Reinsurance News
catastrophe
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
Lower cats, but elevated attritional losses to hit P&C re/insurers in Q1: Analysts
8th April 2019
While Catastrophe activity in the first-quarter of 2019 was muted when compared with other Q1s, elevated attritional losses in the period is expected to pressure the margins of some Property and Casualty (P&C) insurers and reinsurers, warn Goldman Sachs analysts. Specifically, analysts highlight the potential for exposure to large non-cat losses for ... Read the full article
NFIP will absorb majority of Florence losses, says Fitch
20th September 2018
Traditional reinsurers and insurance-linked securities (ILS) markets are expected to experience only modest levels of losses from Hurricane Florence, with the majority likely to be absorbed by the National Flood Insurance Program (NFIP), according to Fitch Ratings. Florence weakened to a Category 1 hurricane as it approached the U.S coast last ... Read the full article
Verisk to offer aerial catastrophe imagery via Geomni
17th September 2018
Data analytics provider Verisk has announced that it plans to offer its customers free access to high-resolution aerial imagery following major loss events via Geomni, a Verisk business with a database of address- and location-based property analytics. Geomni will provide online access to before-and-after imagery of structures and properties inside a ... Read the full article
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
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.
