Reinsurance News
Hurricane Harvey
Reinsurance market to expect lower ROEs in 2018 as losses normalise: KBW
20th September 2017
Following the impacts of hurricanes Harvey and Irma, analysts at Keefe, Bruyette & Woods (KBW) expect global reinsurers to anticipate reporting lower return on equities (ROEs) in 2018, than perhaps some had been predicting before the storms. Industry-wide and company specific loss estimates for hurricanes Harvey and Irma are beginning to ... Read the full article
Combined Harvey & Irma losses could strain some reinsurers: Fitch
19th September 2017
The combined losses caused by hurricane Harvey and hurricane Irma could be sufficient to strain some reinsurers capital and perhaps even pressure their ratings, according to Fitch Ratings. The rating agency believes that given the complexity of Harvey losses and the breadth of the impact of Irma, it cannot be ruled ... Read the full article
Hiscox’s Harvey loss could read-through to others on E&S & flood
19th September 2017
The size of the hurricane Harvey loss estimate that Hiscox pre-announced yesterday could have a negative read-through for the commercial excess & surplus lines insurance underwriters, according to analysts at Credit Suisse. Hiscox pre-announced a loss of around $150 million from hurricane Harvey's impacts on Texas, with the company saying ... Read the full article
Hurricane hit to reinsurers won’t stop the capital return: Deutsche Bank analysts
18th September 2017
The industry losses from hurricanes Harvey and Irma are not expected to be sufficiently high to drain capital from the major four reinsurance firms and stop them buying back shares or paying dividends, analysts at Deutsche Bank said. The analysts estimate that the pre-tax losses for the big four will stack ... Read the full article
ICT estimates Hurricane Harvey insured losses at $19 billion
18th September 2017
The Insurance Council of Texas (ICT) has placed Hurricane Harvey insured losses at $19 billion, $11 billion of which is expected to be paid out by the NFIP flood insurance, making the hurricane the second highest on record for flood damage after hurricane Katrina. “The number of uninsured homeowners who felt ... Read the full article
Hiscox estimates net hurricane Harvey loss of approx $150 million
18th September 2017
Specialist insurance and reinsurance firm Hiscox Ltd. has estimated its net loss from hurricane Harvey's impacts at around $150 million. Hiscox has based its hurricane Harvey loss estimate on an industry wide loss of $25 billion excluding the NFIP. The company said that this fell within its modelled range of claims ... Read the full article
Munich Re expects Q3 loss, lower profits, on Harvey and Irma losses
14th September 2017
Reinsurance giant Munich Re said that it may have an unprofitable third-quarter and that its full-year profit target is now at risk due to the losses expected from hurricanes Harvey and Irma. The combination of the two events is expected to result in high insurance and reinsurance industry losses, Munich Re ... Read the full article
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
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