Reinsurance News
catastrophe
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
Insurers poorly prepared as North Atlantic hurricane season approaches, warns Bloomberg Intelligence
17th May 2023
Bloomberg Intelligence (BI) warns that insurers seem poorly prepared for the increased loss frequency and intensity wrought by flooding and climate change as this year's North Atlantic hurricane season approaches, with pricing and risk appetite appearing badly aligned. According to the data available, Munich Re and Swiss Re lead insurers that ... Read the full article
Large losses to come in above budget for Europe’s big four reinsurers in Q1: BofA
3rd May 2023
Bank of America (BofA) estimates that European reinsurance results will fail to hugely impress against already-high expectations for the sub-sector, while analysts expect that all four major European reinsurance companies will have exceeded their Q1 large losses budget. The key factor for these losses according to the bank is natural disasters. ... Read the full article
Catastrophe exposed property rates typically up 15-20%, says Miller
26th April 2023
Brokerage Miller Insurance Services has released a report stating that it is seeing property rate increases for clean, non-cat renewals of +10% for loss-affected lines. At the same time, and in contrast to the company’s Q1 update, catastrophe (CAT) exposed business will now typically start at between +15% to ... Read the full article
Horace Mann expects Q1 2023 core EPS of $0.21 to $0.23 despite elevated catastrophe losses
21st April 2023
Horace Mann Educators Corporation has announced that it expects first-quarter 2023 core EPS in the range of $0.21 to $0.23, despite an unusually high number of weather events throughout the quarter, including two severe storms in the Midwest in late March. This led to catastrophe losses to be well ahead ... Read the full article
The Hanover Insurance approximates $175m in cat losses for Q1
20th April 2023
The Hanover Insurance Group has announced its preliminary estimate for first-quarter 2023 catastrophe losses of approximately $175 million, before taxes or 12.7 points of net earned premium. Widespread wind and tornadic activity impacted nearly half of the U.S. in mid-to-late March. The first quarter catastrophe losses were caused by over 20 ... Read the full article
Allstate records $307m cat losses for January
16th February 2023
The Allstate Corporation has announced estimated pre-tax catastrophe losses of $307 million ($243 million after-tax) for the month of January 2023. The U.S. primary insurer stated that catastrophe losses for the month of January were estimated at $309 million, related to nine events primarily in Texas and California. According to Allstate, these ... Read the full article
Cincinnati Financial estimates cat losses of $141m in Q4
30th January 2023
Cincinnati Financial Corporation has announced that its consolidated Q4 results are expected to include pretax catastrophe losses of approximately $141m. According to the announcement, these represent an impact on the Q4 2022 combined ratio of approximately 7.8 percentage points, based on estimated property casualty earned premiums. The catastrophe loss estimate includes $161m ... Read the full article
Rising claims fuel reinsurance costs for Australian P&C insurers: S&P
19th January 2023
Rising claims, resulting from increased weather-related catastrophes, are fuelling premiums and reinsurance costs for property and casualty (P&C) insurers in Australia, said S&P Global Ratings. According to a recent report by the credit rating agency, P&C insurers in the country have conservative reserving and appropriate reinsurance coverage, including protection against natural ... Read the full article
Intact Financial estimates Q4 cat losses at $143m
13th January 2023
Intact Financial Corporation, a Toronto-based property and casualty (P&C) insurer, has announced estimated catastrophe losses for Q4 2022 of approximately $143 million, pre-tax. Cat losses in the Canadian segment were: Personal Lines $13 million, Commercial Lines $64 million. In the UK and Ireland segment, cat losses were: Personal Lines $63 million, ... Read the full article
ICA declares insurance catastrophe in three Australian flooded states
19th October 2022
The Insurance Council of Australia (ICA) has declared an Insurance Catastrophe for Victoria, Tasmania and New South Wales. The three states are suffering the impacts of severe weather and flooding that started last week. The ICA’s Catastrophe declaration escalates and prioritises the insurance industry’s response to the disaster. The escalation includes obliging ... Read the full article
K2 raising new capital for catastrophe underwriting
18th October 2022
In a move to replace an exiting capacity source, London-based specialist MGA, K2 International is to raise capital for additional reinsurance and possibly US retrocession and industry loss warranties (ILW) underwriting in 2023. The structure of the vehicle or fund that the capital will be raised to is yet to be ... Read the full article
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