Reinsurance News
Hurricane Ian
FEMA receives more than 25,000 NFIP claims following hurricane Ian
6th October 2022
A week after hurricane Ian caused significant flooding in the State of Florida, FEMA's National Flood Insurance Program (NFIP) has received over 25,000 claims. The average claims cost of previous significant flood events suggests that the claims received by the NFIP as of October 4th, 2022, amounts to well over ... Read the full article
Goldman Sachs estimates $45bn of P&C industry insured losses from Hurricane Ian
6th October 2022
According to a report from Goldman Sachs, Hurricane Ian was the most notable catastrophe in the quarter, with the firm estimating $45 billion of P&C industry-insured losses, excluding those from the NFIP program. Other industry loss estimates vary, but remain high, with Verisk assuming re/insurance industry loss between $42bn-$57bn. CoreLogic ... Read the full article
Reinsurer earnings hit by interest rates & hurricane activity: DBRS Morningstar
5th October 2022
Despite lower combined ratios, global reinsurers' overall profitability declined significantly in H1 of 2022, primarily reflecting higher interest rates that adversely affected equity and bond valuations, and the mounting pressure of the ongoing Atlantic hurricane season, says DBRS Morningstar. According to the report, global reinsurers performed significantly worse compared with the ... Read the full article
Severe weather events pose uncertainty for US homeowners segment: AM Best
4th October 2022
According to a new report from AM Best, the US homeowners insurance segment could come under pressure with 2022 results expected to be impacted by Hurricane Ian. The hurricane, which made landfall Wednesday the 28th as a major Category 4 storm with maximum sustained winds of around 155 mph near ... Read the full article
Hurricane Ian will change the Florida re/insurance market landscape: RMS
4th October 2022
According to the Chief Risk Modelling Officer at RMS, Mohsen Rahnama, Hurricane Ian has the potential to be one of the largest, if not the largest, insured catastrophe losses in US history, with implications for both the Florida, reinsurance, retrocession, and ILS markets. Hurricane Ian made landfall on Wednesday the 28th ... Read the full article
Public finance issuer ratings to remain stable following Ian: Fitch
4th October 2022
According to a new report from Fitch Ratings, the ratings of US public finance issuers affected by Hurricane Ian will largely remain stable, but the credit quality of some issuers with lesser resources and financial flexibility could weaken. While the full extent of property damage in Florida, Georgia and the Carolinas ... Read the full article
Hurricane Ian’s reinsurance losses may be within cat budgets: S&P
3rd October 2022
According to S&P Global Ratings, global reinsurers will be significantly exposed to the damage caused by Hurricane Ian in Florida, which could reach $40 billion. Despite this, analysts expect losses to remain within annual catastrophe budgets. Hurricane Ian made landfall in the Fort Myers metro area of southwest Florida on September ... Read the full article
Hurricane Ian to demonstrate challenge of insuring Florida property: DBRS Morningstar
3rd October 2022
A new note from DBRS Morningstar says that Hurricane Ian, which hit Florida in recent days, will showcase the challenges of insuring property in the state. The note says that the economic loss, which the company says is likely to top the $50bn caused by Hurricane Irma five years ago, comes ... Read the full article
KatRisk estimates Hurricane Ian losses to fall between $29.9bn and $62.1bn
3rd October 2022
Risk-modelling firm KatRisk has estimated that the combined costs from Hurricane Ian, which has battered Florida in the last week, should fall between $29.9bn and $62.1bn. The firm said in a presentation that it estimates economic losses from storm surge to reach somewhere between $10.7bn and $24.9bn, with inland flood losses ... Read the full article
Hurricane Ian a “very expensive earnings event,” says KBW
3rd October 2022
Analysts at KBW have said they expect Hurricane Ian to represent a “very expensive earnings event” for the insurance and reinsurance companies it covers, rather than a capital event. Following new re/insurance industry loss estimates of $63 billion by KCC and $42-57 billion by Verisk, KBW has made put ... Read the full article
Hurricane Ian could drive $57bn insured loss, says Verisk
3rd October 2022
Data analytics and risk assessment firm Verisk has estimated that Hurricane Ian could drive a re/insurance industry loss of between $42 billion and $57 billion. This estimate accounts for wind, storm surge and inland flood losses from Ian’s landfalls in both Florida and South Carolina, although analysts say the majority of ... Read the full article
Poll suggests Hurricane Ian re/insurance industry loss will exceed $50 billion
3rd October 2022
A recent poll of over 1,050 insurance and reinsurance market observers and participants suggests that Hurricane Ian is likely to result in an industry loss of more than $50 billion, although a surprising number of respondents feel the ultimate hit to re/insurance interests will be less than $40 billion. As ... Read the full article
Hurricane Ian private insurance market loss close to $63bn, says KCC
3rd October 2022
Major hurricane Ian's impacts are expected to drive a privately insured loss of around $63 billion, the majority of which is from the United States, according to Karen Clark & Company. The catastrophe risk modelling company said late Friday that only around $200 million of this loss estimate will be from ... Read the full article
JP Morgan estimates Hurricane Ian losses to hit $25bn
30th September 2022
JP Morgan has estimated that Hurricane Ian is likely to cause more than $25bn in damages, while cautioning that more clarity will be gained in the next few days. The firm said in a note that the speed of the storm and the resulting flooding will cause ‘catastrophic impacts’. But at ... Read the full article
Hurricane Ian sustained winds at 85 mph ahead of South Carolina landfall
30th September 2022
The latest forecasts show hurricane Ian making its second U.S. landfall along the South Carolina coast later today as a Category 1 storm with sustained winds of 85 mph and gusts of just above 100 mph. The damage and consequential industry loss caused by hurricane Ian is set to worsen as ... Read the full article
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