Reinsurance News
catastrophe
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
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
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