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Hurricane Harvey

TWIA projects higher reinsurance costs for 2020 renewal

11th December 2019

The Texas Windstorm Insurance Association (TWIA) has said that it expects its reinsurance costs to amount to $93.1 million in 2020, while the aggregate amount of cover purchased is expected to decline by more than 10%. Reinsurance costs of $93.1 million in 2020 for TWIA's catastrophe reinsurance programme is based on ... Read the full article

Swiss Re sees climate change link for hurricanes, drought & wildfire

6th August 2018

In an interview with CNBC, the Chief Financial Officer (CFO) of global reinsurance giant Swiss Re, John Dacey, explained that the firm believes the series of catastrophe events that occurred in the second-half of 2017 are not a one-in-100 year event, but more a one-in-10 year event. After 12 years without ... Read the full article

TWIA approves $106.8mn Harvey assessment & 10% rate hike

3rd August 2018

The board of the Texas Windstorm Insurance Association (TWIA) has approved an additional Class 1 member assessment of $106.8 million for losses from hurricane Harvey. The unanimous decision follows the $175 million approval by the TWIA board in May, 2018, after loss creep from the storm resulted in TWIA increasing its ... Read the full article

Hurricane Harvey flooding exposes widespread underinsurance: Lloyd’s

6th June 2018

The flooding in Houston caused by Hurricane Harvey in August 2017 has brought into relief the stark flood insurance protection gap for many communities in the U.S, according to the specialist insurance and reinsurance marketplace, Lloyd’s of London. Lloyd’s ‘After the Storms’ report assessed the damage caused by Hurricane Harvey, finding ... Read the full article

TWIA targets $1.4bn reinsurance for 2018, as it raises Harvey loss estimate

14th May 2018

The Texas Windstorm Insurance Association (TWIA) is targeting $1.4 billion of reinsurance protection for the 2018-2019 Atlantic hurricane season, from a combination of both the traditional and alternative reinsurance markets, and has also increased its loss estimate for hurricane Harvey to $1.61 billion. TWIA, the residual market property insurer for the state ... Read the full article

Some 2017 cat losses not developing as expected: RenRe’s O’Donnell

3rd May 2018

As insurers and reinsurers continue to assess the 2017 catastrophe events, the President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe, Kevin O'Donnell, has highlighted the uniqueness of the events, explaining that some losses have not emerged as expected. Speaking during the firm's first-quarter 2018 earnings call, O'Donnell provided some ... Read the full article

$193bn disaster protection gap in 2017, reports Swiss Re’s sigma

10th April 2018

Swiss Re’s research institute, sigma, has reported that global insured losses from disaster events totalled a record US $144 billion in 2017, leaving a $193 billion deficit in coverage when compared with total global economic losses from natural disasters and man-made catastrophes, which reached $337 billion. Sigma noted that this was ... Read the full article

Hurricanes Harvey, Irma, and Maria cost re/insurers $80bn: Impact Forecasting

5th April 2018

Impact Forecasting, Aon Benfield’s catastrophe risk modeller, has collated the damage of Hurricanes Harvey, Irma, and Maria from the 2017 Atlantic Hurricane Season, and estimated that they caused a total of US $220 billion in economic damage, $80 billion of which was covered by public and private re/insurance entities. Hurricane Harvey ... Read the full article

Retro-reinsurance market to be hit with large portion of HIM losses: A.M. Best

12th January 2018

Due to the aggregation of losses from hurricanes Harvey, Irma, and Maria (HIM) the retro-reinsurance market is expected to cover much of the HIM losses, significantly impacting reinsurers earnings but falling short of a capital event, according to A.M. Best. Property/Casualty re/insurers with the biggest HIM reported net losses are; Lloyd's of ... Read the full article

“The soft market feels over for now”: RBC Capital Markets

12th December 2017

2018 should be the end of the soft market for European re/insurance in catastrophe loss affected lines, with property lines, in particular property direct and facultative re/insurance forecast to see the best price increases in excess of 10%, according to RBC Capital Markets. "We expect prices to increase – the soft market ... Read the full article

Lloyd’s of London’s Harvey, Irma, and Maria payouts reach $1.7 billion

29th November 2017

The specialist Lloyd's of London insurance and reinsurance marketplace has now paid out $1.7 billion in claims following hurricanes Harvey, Irma, and Maria. A couple of weeks into October and the Loyd's market said it had paid claims worth $738 million from the three hurricanes, which devastated parts of the ... Read the full article

Low ROE levels in 2017 could turn market: RBC Capital Markets

8th November 2017

At 3.2% above the 5 year risk free average European reinsurers' low Return On Equity levels could lead to a market turn, according to RBC Capital Markets. The biggest uncertainty surrounding the market in coming months is how wide the pricing uptick will be and whether or not it'll include prices ... Read the full article

Hannover Re posts slim Q3 net income, as retro helps reinsurer pay losses

8th November 2017

Reinsurance giant Hannover Re saw its net income decline to €14 million in the third-quarter of 2017, as net catastrophe losses of €894.3 million exceeded its large loss budget for the first nine months of the year by roughly €270 million. The Germany-based reinsurer recorded gross catastrophe losses of €1.625 billion ... Read the full article

Analysts explain $70bn Q3 catastrophe loss gap: Morgan Stanley

2nd November 2017

At an estimated $100 billion, Q3 re/insurance losses could hit records, but with just $30 billion of this reported in company losses, so far, investors are concerned over the potential knock-on consequences the giant $70 billion loss gap could have on the market. A recent Morgan Stanley report said the gap ... Read the full article

Great-West Lifeco estimates HIM losses of $175 million

31st October 2017

Great-West Lifeco Inc. has said that hurricanes Harvey, Irma, and Maria will result in a combined after-tax reinsurance loss of $175 million for the company, which will be included in its third-quarter results. Great-West Lifeco provides property catastrophe protection to reinsurers through its subsidiary, London Reinsurance Group Inc., making it exposed to ... Read the full article

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