Reinsurance News
Hurricane Florence
Aon raises industry loss estimates to $11bn for Michael, $5.5bn for Florence
2nd April 2019
Re/insurance broker Aon has released the highest industry loss estimates yet for the two major hurricanes that hit the U.S last year, estimating total re/insured losses of $11 billion for Hurricane Michael and $5.5 billion for Hurricane Florence. The updated figures came as part of Aon’s March Event Recap Reports, which ... Read the full article
Munich Re estimates insured Michael losses at $10bn, Florence at $4bn
5th December 2018
Hurricanes Michael and Florence, which battered the east coast of the U.S earlier this year, are likely to have caused insured losses of $10 billion and $4 billion, respectively, according to new estimates from reinsurance giant Munich Re. Insured losses from Hurricane Michael represent 60% of a total economic loss of ... Read the full article
Re/insurance will cover almost a quarter of $17bn Florence losses, says NC Governor
6th November 2018
Private insurance and reinsurance is expected to cover $4.6 billion of the estimated $16.7 billion in economic losses caused by Hurricane Florence in North Carolina, according to state Governor Roy Cooper. Initial estimates indicate at least $2.5 billion of potential federal aid and $0.8 billion will also go towards funding losses ... Read the full article
Maria loss-creep exhausts Assurant’s per-event Caribbean reinsurance program
23rd October 2018
Assurant, Inc. has posted catastrophe losses of between $82 million and $89 million pre-tax ($65-70 million after tax) for the third quarter of 2018, of which $16-19 million was due to loss creep from 2017’s Hurricane Maria. The company said that the additional Q3 2018 losses for Hurricane Maria are above ... Read the full article
Insured Florence losses as high as $5bn: RMS
25th September 2018
Global catastrophe risk modeller RMS estimates an insured loss from hurricane Florence of between $2.8 billion and $5 billion; a figure that includes a $800 million to $1.2 billion loss for the National Flood Insurance Program. The estimate includes losses associated with wind, storm surge, and inland flood damage across North ... 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
FedNat estimates $4m Hurricane Florence exposure
18th September 2018
Florida-based FedNat Holding Company has estimated its aggregate gross liabilities as a result of Hurricane Florence, which it says will be paid out in the coming months, will be $4 million. Based on preliminary post-landfall catastrophe model estimates, the company says the figure is well within its current non-Florida property catastrophe ... Read the full article
$15bn Florence losses could support P&C pricing, says Morgan Stanley
17th September 2018
Morgan Stanley has released an insured loss estimate of between $5 billion and $15 billion for damages relating to Hurricane Florence, which made landfall in North Carolina on Thursday night, and has suggested that losses could support property and casualty (P&C) re/insurance pricing. Florence was downgraded from a Category 4 to ... Read the full article
KCC releases $2.5bn insured loss estimate for Hurricane Florence
17th September 2018
Insured losses resulting from Hurricane Florence, which has battered North and South Carolina with strong winds and intense rainfall since making landfall on Thursday night, are expected to total just $2.5 billion, according catastrophe modeller Karen Clark & Co. (KCC). KCC’s estimate, which is based on the firm’s high-resolution U.S Hurricane ... Read the full article
Florence losses will be comfortably absorbed by P&C sector: Moody’s
17th September 2018
Insured losses resulting from Hurricane Florence may dampen third-quarter earnings but will generally be comfortably absorbed by the property and casualty (P&C) re/insurance sector, with no foreseeable impact on the overall pricing environment, according to Moody’s. Hurricane Florence made landfall as a Category 1 storm in North Carolina on Thursday night, ... Read the full article
Hurricane Florence floods Carolinas with record rainfall
17th September 2018
Hurricane Florence has brought record-breaking levels of rainfall to the Carolinas since making landfall on Thursday night, with analysts at catastrophe modelling firm Risk Management Solutions (RMS) estimating that some areas may experience rainfall exceeding a 1,000-year return period. Florence continued to batter the North and South Carolina coasts over the ... Read the full article
Just 15% – 20% of Florence exposure might be passed to reinsurers: Analysts
14th September 2018
Examining the distribution of losses from 2017 hurricanes, combined with looking at the market structure and penetration, the National Flood Insurance Program (NFIP) and state windstorm pools, suggests reinsurers might only assume 15% to 20% of the hurricane Florence exposure, based on a $10 billion insured loss. As the storm continues ... Read the full article
Hurricane Florence losses will be manageable, say re/insurance analysts
14th September 2018
Analysts are confident that re/insured losses from Hurricane Florence will be manageable, with many firms now expecting losses to fall in the lower ends of initial estimates as the category 1 storm continues to weaken. Analysts from both Goldman Sachs and S&P Global Ratings said they believe Florence will ... Read the full article
CoreLogic puts Hurricane Florence insured loss estimate at $3-5bn
14th September 2018
Catastrophe risk modelling specialist CoreLogic has released an updated loss estimate for Hurricane Florence, putting insured property losses for both residential and now commercial properties at between $3 billion and $5 billion. CoreLogic previously said that Florence could threaten 758,657 residential home with a reconstruction cost value (RCV) of $170.2 billion, ... Read the full article
10ft storm surge reported as weakened Hurricane Florence batters Carolina coastline
14th September 2018
Hurricane Florence continues to weaken as it batters the North and South Carolina coast, driving dangerous storm surges of 10 feet and flooding impacts, according to reports. The latest update from the NHC states that Florence has weakened to a category 1 storm, with maximum sustained wind of up to 90mph. ... Read the full article
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