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Reinsurance News

Hurricane Harvey

Assurant sees up to $140mn Harvey loss, Irma to stay within reinsurance program

12th September 2017

Assurant has announced that it expects hurricane Harvey to result in an estimated pre-tax catastrophe loss of between $134 million to $140 million within its third-quarter results, net of reinsurance. Following the devastating impact of hurricane Harvey in the U.S., companies and the global insurance and reinsurance industry will start to ... Read the full article

Harvey to be one of costliest disasters to hit the U.S. on record: Aon Benfield

12th September 2017

Reinsurance broker Aon Benfield's catastrophe risk modelling unit, Impact Forecasting, has said that hurricane Harvey is most likely to be one of the costliest natural catastrophe events on record in the U.S. As part of the unit's latest catastrophe recap report, which looks at the month of August, 2017, hurricane Harvey ... Read the full article

Hannover Re expects renewal price increase for hurricane hit areas

12th September 2017

As Hannover Re prepares for upcoming renewals, the reinsurance giant believes the uncertainty left by hurricanes Irma and Harvey will push up prices for segments of North American business as well as create new opportunities for reinsurance as the devastated regions' economic losses highlight the U.S. flood protection gap. Hannover Re ... Read the full article

Irma and Harvey will drive uncertainty at renewals: Munich Re’s Jeworrek

11th September 2017

In the middle of the 2017 hurricane season weather conditions are causing high intensity storms and hurricanes to form in the Atlantic basin, and with the industry still waiting for the tally from Harvey and now Irma, reinsurers will have to go into renewals under a cloud of "uncertainty." Speaking at ... Read the full article

Recent events will see reinsurance industry “shaken up,” says SCOR’s Kessler

10th September 2017

Speaking at the annual meeting of the reinsurance industry in Monte-Carlo, Denis Kessler, the Chairman and Chief Executive Officer (CEO) of SCOR, said the industry is going to be shaken up by the impacts of hurricane Harvey and hurricane Irma. After devastating parts of the Caribbean, Cuba and the Bahamas, hurricane ... Read the full article

Massive opportunity for reinsurance industry to shine: John Cavanagh, Willis Re

10th September 2017

In light of hurricane Harvey and the potential impact of hurricane Irma, John Cavanagh, the outgoing Chief Executive Officer (CEO) of Willis Re, highlighted the "massive" opportunity the reinsurance industry has to show what it can do. "This is a massive opportunity for us, as a reinsurance industry, to shine," said ... Read the full article

Hurricane Irma could drive higher insured losses than Harvey, warns S&P

10th September 2017

While the potential impact of hurricane Irma on the state of Florida remains uncertain as the storm tracks towards the U.S. coast, Standard & Poor's (S&P) has warned that the insured loss could "much higher" than that seen with hurricane Harvey. In a recent report, global ratings agency S&P has warned ... Read the full article

Private re/insurance loss from hurricane Harvey $18-25bn: RMS

9th September 2017

Private re/insurance market insured Hurricane Harvey losses for wind, storm surge and inland flood damage across Texas and Louisiana are estimated to reach about $18-25 billion, according to RMS. The risk modeller estimated total insured losses, including the government's National Flood Insurance Programme (NFIP), at $25 to $35 billion, with an ... Read the full article

Hurricane Irma Miami-Dade landfall a $131bn Realistic Disaster Scenario: Peel Hunt

7th September 2017

On the back of hurricane Harvey, major hurricane Irma has battered parts of the Caribbean and maintains its track towards the state of Florida, with analysts at Peel Hunt citing a $131 billion Lloyd's Realistic Disaster Scenario (RDS) for the storm, should it make landfall in Miami-Dade. Hurricane Irma ... Read the full article

Hurricane Harvey flood damage up to $75bn, private insured loss over $10bn: AIR

7th September 2017

Risk modelling firm AIR Worldwide has provided an estimate of the total property damage from hurricane Harvey's flooding at between $65 billion and $75 billion, while the risk modeller also estimates private insured wind, surge and flood losses of over $10 billion. The flooding property loss of up to $75 billion ... Read the full article

P&C market reacts to potential threat of hurricane Irma: Analysts

6th September 2017

The property & casualty (P&C) market appears to be discounting a 1-in-100 year loss event for some reinsurers, as major hurricane Irma impacts the Caribbean and remains on track to make a U.S. landfall this weekend, according to industry analysts. Hurricane Irma, now a Category 5 storm with winds of ... Read the full article

Hurricane Irma could deplete reinsurers’ cat budgets after Harvey impact

5th September 2017

Fitch has warned that although hurricane Harvey is expected to be an earnings event for the reinsurance sector it could have left some with thin catastrophe budgets for the remainder of the year. And with hurricane Irma tracking to potentially make landfall along the U.S. coastline this weekend, some reinsurers' ... Read the full article

KCC’s new RiskInsight-lite facilitates tracking of hurricane losses in real-time

5th September 2017

Global catastrophe risk modeller, Karen Clark & Company (KCC), has announced the launch of a new modelling platform that gives insurers and reinsurers the ability to track claims and losses in real-time from live hurricanes, called RiskInsight-lite. The new modelling platform also enables insurance and reinsurance companies to estimate their exceedence ... Read the full article

Port of Houston escaped major hurricane Harvey damage: RMS

5th September 2017

Port of Houston officials have spoken of restarting operations in the U.S.' eighth busiest container port, which seems to have escaped major damage from Hurricane Harvey with no major damage to its terminals, warehouses or storage facilities reported so far, RMS said. The container port's traffic was diverted to other regional ... Read the full article

NFIP could payout 7-10 billion hurricane Harvey claims: RMS

4th September 2017

The National Flood Insurance Programme (NFIP), the U.S. government programme to provide homeowners with flood insurance, will payout an estimated $7-10 billion in claims from hurricane Harvey and undoubtedly trigger its $1 billion of reinsurance cover, according to RMS. The NFIP, which is set to be reviewed and potentially reformed in ... Read the full article

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