Reinsurance News
Hurricane Ida
Louisiana insurers pay out more than $23bn after 2020 & 2021 hurricane seasons: Triple-I
29th March 2023
According to a recent Issues Brief released by the Insurance Information Institute (Triple-I), Louisiana’s insurers paid out more than $23 billion after both the 2020 and 2021 hurricane seasons, driving a number of them into insolvency. Triple-I stated that twelve insurers that write homeowners coverage in Louisiana were declared insolvent between ... Read the full article
Insurance claims in Louisiana from Hurricane Ida reach $13.9 billion
4th November 2022
Insurers have paid or reserved to pay $13.9 billion on all types of Hurricane Ida-related claims in Louisiana, according to Insurance Commissioner Jim Donelon. Policyholders have filed 478,417 claims of all types from Hurricane Ida as of September 30, with 319,855, or 67%, closed with payment, garnering $10.9 billion in payments ... Read the full article
Insurance claims in Louisiana from Hurricane Ida reach $13.1 billion
2nd August 2022
Insurance claims in Louisiana from damage related to last year's Hurricane Ida have exceeded $13 billion through June 30th, 2022, according to Insurance Commissioner Jim Donelon. Policyholders have filed 460,709 claims of all types from Hurricane Ida, of which 65%, or 299,440 were closed with payment, resulting in $9.8 billion in ... Read the full article
Jefferies pegs 2021 insured cat losses at $122bn+
8th February 2022
2021 has proven to be the fifth consecutive year of above average claims from natural catastrophes, with insured losses totalling $122.4 billion, primarily due to the quantity of medium-sized losses across multiple perils and regions, according to analysts at Jefferies. Jefferies also expects that with insured losses at 58% above average, ... Read the full article
Lousiana insurer placed into receivership following hurricanes
24th January 2022
Beleaguered Louisiana homeowners insurer Americas Insurance Company was officially placed into receivership last week after incurring unmanageable losses first from Hurricane Laura in 2020, and then from Hurricane Ida last year. The decision by the state's Insurance Commissioner, Jim Donelon, represents an important step toward the Louisiana Insurance Guaranty Association (LIGA) ... Read the full article
Travelers reports record Q4 net income, but exhausts agg reinsurance
20th January 2022
The Travelers Companies has today reported its net income of $1.3 billion for the fourth quarter of 2021, which was driven by higher net investment income and a higher underlying underwriting gain. At $1.333 billion, the insurer’s net income hit a record number in comparison to $1.31 billion which was reported ... Read the full article
PCS explores the complex development of Hurricane Ida: Interview
7th December 2021
The impact of Hurricane Ida in the third-quarter has already been significant for the insurance and reinsurance industry, but complexities in the reconstruction and recovery means there's uncertainty surrounding the ultimate hit to the industry as the loss continues to develop. With this in mind, the latest live ... Read the full article
Louisiana’s insurers set for $100mn Ida hit following collapse of two firms
6th December 2021
Louisiana's insurers are on the hook for $100 million in Hurricane Ida claims left unpaid by two now-defunct carriers in the state. In an Associated Press report, citing The Advocate, it's noted that both Access Home Insurance and State National Fire Insurance shut down in the wake of the costly ... Read the full article
Reinsurers to absorb most of Louisiana Citizens $461m Ida loss
17th November 2021
Louisiana Citizens Property Insurance, the state-backed insurer of last resort, is expecting to incur $461 million in losses from Hurricane Ida, but says that the vast majority of losses will be absorbed by its reinsurance program. During a recent Board meeting, Louisiana Citizens leaders revealed that the company is only expecting ... Read the full article
Assurant says Hurricane Ida triggered reinsurance recoveries
8th October 2021
US specialty insurance group Assurant has said that losses from Hurricane Ida triggered its reinsurance recoveries, after exceeding its per-event retention of $80 million. Reporting ahead of the release of its Q3 results, Assurant estimates that its pre-tax losses from Ida will amount to $87 million. The event accounted for the majority ... Read the full article
Horace Mann faces $40mn in Q3 cat losses, more than half from Ida
5th October 2021
Horace Mann Educators Corporation, an insurance and retirement solutions company for US educators and school employees, has estimated that its catastrophe losses for the third quarter of 2021 will be between $35 million and $40 million, pre-tax. Notably, $20 million to $25 million of this figure is expected to be driven ... Read the full article
Swiss Re pegs Hurricane Ida loss at $750mn
5th October 2021
Global reinsurance giant Swiss Re has announced that it expects an estimated impact of USD 750 million from Hurricane Ida, based on insurance and reinsurance industry losses of between USD 28 billion to USD 30 billion. Hurricane Ida made landfall as a Category 4 storm near Port Fourchon, Louisiana, about 60 ... Read the full article
The Hanover Q3 cat losses could reach $165m, nearly half from Ida
22nd September 2021
Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has released a preliminary estimate of its catastrophe losses for the third quarter of 2021, which it says will be in the range of $150 million to $165 million, before tax. Estimated losses from Hurricane Ida alone are approximately $75 ... Read the full article
Heavy Ida losses to trigger Progressive’s reinsurance recoveries
17th September 2021
The Progressive Corporation has confirmed the triggering of its excess-of-loss reinsurance cover as a result of losses incurred by hurricane Ida. The insurer notes Ida has so-far driven reported and IBNR losses of $510 million across the US Gulf Coast and Northeast. Ida made landfall as a 150 mph Category 4 ... Read the full article
RMS raises hurricane Ida insured loss estimate to $31bn – $44bn
17th September 2021
Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insurance and reinsurance industry losses from Hurricane Ida will be between $31 billion and $44 billion, the majority of which relates to wind and surge impacts in the Gulf region. The latest estimate from RMS now includes inland flood and ... Read the full article
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