Reinsurance News
catastrophe
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
The Hanover expects Q2 loss amid catastrophe losses of $262 million
21st July 2023
The Hanover Insurance Group, Inc. has announced a preliminary estimate for Q2 catastrophe losses of approximately $262 million, before taxes, with the firm expecting to report a Q2 2023 combined ratio of 111.3%. These losses were driven primarily by the 19 convective storms across multiple states, with hail damage representing the ... Read the full article
P&C insurers face increased cat losses in Q2, reinsurers find relief: BMO Capital Markets
14th July 2023
Property and casualty insurers have witnessed a rise in catastrophe losses during the second quarter, while reinsurers have experienced a decrease as they move away from frequency risks, according to analysts at BMO Capital Markets. "... reRead the full article
Global cat rates surge by 27% YTD; US leads with 35% increase: RBC
14th July 2023
Global catastrophe rates have surged by 27% year-to-date, with the United States experiencing the highest increase at 35%, according to RBC Capital Markets. The property catastrophe rate indexes have reached levels not seen since 2006, when a significant number of new insurers emerged, including notable companies like Lancashire. Across various sub-segments, insurance ... Read the full article
Intact Financial reports estimated catastrophe losses for Q2 2023 of $421m
11th July 2023
Intact Financial Corporation has announced the estimated catastrophe losses for Q2 2023 of approximately CAD421 million on a pre-tax basis, net of reinsurance. Catastrophe loss in personal lines total CAD252 million all of which relate to Canada. Meanwhile, commercial lines have seen a loss of CAD83 million in Canada, CAD62 million in ... Read the full article
U.S. hurricane losses to increase by 10% over 20 years due to changes in climatic activity: Aon
21st June 2023
Aon plc, the global professional services firm, has revealed how its academic collaborations are progressing climate science, enhancing catastrophe model development and helping organizations to fulfil Environmental, Social and Governance mandates. Aon’s work with Columbia University has revealed that under selected scenarios, U.S. hurricane losses would increase by at least 10% ... Read the full article
AXA XL, WTW some of the founding members of new catastrophe risk & resilience research journal
20th June 2023
The first diamond open access journal has launched for catastrophe risk and resilience research; some of its founding members include AXA XL, MS Amlin, WTW and Flood Re. A not-for-profit publication, the Journal of Catastrophe Risk and Resilience (JCRR) is a free, online digital journal that has been designed to enable ... Read the full article
Drought in Spain spurs largest-ever claim for agricultural insurance: Aon
26th May 2023
The drought in Spain would be the largest claim ever paid by the Spanish agricultural insurance, according to professional services firm Aon. Agroseguro, the leading agricultural insurance provider in Spain, is bracing for an unprecedented payout of over €300 million ($325 million) in compensations due to the widespread damage inflicted by ... Read the full article
Allstate estimated cat losses for April at $631m
18th May 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for April of $799 million or $631 million, after tax. April cat losses include 12 events estimated at $872 million, with approximately 60% of the losses related to two wind and hail events. This was partially offset by favourable reserve estimates for prior ... Read the full article
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