Reinsurance News
catastrophe
AM Best expects Asian Re’s underwriting and operating performance to improve
14th June 2024
AM Best, a global credit rating agency for the insurance sector, has reaffirmed Asian Reinsurance Corporation (Asian Re), a regional non-life reinsurer, with a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good), both with a positive outlook. AM Best expects that Asian Re’s execution ... Read the full article
Catastrophe losses may raise rates, reduce homeowner protection: S&P
10th June 2024
As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their recent report, S&P highlight how recent data shows that insured catastrophe losses in the US have soared to over ... Read the full article
Record investment income for US P&C insurers in 2023: AM Best
4th June 2024
In 2023, net investment income for the US property/casualty insurance sector reached a record $73.9 billion, boosted by higher interest rates, according to a new report by AM Best, a credit rating agency for the insurance industry. The Best's Special Report, “US P/C Insurers Achieve Record Investment Income in 2023,” reveals ... Read the full article
P&C sector reports improved conditions in early 2024: McGriff
28th May 2024
The Property & Casualty (P&C) industry began 2024 in a stronger position compared to 2023, driven by 25 consecutive quarters of premium increases, improved investment returns for insurers, and a relatively mild hurricane season, highlights broker McGriff in a recent report. The broker highlights Fitch Ratings' prediction for modest underwriting improvements ... Read the full article
Arturo names Juan Pujadas to Board of Directors
23rd May 2024
Juan Pujadas, an advisor at Blumberg Capital where he supports fintech portfolio companies such as EarnUp and Field Materials, has joined the Board of Arturo, the property intelligence company that delivers portfolio-wide underwriting, risk, claims and catastrophe-driven event insights. “I am honoured to serve on Arturo’s Board of Directors,” stated Pujadas. ... Read the full article
Brazil floods: rising toll and mounting economic losses, says Aon
17th May 2024
Following recent floods in the Brazilian state of Rio Grande do Sul, the region grapples with escalating casualties and significant financial repercussions. According to insurance and reinsurance broker Aon's weekly cat report released on May 15, national authorities have confirmed that the total economic losses now surpass BRL9 billion ($1.75 billion). Meteorological ... Read the full article
Allstate estimates $325 million cat losses for January
15th February 2024
The Allstate Corporation has announced estimated catastrophe losses of $325 million for the month of January 2024, primarily driven by two events that comprised approximately 80% of the losses. The U.S. primary insurer stated that these losses drop down to pre-tax cat losses of $276 million ($218 million after-tax) for the ... Read the full article
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
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