Reinsurance News
Hurricane Harvey
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
NFIP receives over 67,000 Harvey claims, puts reinsurance in play
4th September 2017
The National Flood Insurance Program (NFIP) has now received more than 67,000 claims due to hurricane Harvey's flooding in Texas alone, a figure which puts the NFIP's reinsurance clearly in play. The 67,000 claims had been recorded by the end of the 2nd September, having risen from 51,000 on the 31st ... Read the full article
1347 Property Insurance expects Harvey impact of below $5mn, net of reinsurance
4th September 2017
Property and casualty insurance holding company, 1347 Property Insurance Holdings, Inc., has announced that it expects pre-tax losses from hurricane Harvey, net of reinsurance, to come in below $5 million. Based on its own analysis, the company has announced that it expects the overall losses to exceed the $5 million per ... Read the full article
Hallmark Financial Services expects $3 million Harvey loss
4th September 2017
Hallmark Financial Services has announced its expected impact from hurricane Harvey, stating it will retain a loss of $3 million, with the rest to be paid for by reinsurers under its corporate catastrophe reinsurance programme which covers most of the firm's exposed lines of business. The firm said it would be ... Read the full article
Harvey could take $60 billion off Houston’s GDP output in a year: Report
1st September 2017
According to the Centre for Risk Studies at the Cambridge Judge Business School, the city of Houston, Texas could lose as much as $60 billion of its gross domestic product (GDP) output over the next year, as a result of hurricane Harvey. At $60 billion, the loss of economic output could ... Read the full article
Hurricane Harvey could surpass Katrina losses: KBRA
1st September 2017
Rating agency KBRA said hurricane Harvey could surpass Katrina losses, as extensive flood damage devastates Houston and commercial and business interruption losses tally up over time, although the event is not expected to materially impact P&C insurers in the region. While Hurricane Katrina caused the National Flood Insurance Program (NFIP) to payout ... Read the full article
Harvey a $15.4bn insured loss (ex NFIP), over $12bn inland flooding: KCC
1st September 2017
Excluding any National Flood Insurance Program (NFIP) claims, Karen Clark & Company (KCC) has estimated the total insurance and reinsurance industry loss from hurricane Harvey to be at around $15.4 billion. Broken down, KCC estimates inland flooding to drive the majority of the insured loss, accounting for $12.4 billion of the ... Read the full article
Texas insurers to withstand Harvey losses: A.M. Best
1st September 2017
Despite a challenging opening six months of the year, combined with the impact of hurricane Harvey for Texas insurance companies, A.M. Best expects firms to withstand losses from the storm. The global rating agency has said that it expects Texas insurers to be able to withstand the loss impact from hurricane ... Read the full article
Hurricane Harvey insured loss could be as high as $40 billion (inc NFIP), warns Morgan Stanley
1st September 2017
Morgan Stanley has estimated that the insurance industry loss from hurricane Harvey will be between $15 billion and $40 billion, with the majority coming from flooding to homes and businesses. Overall, economic loss estimations for the event have varied, with Moody's estimating a $108 billion cost and catastrophe risk modeller, ... Read the full article