... Read the full article
Insured losses from Maui wildfire to fall between $2.5bn and $4.5bn: Bloomberg Intelligence
16th August 2023
The property and casualty insurance equity analyst team at Bloomberg Intelligence has estimated that the insurance industry loss from the Maui wildfires will fall between $2.5 billion and $4.5 billion. This estimate gives an insured loss mid-point of $3.5 billion, which is higher than the $3.2 billion insured property loss ... Read the full article
Overall & insured losses from nat cats in H1 2023 higher than 10-year average: Munich Re
28th July 2023
Reinsurance giant Munich Re has reported overall losses from natural disasters of $110 billion for the first half of 2023, with the insured loss from these events amounting to $43 billion. It is noteworthy that the first half of 2023 is a continuation of the recent run of years with high ... Read the full article
Horace Mann reports preliminary Q2 cat losses of up to $43m
21st July 2023
Horace Mann Educators Corporation has announced preliminary Q2 catastrophe losses of between $41 million and $43 million pretax, driven by 19 events designated as catastrophes by Property Claims Services in the quarter. These events include multiple severe convective storms across the Midwest and Texas in June. Expected catastrophe losses will amount ... Read the full article
Aon reports global insured cat losses of $53bn in H1 2023
21st July 2023
Insurance and reinsurance broker Aon has reported that global insured losses from natural disasters in H1 2023 totalled $53 billion, which is 46% above the 21st-century average. According to Aon's latest catastrophe report, economic losses for the period amount to an estimated $194 billion, and already constitute ... Read the full article
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