Reinsurance News
Hurricane Harvey
Hiscox estimates loss from hurricanes Harvey & Irma at $225m
2nd October 2017
Specialist insurance and reinsurance firm Hiscox Ltd. has estimated its combined net loss from hurricane Harvey and hurricane Irma as approximately $225 million. Hiscox had previously pegged its hurricane Harvey only loss at around $150 million, suggesting that hurricane Irma is currently only thought to have added approximately $75 million ... Read the full article
Beazley puts hurricane & quake catastrophe losses at up to $275 million
29th September 2017
Specialist and Lloyd's focused re/insurer Beazley plc has released an early estimate of its aggregate net losses following the impacts of major hurricanes Harvey, Irma and Maria, as well as the series of earthquakes in Mexico. The company sees its losses due to the recent catastrophe events falling in a range ... Read the full article
Chubb puts combined Harvey & Irma loss at up to $1.6 billion
28th September 2017
Global insurer Chubb has said that it expects to experience losses of up to $1.6 billion pre-tax ($1.28bn after tax) in the third-quarter of 2017 as a result of the impacts of hurricanes Harvey and Irma. A number of insurers and reinsurers have now started to announce preliminary loss estimates for ... Read the full article
Lloyd’s puts hurricane Harvey & Irma loss at around $4.5 billion
28th September 2017
The specialist Lloyd's of London insurance and reinsurance marketplace expects to experience net claims, after reinsurance, of roughly $4.5 billion (£3.37bn) as a result of the impacts of hurricanes Harvey and Irma. Hurricanes Harvey and Irma battered parts of the U.S. and the Caribbean in late August and early September, bringing ... Read the full article
United to retain $83m of Q3 cat losses, reinsurers to take the rest
26th September 2017
United Insurance Holdings Corp (UPC) announced estimated Q3 catastrophe losses of about $83 million before income taxes, net of expected reinsurance recoveries. Before reinsurance recoveries and income taxes, insured losses from Hurricanes Harvey and Irma reach $300 - $600 million, however, the firm's catastrophe excess of loss reinsurance limits mean retained losses ... Read the full article
SCOR maintains targets despite recent catastrophe events
26th September 2017
In spite of hurricanes Harvey, Irma, and Maria, global French reinsurer, SCOR, remains on track to meet its "Vision in Action" targets, and the company doesn't expect to experience any financial ratings impact. The impacts of hurricanes Harvey and Irma is expected to be an earnings event for the global reinsurer, ... Read the full article
Reinsurer capital return could halt if Maria loss as big as estimated: Morgan Stanley
26th September 2017
The reinsurer capital return train could halt in its tracks following the impacts of the 2017 hurricane season, according to analysts at Morgan Stanley. Following the insurance and reinsurance industry loss estimate of hurricane Maria losses from AIR Worldwide, which at up to $85 billion is considerably higher than anyone ... Read the full article
RSA says recent catastrophe events fall “well below reinsurance limits”
25th September 2017
UK headquartered insurance firm RSA (Royal Sun Alliance) told investors today that it expects that its losses from recent natural catastrophe events will fall "well below reinsurance limits." The insurer said that it expects recent events in the U.S., Caribbean and Mexico, so hurricanes Harvey, Irma and the Mexican earthquakes, will ... Read the full article
Allstate’s Harvey estimate suggests $4.5bn auto & homeowners loss: Credit Suisse
25th September 2017
Following insurer Allstate's announced estimated net $553 million hit from the impacts of hurricane Harvey, Credit Suisse analysts have suggested that the personal lines industry loss could reach $4.5 billion. The combined auto and homeowners' insurance industry loss from hurricane Harvey, based on Allstate's estimates, "implies" a personal lines loss ... Read the full article
Reinsurer balance-sheets at risk from the next hurricane hit: Analysts
22nd September 2017
Following the impacts of hurricanes Harvey and Irma, in a year that has also seen significant U.S. convective storm activity and events like Cyclone Debbie in Australia, reinsurers are now in a position where one more major hit from a hurricane or other catastrophe could put their balance-sheets at risk. The ... Read the full article
Allstate reveals $576m Hurricane Harvey loss
21st September 2017
Allstate has reported estimated gross catastrophe losses, excluding homeowners flood, for hurricane Harvey of pretax $576 million, $23 million of which is expected to be recovered from reinsurance agreements. About 55% of the firm's Harvey losses are related to auto cover. $53 million of losses and expenses are expected from commercial insurance, ... Read the full article
Lloyd’s syndicates commended on early Harvey & Irma claims payments
21st September 2017
The Lloyd's Market Association (LMA) has commended syndicates in the Lloyd's of London insurance and reinsurance market for promptly paying claims from hurricanes Harvey and Irma. LMA chief executive David Gittings commented; “The first response of the Lloyd’s community has been, within days of Irma passing, to pay claims. These are ... Read the full article
Price stabilisation the “worst outcome” for reinsurers in $100bn loss year: RBC
21st September 2017
The fact the majority of the reinsurance market is forecasting broad price stabilisation, with localised pockets of hardening, following the impacts of major hurricanes Harvey and Irma which could take catastrophe losses to $100bn+ this year, analysts at RBC Capital Markets say this is the "worst outcome" possible. Reinsurers are set ... Read the full article
Hannover Re delivers profit warning on recent catastrophes
21st September 2017
German reinsurance giant Hannover Re has issued a profit warning, as it believes that the aggregation of losses from recent natural catastrophe events will take it over its large loss budget for the year and hit profits. "The insurance industry currently finds itself faced with a number of severe natural catastrophe ... Read the full article
Progressives auto loss from Harvey lower than analysts expected
20th September 2017
Insurance group The Progressive Corporation has reported its August catastrophe losses, including the impacts of hurricane Harvey, and the company has revealed auto insurance losses from the storm that are lower than analysts had forecast by quite a margin. Progressive has reported total catastrophe losses of $254 million for August, with ... Read the full article