Reinsurance News
catastrophe
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
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
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