Reinsurance News
catastrophe
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
U.S P&C sector well prepared for 2018 hurricane season: Fitch
8th June 2018
U.S Property and Casualty (P&C) re/insurers are well prepared for the 2018 hurricane season, which is expected to return to normal levels following an extremely active 2017 season, according to Fitch Ratings. The rating agency concluded that U.S insurers are well positioned to withstand a future significant catastrophe event in 2018, ... Read the full article
Federated National completes 2018-19 catastrophe reinsurance programme
31st May 2018
Federated National Holding Company (FNHC) has completed its excess of loss catastrophe reinsurance programme for 2018-19, which will provide FNHC and its wholly-owned insurance subsidiaries, Federated National Insurance Company (FNIC) and Monarch National Insurance Company (MNIC), with $1.34 billion of reinsurance coverage in excess of $23 million retention for catastrophic ... Read the full article
City Insurance Brokers and Compass offer catastrophe profit protection scheme
30th May 2018
City Insurance Brokers Ltd and Compass Underwriting have collaboratively launched a new catastrophe profit protection scheme aimed at managing general agents (MGAs) and brokers with delegated binding authorities. The new scheme, called Profit Commission Coverholder Protection (PCCP), will indemnify Coverholders’ profit commissions against the impact of a single large loss, up ... Read the full article
Damage from Australia’s Hobart storm reaches $50mn: Impact Forecasting
21st May 2018
Overall economic damage from the storm that hit the Australian city of Hobart, Tasmania over May 10-11 is currently estimated by local officials to have reached around AUD $50 million (USD $38 million), according to Impact Forecasting, Aon Benfield’s catastrophe risk modeller. A complex low-pressure system brought rain, wind, hail and ... Read the full article
Insured losses from Canada’s April ice storms reach $190mn, reports CatIQ
14th May 2018
The ice storms which ravaged Canada’s eastern provinces of Ontario and Quebec in mid-April will cost re/insurers around CAD $190 million (USD $149 million), according to Catastrophe Indices and Quantification (CatIQ), a loss index and estimates provider. Strong winds, flooding, heavy snow, and ice build-up affected the provinces’ southern regions over ... Read the full article
Insurance Council of Australia declares catastrophe following Hobart storm
11th May 2018
The Insurance Council of Australia (ICA) has declared a catastrophe following severe wind and flood damage from a storm that affected the city of Hobart, Tasmania over May 10-11, 2018. Record overnight rainfall brought flash-flooding to the capital of Australia’s island state, damaging property and sweeping away cars, while wind gusts ... Read the full article
10 years of catastrophes cost Canadian re/insurers $17.4bn: CatIQ
24th April 2018
April 2018 marked the month that Canada exceeded 100 catastrophes over the span of a decade, with combined losses estimated to have cost the Canadian re/insurance industry around CAD $17.4 billion (USD $13.6 billion). Catastrophe Indices and Quantification, Inc. (CatIQ), Canada’s loss index provider, stores insured loss catastrophe data back to ... Read the full article
Allstate estimates $361mn of pre-tax catastrophe losses in Q1
20th April 2018
Primary insurance giant Allstate has announced estimated pre-tax catastrophe losses for the first-quarter of 2018 of $361 million ($285mn after-tax), with the majority of this occurring in the month of March. The insurer expects catastrophe losses in March alone to reach $222 million pre-tax ($175 million after-tax), which amounts to approximately ... Read the full article
The Hanover Insurance Group estimates Q1 cat losses of up to $76mn
17th April 2018
The Hanover Insurance Group has announced that the estimated impact of catastrophe activity on its first quarter 2018 results is in the range of US $66 to $76 million before taxes. The Hanover announced the results in line with their recently implemented policy of releasing quarterly catastrophe loss estimates if they ... Read the full article
Everest Re’s Q1 cat losses reveal rising California wildfire costs
12th April 2018
Everest Re Group has reported that it expects to incur $100 million of estimated catastrophe losses in the first quarter of 2018, largely due to rising industry loss estimates from the California wildfires, which are now projected at over $13 billion. Loss estimates have risen dramatically since the fourth quarter of ... Read the full article
Adverse weather in March drives $3bn economic loss in the U.S: Aon Benfield
6th April 2018
According to reinsurance broker Aon Benfield's catastrophe risk modelling unit, Impact Forecasting, active weather events in March are expected to cost the U.S. economy $3 billion, with approximately $2 billion of this being assumed by insurers and reinsurers. Impact Forecasting has released its March 2018 Global Catastrophe Recap report, which states ... Read the full article
Impact Forecasting develops South African hail catastrophe model
28th March 2018
Impact Forecasting, Aon Benfield’s catastrophe model development centre, has launched a new hail model for the South African re/insurance market in response to the growing frequency and severity of hail-related claims in the region. In South Africa, hail is a regular natural peril, and has been the main driver of catastrophe ... Read the full article
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