Reinsurance News
catastrophe
Further cat losses may impact casualty and specialty lines: JLT Re’s Harrison
11th September 2018
While property catastrophe lines of reinsurance would likely prove resilient to a second consecutive year of heavy catastrophe losses, casualty and specialty lines might feel the impact more severely, according to Keith Harrison, Chief Executive Officer (CEO) for UK & Europe at JLT Re. Both traditional reinsurers and alternative capital markets ... Read the full article
Hurricane Florence could cause insured losses of $20bn, says RMS
11th September 2018
Insured losses from Hurricane Florence, the Category 4 storm currently bearing down on the U.S east coast, could cause insured losses of between $15 billion and $20 billion, according to catastrophe modeller Risk Management Solutions (RMS). Meanwhile, data analysis from CoreLogic shows that storm surge damage from Florence could threaten 758,657 ... Read the full article
Hawaii braces for $8bn property damage as Hurricane Lane approaches
23rd August 2018
More than 48,000 homes are threatened with flood damage as Hurricane Lane bears down on the U.S state of Hawaii, with total reconstruction costs expected to total around $8 billion, according to catastrophe risk modelling specialist CoreLogic. While unlikely to make a direct landfall, Hurricane Lane became a strong Category 5 ... Read the full article
Half of Australia’s Hobart storm claims paid as insured losses reach $100mn
21st August 2018
The Insurance Council of Australia (ICA) has announced that over half of the insurance claims relating to the flooding and storm that hit the Australian city of Hobart, Tasmania over May 10-11 have now been closed as the insurance bill nears AUD $100 million (USD $73 million). The $99.72 million figure ... Read the full article
Nat cats drive losses in 2018 but totals down significantly: Swiss Re
16th August 2018
Global economic losses from catastrophes in the first-half of 2018 declined to $36 billion, year-on-year, with $20 billion, or 56% being covered by re/insurance, according to reinsurance giant Swiss Re's preliminary sigma estimates. The $36 billion economic loss total represents a decline of 44% from the $64 billion recorded by Swiss ... Read the full article
Drought and wildfires drive global catastrophe losses in July: Impact Forecasting
10th August 2018
Global insured catastrophe losses in July were primarily driven by severe droughts and heatwaves across Northern Europe, as well as major wildfires that caused extensive damage and loss of life in Northern California and Greece, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s report estimated that ongoing drought in ... Read the full article
California’s Carr wildfire continues to spread, marking worst season in decade
30th July 2018
The Carr wildfire, which hit Shasta county in Northern California last week, has claimed at least six lives and destroyed or damaged more than 1,000 structures, and continues to spread despite efforts to contain the blaze. The fire more than doubled in size over the weekend, driven by strong winds and ... Read the full article
Typhoon Maria drives economic losses of at least $432mn in China: Impact Forecasting
13th July 2018
Typhoon Maria has caused at least US $432 million in economic damages, primarily in the Fujian province of China, after making landfall as a Category 2 storm on July 11, according to Impact Forecasting, Aon’s catastrophe risk modeller. After reaching typhoon status on July 5, Maria tracked across the Western Pacific, ... Read the full article
Insured U.S weather losses totalled $3bn in June: Impact Forecasting
12th July 2018
The severe weather events that affected the eastern two-thirds of the U.S over June 2018 are estimated to have caused around US $4 billion of combined economic damage, $3 billion of which is expected to be covered by re/insurers, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s monthly Global ... Read the full article
Widespread destruction following historic Japan floods
9th July 2018
Japan has suffered some of the worst flooding in its history over the weekend, with more than 100 people confirmed dead and widespread damage to homes and businesses reported. "The record rainfalls in various parts of the country have caused rivers to burst their banks, and triggered large scale floods and ... Read the full article
Favourable 2017 reinsurance market insulated homeowners insurers: A.M. Best
29th June 2018
Homeowners insurers were able to absorb 2017’s devastating catastrophe losses with relative ease due to the favourable reinsurance environment that has prevailed in recent years, according to A.M. Best. The rating agency found that the reported combined ratio for homeowners insurers in 2017 was 107.1, which was only marginally higher than ... Read the full article
Flood damages could double if coral reef destruction continues
28th June 2018
Annual expected damages from floods could double without the coastal protection benefits afforded by coral reefs, while annual storm damages could triple, according to a new study by Nature Communications. The study identified coral reefs as a vital component of coastal protection for both people and property, and calculated that, for ... Read the full article
Allstate estimates catastrophe losses of $278mn for May
22nd June 2018
The Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that its catastrophe losses for the month of May 2018 were $278 million, pre tax ($220 million after-tax). The pre-tax figure consists of $224 million in losses from 12 catastrophe events over the month of May, in ... Read the full article
Congress considers bill to expand FEMA’s re/insurance cover
15th June 2018
The U.S Congress is considering enacting a new bill that would require the United States Federal Emergency Management Agency (FEMA) to purchase more insurance, reinsurance, and capital market tools for a broader range of disaster-related costs. FEMA already uses a reinsurance program to cover some of the flood insurance risks held ... Read the full article
Re/insurers must better prepare for unforeseen hurricane risks: Lloyd’s
11th June 2018
Lloyd’s has proposed several measures for re/insurers to better prepare themselves to respond to unforeseen natural catastrophe risks following 2017’s record-breaking hurricane season. Lloyd's 'After the Storms' report observed that 2017 was the costliest year on record for U.S natural catastrophes, and exposed several oversights in the way re/insurers model and ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
