Reinsurance News
Hurricane Ian
Progressive to retain only 14% of $1.4bn Ian property loss
13th October 2022
Property and auto-focused insurance group, The Progressive Corporation, has reported that it incurred $1.4 billion of property losses from Hurricane Ian, of which it is set to retain $200 million. This means that $1.2 billion, or 86%, of the company's gross loss will be absorbed by its reinsurance program. Progressive also reported ... Read the full article
Heritage reports $40m of Hurricane Ian losses, taps reinsurance
13th October 2022
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, has revealed that it expects to incur $40.0 million of net retained losses from Hurricane Ian. The company specified that this estimate is inclusive of reinstatement premiums and participation by its captive reinsurer, Osprey Re. It added that ultimate gross losses continue ... Read the full article
Munich Re & Swiss Re to bear largest market share of Ian losses: JP Morgan
13th October 2022
Basing its top-down view of Hurricane Ian losses on RMS’s $67bn estimate, JP Morgan has suggested that Munich Re and Swiss Re are likely to have the largest market share of Ian losses. JP Morgan observes that RMS gave a range of $53-74bn, with an additional $10bn in losses for the ... Read the full article
United (UPC) reports $36.4m Hurricane Ian loss for Q3
13th October 2022
Property and casualty insurer United Insurance Holdings Corp. (UPC Insurance) has disclosed that it expects to incur $36.4 million of losses from Hurricane Ian in the third quarter of the year. This figure is net of expected reinsurance recoveries, United specified, as it looks set to pass on the vast majority ... Read the full article
Ian to make FEMA’s 2023 NFIP reinsurance renewal more challenging & costly
12th October 2022
Prior to hurricane Ian's landfall in Florida, the U.S. Federal Emergency Management Agency (FEMA) had already started the process of renewing the National Flood Insurance Program's (NFIP) traditional reinsurance protection for the January 2023 renewals, a process which now looks set to be even more challenging. The severe and widespread flooding ... Read the full article
Universal pegs ultimate hurricane Ian loss at $1 billion
12th October 2022
Universal Insurance Holdings has so far received approximately 18,000 claims following the impacts of hurricane Ian and expects its overall gross ultimate loss from the storm to be $1 billion, which is below its $3 billion reinsurance tower. To date, Universal has received around half the number of claims as it ... Read the full article
Hurricane Ian insured loss & LAE ‘perhaps significantly’ over $75bn: Stonybrook Capital
11th October 2022
Analysts at Stonybrook Capital have warned that the market effects from hurricane Ian will be "profound and widespread," with all-in re/insured loss and loss adjustment expenses (LAE) having the potential to come in significantly above the $75 billion mark. According to Stonybrook, in nominal dollars, damage caused by hurricane Ian is ... Read the full article
HCI reports $78m loss from Ian, all reinsurance towers hit
10th October 2022
Paresh Patel, Chairman and CEO of HCI Group, Inc., has reported that his company is facing a total pre-tax net loss of $78 million from Hurricane Ian, with significant use of its reinsurance program to absorb costs. Speaking during a presentation this week, Patel said that HCI had received 10,000 claims ... Read the full article
Global insured losses in 2022 likely to be above $100bn, says KBW
10th October 2022
A recent report by KBW suggests that Hurricane Ian could lead to $50bn of insured industry losses, with a likelihood of seeing global insured losses of more than $100bn in 2022. Industry loss estimates for Hurricane Ian somewhat vary, but remain high, with Verisk assuming re/insurance industry loss between $42bn-$57bn. CoreLogic put ... Read the full article
Hurricane adds to reinsurers’ capital drain in Q3: Morgan Stanley
10th October 2022
Analysts at Morgan Stanley have stated that this year's third quarter will be challenging, especially as Hurricane Ian has highly contributed to capital drain. According to analysts Q3 2022 started off as a quiet quarter from a catastrophe perspective in the US, with no land-falling hurricanes through the first two months. ... Read the full article
Brit uses aerial imagery to expedite Hurricane Ian claims
10th October 2022
Insurer and reinsurer Brit has said that it used aerial imagery to help expedite payments arising from Hurricane Ian. The firm said it had used a proprietary machine learning algorithm in tandem with ultra-high-resolution ariel imagery to accelerate the accurate identification of US property damage and was then able to ‘virtually ... Read the full article
RMS puts Hurricane Ian industry loss at up to $74bn in top-end estimate
7th October 2022
Catastrophe risk modeller and Moody’s Analytics company, RMS, has estimated that insurance and reinsurance industry losses from Hurricane Ian will be between $53 billion and $74 billion. Analysts said the best estimate would likely fall somewhere in the middle of this range at around $67 billion, which would still make it ... Read the full article
Hurricane Ian to “dramatically” impact Florida rates: MarketScout
7th October 2022
Analysts at MarketScout, a Managing General Agent, Lloyd's Coverholder and wholesale broker, have suggested that losses from Hurricane Ian will “dramatically” impact insurance pricing across both commercial and personal lines. MarketScout data shows that the commercial market composite rate for the third quarter 2022 increased 5.28%, with property rates up 7.67%. It’s ... Read the full article
FLOIR pegs initial Ian insured loss estimate at $3.28bn. Will rise significantly
7th October 2022
Initial data from the Florida Office of Insurance Regulation (FLOIR) reveals that more than 375,000 claims have been filed after hurricane Ian, mostly related to residential property, as the entity reports total estimated insured losses of close to $3.28 billion. A total of 375,293 claims a little over a week after ... Read the full article
Hurricane Ian re/insured wind and flood losses could reach $53bn, says CoreLogic
7th October 2022
CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has raised its re/insurance industry loss estimate for the wind and flood impacts of hurricane Ian to between $31 billion and $53 billion. The latest figures from CoreLogic peg the insured wind loss in Florida at between $22 billion and ... Read the full article
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