Reinsurance News
catastrophe
Philippine nat cat insurance facility targets Q1 rollout
19th February 2021
Organisations and authorities have come together in the Philippines to finalise the establishment of the Philippine Catastrophe Insurance Facility (PCIF), designed to improve the country's financial resilience against natural disaster events. The country's Insurance Commission (IC), alongside the National Reinsurance Corp. of the Philippines (Nat Re) and the Philippine Insurers and ... Read the full article
Climate a factor in catastrophes & virus outbreaks: AXA CEO Buberl, at Davos
27th January 2020
For the insurance and reinsurance industry climate change is a common factor that is seen to affect the rate of catastrophe losses and also the incidence of virus outbreaks, AXA Group CEO Thomas Buberl explained. While trends remain uncertain, when it comes to the impact of climate change on the occurrence ... Read the full article
Chubb puts Q4 cat losses at $430mn
15th January 2020
Global insurer and reinsurer Chubb has announced net catastrophe losses of an estimated $430 million pre-tax ($353 million after-tax) for the fourth-quarter of 2019, net of reinsurance. Chubb states that the losses are primarily a result of severe, global weather-related events, including tornadoes in Texas, the California wildfires, and also typhoon ... Read the full article
Re/insurance to cover less than half of Dorian’s $1.2bn US impact: Aon
11th October 2019
Public and private re/insurance is expected to cover less than half of the total $1.2 billion economic impact of Hurricane Dorian in the US, according to Aon’s September Global Catastrophe Recap report. The month was characterised by a number of large industry losses, but Aon’s estimates also show that industry costs ... Read the full article
Xceedance announces availability of On-Demand cat modelling services via Oasis LMF
9th September 2019
Xceedance has announced the availability of On-Demand Catastrophe Modelling Services, leveraging the Oasis Loss Modelling Framework (Oasis LMF). Xceedance is a provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions. The firm has revealed that the new offering includes several global and regional catastrophe modelling companies that implement ... Read the full article
July losses reach into billions of dollars after record heat, rainfall: Aon
13th August 2019
The impact of hurricane Barry combined with a series of severe thunderstorms in the U.S., monsoonal flooding across parts of Asia, and a record-breaking heatwave in parts of Europe contributed to billions of dollars of insured losses in the month of July, according to re/insurance broker Aon. Hurricane Barry made landfall ... Read the full article
Most of $2bn June European weather losses insured: Aon
11th July 2019
A series of severe weather outbreaks that swept across Europe in June is expected to have generated over $2 billion in economic losses, most of which will be covered by insurers. The latest catastrophe report from global re/insurance brokerage Aon describes how multiple countries across Central Europe were hit with large ... Read the full article
Re/insurers set to pay $1 billion+ for April nat cats: Aon
13th May 2019
The latest global catastrophe recap report from insurance and reinsurance broker, Aon, reveals that insurers and reinsurers are set to pay out more than $1 billion in losses from natural disaster events that occurred in the month of April 2019. Aon's April, global catastrophe recap report highlights an extremely active month ... Read the full article
Brevard County hailstorm main driver of FedNat’s Q1 weather losses
24th April 2019
The March 27th, 2019 hailstorm that hit the Brevard County, Florida, has resulted in $11 million of weather-related losses, net of quota share reinsurance, for FedNat Holding Company. Both FedNat Insurance Company and Monarch National Insurance Company have residential property market share above their state-wide averages. Combined with $0.9 million of adverse ... Read the full article
Allstate’s Q1 cat losses hit $680 million in 2019
23rd April 2019
The Allstate Corporation has revealed estimated catastrophe losses of $381 million, pre-tax ($301mn after-tax) for the month of March 2019, comprised of seven events and unfavourable reserve reestimates of prior period cat losses. The seven events resulted in estimated catastrophe losses of $371 million for the month, with $10 million coming ... Read the full article
Hail drives $15.4mn of catastrophe losses for Heritage in Q1
23rd April 2019
Heritage Insurance Holdings, Inc. expects to incur net catastrophe losses of approximately $15.4 million for the first-quarter of 2019, with more than 66% a result of a severe March 2019 hailstorm in Brevard County, Florida. The March 2019 hailstorm is expected to result in net catastrophe losses of approximately $10.2 million ... Read the full article
Market dynamics suggest higher overall reinsurance rate increases at mid-year: Analysts
15th April 2019
Analysts at Keefe, Bruyette & Woods (KBW) expect property and casualty (P&C) insurers and reinsurers to report manageable catastrophe losses in Q1, while the market's distinction between loss-free and loss-affected accounts' pricing suggests higher overall rate increases at the upcoming mid-year reinsurance renewals. In terms of large events, the global catastrophe ... Read the full article
Secondary perils the main driver of 2018 insured cat losses: Swiss Re
10th April 2019
Global insured losses from natural catastrophe events in 2018 totalled $76 billion, with more than 60% of the losses coming from secondary perils, according to Swiss Re Institute's latest sigma study. In order to sustainably underwrite catastrophe business, insurers and reinsurers need to focus more on primary and secondary perils, warns ... Read the full article
Global flood events in March result in $8 billion of economic losses: Aon
9th April 2019
Flooding events across the world in the month of March has resulted in economic losses of roughly $8 billion, with approximately half of this coming from events that hit the U.S., according to global insurance and reinsurance broker, Aon. Aon's monthly global catastrophe report highlights numerous flood events, which, combined are ... Read the full article
Intact Financial’s Canada operations hit by almost CA$200mn of weather losses
9th April 2019
Intact Financial Corporation has announced that severe winter weather has driven net catastrophe and non-catastrophe weather losses of almost CA$200 million (pre-tax) on its Canadian operations in the first-quarter of 2019. Net of reinsurance, catastrophe losses totalled approximately CA$128 million (pre-tax), which, based on Q1 historical averages, is CA$95 million above ... Read the full article
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