Reinsurance News
catastrophe
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
The world needs a new reinsurance industry that has more respect for its capital: Albert Benchimol
14th October 2022
The global reinsurance industry is undoubtedly a vital part of the risk value chain, but it needs to go back to basics and avoid the mistakes of the last five to 10 years, according to industry experts. Speaking yesterday on the final panel of the opening day of ILS Bermuda's 2022 ... Read the full article
International cat loss activity above average in 2022, says CRESTA
3rd October 2022
CRESTA, the insurance industry organisation that provides a global standard for risk accumulation zones and cat industry losses, has released the Q3/2022 update of its CRESTA Industry Loss Index, (CLIX) which shows above-average loss activity for international catastrophe events in 2022 (excluding the US). Matthias Saenger, Product Manager of CRESTA, commented, ... Read the full article
H1 2022 “most challenging property market for years” – Klisura, Guy Carpenter
25th July 2022
The first half of 2022 was “the most challenging property market we have seen in a number of years”, according to Dean Klisura, President and Chief Executive Officer of Guy Carpenter. Speaking during Marsh McLennan’s Q2 2022 earnings call, he said that US property catastrophe rates have ... Read the full article
Secondary perils persist in Australia and New Zealand
12th July 2022
Insurers and reinsurers are having to adapt to the prospect of higher frequency secondary perils and the uncertainties of climate change. Following years of large catastrophe losses, and the record-breaking floods of February and March 2022, June and July renewals were a market-changing event for Australia. Australia and New Zealand, at ... Read the full article
Future is “here and now” – Chubb CEO Evan Greenberg
22nd June 2022
Speaking at the recent S&P insurance conference, Chubb Ltd. CEO Evan Greenberg says insurance companies that have declared net zero targets are overpromising and leave themselves vulnerable to litigation. Chubb hasn't declared such a target, he added, because it can't imagine how to measure the carbon footprint of ... Read the full article
Lloyd’s revises its guidelines on catastrophe exposure and line sizes
22nd June 2022
Following a review, Lloyd’s has revised its guidelines on Catastrophe Exposure and Line Sizes. A new requirement has been introduced to restrict the amount of tail risk that a syndicate can be exposed to. This operates as follows (depending on whether a syndicate has an internal model ... Read the full article
Allstate reports April cat losses of $316m
20th May 2022
Allstate says that it has estimated catastrophe losses for the month of April of $316 million or $250 million, after-tax. The company said that catastrophe losses in April included fourteen events, primarily wind, hail and tornadoes in Texas and the southeast – estimated at $299 million, plus unfavourable reserve re-estimates for ... Read the full article
Cat loss experience remained significant in 2021: AM Best
21st March 2022
According to analysts at AM Best, the global insurance-linked securities (ILS) market remains saddled with prior catastrophe losses, a decline in assets under management for some prominent ILS funds and a drop in the overall performance of ILS funds despite another year of a record catastrophe bond issuance. The analysts noted ... Read the full article
Jefferies pegs 2021 insured cat losses at $122bn+
8th February 2022
2021 has proven to be the fifth consecutive year of above average claims from natural catastrophes, with insured losses totalling $122.4 billion, primarily due to the quantity of medium-sized losses across multiple perils and regions, according to analysts at Jefferies. Jefferies also expects that with insured losses at 58% above average, ... Read the full article
Insured cat losses above average, to exceed 2021 budgets: Jefferies
20th August 2021
According to a new report by Jefferies, insured catastrophe losses are running 41% above the long-term average and with the Atlantic hurricane season escalating, it's becoming increasingly likely that corporate catastrophe loss ratios will exceed 2021 budgets. So far this year, the most notable insured losses were European floods, US severe ... Read the full article
Analysts predict another difficult year for insurers amid elevated cat claims
14th June 2021
Year-to-date, catastrophe claims look to be running 17% above the long-term average (2008-2020), leading analysts at Jefferies to forecast another difficult year for the global insurance industry. At more than $30 billion, YTD insured catastrophe losses also exceed the 10-year average by more than 9%, but is an improvement from Jefferies' ... Read the full article
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