Reinsurance News
Hurricane Ian
Citizens estimates losses from hurricane Nicole at $62.5m
17th November 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has provided a modelled estimate of its ultimate losses from recent hurricane Nicole, pegging the total at $62.5 million. The sum is a modelled estimate of indemnity losses plus loss adjustment expenses (LAE), though does not include any increase for either litigation or ... Read the full article
Citizens increases Ian loss estimate to $3.8bn, expects 37% to be ceded to reinsurers & FHCF
15th November 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has released a revised projection of $3.8 billion of direct losses and loss adjustment expenses from Hurricane Ian, of which it expects $1.4 billion to be ceded to private reinsurers and the Florida Hurricane Catastrophe Fund (FHCF). The newly announced $3.8 billion total ... Read the full article
HCI Group expects there to be enough reinsurance for its needs in 2023: CEO Patel
11th November 2022
Florida-based insurtech HCI Group, Inc.'s Chairman and Chief Executive Officer (CEO), Paresh Patel, expects there to be sufficient reinsurance available for the firm's needs in 2023, despite a reduction in supply in the State of Florida. Prior to the 2022 Atlantic Hurricane season and costly impacts of Hurricane Ian in Florida ... Read the full article
FEMA estimate suggests Hurricane Ian likely to trigger NFIP’s reinsurance cover
11th November 2022
The U.S. Federal Emergency Management Agency (FEMA) has estimated that Hurricane Ian could drive National Flood Insurance Program (NFIP) losses of between $3.5 billion to $5.3 billion, including loss adjustment expenses, which at the mid-point would trigger its reinsurance protection. FEMA has reported that the NFIP has now received 44,000 claims ... Read the full article
We need to be disciplined & nimble in our approach to the market: SiriusPoint’s Scott Egan
10th November 2022
SiriusPoint’s CEO Scott Egan has said that the firm must be disciplined in its risk appetite and nimble in its approach to the market as it looks to restructure its underwriting platform following a net loss of $98 million for the Q3 period. SiriusPoint reported an underwriting loss of $47m ... Read the full article
Hurricane Ian to have immediate impact on E&S property market: CRC
10th November 2022
Hurricane Ian is expected to have an “immediate and substantial” impact on the excess and surplus (E&S) lines property market, according to the latest edition of the REDY Index by CRC Group. The Index shows that the property catastrophe market had already been tightening prior to Hurricane Ian’s landfall, but that ... Read the full article
Munich Re posts rise in Q3 profit despite Hurricane Ian losses of €1.6 billion
8th November 2022
Global reinsurer Munich Re has reported profit of €527 million and €1.9 billion for the third quarter and first nine months of 2022, respectively, despite a rise in major losses within property and casualty (P&C) reinsurance on the back of Hurricane Ian losses of around €1.6 billion. Profit for the quarter ... Read the full article
Cutbacks in capacity & price hikes to follow Ian: Risk Strategies
7th November 2022
A recent report from Risk Strategies suggests property insurance buyers with locations exposed to climate change-related events will see significant reductions in coverage capacity, as well as higher deductibles and pricing well into 2023 following Hurricane Ian, as reinsurers grow increasingly concerned about inadequate values and peril losses. The report observes ... Read the full article
Berkshire Hathaway reports re/insurance underwriting loss amid Hurricane Ian claims of $3.4bn
5th November 2022
Warren Buffett-run holding company and conglomerate, Berkshire Hathaway, has reported pre-tax losses related to Hurricane Ian of $3.4 billion for the third quarter of 2022, as the company's insurance and reinsurance units fell to an underwriting loss of $962 million. The Q3 2022 insurance underwriting loss has widened from the $784 ... Read the full article
AIG confident in ability to obtain necessary reinsurance for 2023: CEO Zaffino
2nd November 2022
Despite the fact Hurricane Ian will impact an already hardening reinsurance market, Peter Zaffino, Chief Executive Officer (CEO) of global insurer AIG, said today that his firm has commitments from all of its major reinsurers that they'll be able to deploy the same amount of capital to the extent AIG ... Read the full article
Hiscox Re & ILS falls to loss on Ian, but group sees ‘exciting opportunity’ in reinsurance
2nd November 2022
Specialist insurer Hiscox has announced gross premiums written (GPW) growth of 6.3% to $3.68 billion for the first nine months of 2022 supported by impressive growth within its Hiscox Re & ILS division. Although, this part of the business suffered net losses of $90 million in the period as a ... Read the full article
RenRe’s Q3 net loss widens as catastrophes hit underwriting performance
2nd November 2022
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced a net loss of more than $825 million for the third quarter of 2022 as the firm reports a large underwriting loss on the back of catastrophe losses of almost $649 million, mostly driven by Hurricane Ian. The Q3 2022 net loss has widened ... Read the full article
APCIA highlights need for flood insurance & investment in resiliency
1st November 2022
On the ten-year anniversary of Superstorm Sandy, the American Property Casualty Insurance Association (APCIA) released a statement attributed to Don Griffin, department vice president of policy, research, and international highlighting the need for flood insurance and increased investment in resiliency. The widespread devastation brought by superstorm Sandy to the Northeast of ... Read the full article
Brown & Brown CEO warns of renewal “disruption” after Ian
26th October 2022
Powell Brown, President & CEO of US broker firm Brown & Brown, has warned of late-running renewals and challenging changes to reinsurance prices and terms following Hurricane Ian. Speaking during a Q3 earnings call, Brown said that reinsurance renewals would likely run “deep into December” with formidable pricing increases expected for ... Read the full article
Reinsurance pricing levels to take a material step up following Ian: JP Morgan
26th October 2022
Following the events of Hurricane Ian, the reinsurance industry is sitting on the cusp of a far harder market for pricing heading into 2023, suggests a report from JP Morgan. The report observes that it is difficult to truly assess how much prices will increase, particularly as the January 1 renewals ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
