Reinsurance News
Hurricane Harvey
Everest Re puts Q3 cat losses at $900 million after tax
13th October 2017
Bermuda domiciled reinsurer, Everest Re, has announced pre-tax catastrophe losses for the third-quarter of 2017, net of reinsurance and reinstatement premiums, of $1.2 billion. After tax the figure falls to $900 million, and includes estimated losses from hurricanes Harvey, Irma, Maria, and the Mexico earthquakes, and is based on an aggregated ... Read the full article
Harvey, Irma, and Maria to drive overall Lloyd’s market loss, says Moody’s
13th October 2017
Analysts at Moody's expect the impacts of hurricanes Harvey, Irma, and Maria to result in an overall loss for the Lloyd's of London specialist insurance and reinsurance marketplace. Combined, Lloyd's announced previously that it expects hurricanes Harvey and Irma to drive losses of around $4.5 billion, net of reinsurance, estimates that ... Read the full article
$114mn of cat losses could push Cincinnati to underwriting loss in Q3
12th October 2017
Cincinnati Financial Corporation has revealed that the property casualty group of Cincinnati Insurance Companies expects to experience pre-tax catastrophe losses of up to $114 million in the third-quarter of 2017, which could push its combined ratio above 100% for the period. The firm anticipates pre-tax catastrophe losses of between $102 million ... Read the full article
Markel estimates losses of $503mn from Harvey, Irma, Maria, & Mexico quakes
12th October 2017
Markel Corporation has announced estimated third-quarter pre-tax underwriting losses of $503 million from the impacts of hurricanes Harvey, Irma, Maria, and the Mexico City earthquakes. The firm states that the estimate is net of reinstatement premiums, and is based on claims received to date, and industry loss estimates, from both the ... Read the full article
Bermudian re/insurers to fund $25bn+ of Harvey, Irma, and Maria loss: ABIR
11th October 2017
The Bermuda insurance and reinsurance market could payout $25 billion or higher of the estimated $100 billion in aggregate insurance and reinsurance losses from hurricanes Harvey, Irma, and Maria, according to the Association of Bermuda Insurers and Reinsurers (ABIR). Bermuda, a global hub for insurance, and both traditional and alternative reinsurance ... Read the full article
U.S. property cat reinsurance pricing to shift after recent events: Munich Re’s Steve Levy
11th October 2017
Over the last year or so some segments of the U.S. reinsurance market have shown signs of stabilisation in a prolonged softened market, that's underlined by ample capacity and persistent rate declines. And, after the impacts of recent hurricanes in the U.S., Munich Re's Steve Levy expects pricing trends to ... Read the full article
Q3 2017 could be the costliest quarter ever for natural catastrophes: Aon
9th October 2017
The catastrophe risk modelling team of reinsurance broker Aon Benfield, Impact Forecasting, has said that the impacts of catastrophe events during the third-quarter of 2017 will likely make it one of the costliest quarters ever for natural disasters. During the month of September, 2017, hurricanes Irma and Maria combined with other ... Read the full article
PCS partners with NFIP to report flood insurance loss estimates
5th October 2017
Property Claim Services (PCS) and the National Flood Insurance Programme (NFIP) have agreed to partner for the first time to offer flood insurance loss estimates, after the recent series of severe weather events left the re/insurance industry bracing in anticipation of their full insured fall-out. After Hurricane Harvey battered parts of the ... Read the full article
Reinsurers to cover majority of Farmers Insurance’s hurricane losses
3rd October 2017
Reinsurers will cover the brunt of Farmers Insurance's Hurricane Harvey and Irma losses, with a total of about $500 million in claims recoverable under the firm's reinsurance programme. The carrier said it expects Hurricane Irma claims to reach about $140 million - which is fully recoverable by reinsurance - Farmers Insurance ... Read the full article
Lloyd’s uncertain on Maria losses, suspends release of profits
3rd October 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has suspended the release of profits to the market in light of the uncertainty surrounding potential losses from hurricane Maria, on the back of hurricanes Harvey and Irma. Lloyd's announced recently, as part of its first-half 2017 results, that it expects ... Read the full article
QBE expects $600m profit hit from 2017 catastrophes
3rd October 2017
Australian headquartered global insurance and reinsurance giant QBE Group said this morning that it expects a roughly US $600 million hit to its profits due to the impacts of 2017 catastrophe events. The company said that 2017 catastrophe loss experience for the global insurance and reinsurance industry could be the highest ... Read the full article
Reinsurers 2017 earnings to fall 80%+ due to catastrophes, say analysts
2nd October 2017
According to some equity analysts that track the insurance and reinsurance sector, reinsurers should anticipate losing 80% or more of their 2017 earnings due to the impacts of the hurricane season and other catastrophe events. Having analysed some of the industry loss estimates, including the one for hurricane Maria from ... Read the full article
Chubb puts hurricane Maria loss at $220m, Mexico quakes at $25m
2nd October 2017
Insurance and reinsurance firm Chubb has estimated that hurricane Maria will cost the company up to $220 million of pre-tax losses, while the two Mexico earthquakes add another $25 million to the third-quarter toll. Chubb has already announced an estimated pre-tax loss of $1.6 billion for hurricanes Harvey and Irma, ... Read the full article
The Hartford puts combined Harvey & Irma loss at up to $350 million
2nd October 2017
The Hartford has announced that it expects catastrophe losses of up to $375 million for the third-quarter of 2017, net of reinsurance, in light of the impacts of hurricanes Harvey and Irma. The company has produced a Q3 2017 catastrophe loss estimate of between $325 million and $375 million, before tax, ... Read the full article
Recent hurricanes could spark disputes over reinsurance hours clauses, warns Locke Lord
2nd October 2017
Global law firm, Locke Lord, has underlined the potential for reinsurance contract disputes surrounding hours clauses, in light of the impacts of recent hurricanes in the U.S. and the Caribbean. In a publication on the law firm's website, it raises the concern of disputes between insurers and reinsurers surrounding the hours ... Read the full article