Reinsurance News
Hurricane Ida
Reinsurers to take major share of Allstate’s $1.4bn hurricane Ida loss
16th September 2021
The Allstate Corporation has announced estimated gross losses of approximately USD 1.4 billion for the impacts of Hurricane Ida, with the company set to retain USD 631 million, pre-tax (USD 498mn after-tax) of this total thanks to its reinsurance protection. The U.S. primary insurer notes that Ida impacted 19 states with ... Read the full article
European floods will hit reinsurers harder than Ida: AIG’s Zaffino
14th September 2021
AIG Chief Executive Officer (CEO) Peter Zaffino has suggested that the July flooding across Europe will likely “hit the reinsurance market more than Hurricane Ida.” Speaking during an interview as part of a recent KBW virtual insurance conference, Zaffino said that it remains too early to judge what the eventual loss ... Read the full article
The Hartford’s $200mn Ida bill to fall outside reinsurance cover: KBW
13th September 2021
KBW analysts, while attending a competitor conference featuring executives from The Hartford, have highlighted an initial loss figure from hurricane Ida of $200mn, an estimate which encompasses all of the insurer's losses related to the storm. Furthermore, KBW has relayed that The Hartford doesn't anticipate reaching its minimum reinsurance layers, which ... Read the full article
AIR raises Ida industry loss range to $30bn
13th September 2021
Verisk’s AIR Worldwide has raised its estimated insured loss range for Hurricane Ida to $20 billion to $30 billion, after adding the impacts of inland flooding to its initial assessment. The catastrophe modeller has maintained its earlier estimate of $17 billion to $25 billion for insured wind and storm surge ... Read the full article
Aon backs hurricane Ida as one of US mainland’s costliest yet
13th September 2021
With economic losses anticipated to reach well into the tens of billions of dollars, Aon expects Hurricane Ida to become one of the costliest US mainland hurricanes yet, both on a nominal and inflation-adjusted basis. Commenting during its monthly catastrophe report, the broker explained how despite a sizeable insured portion of ... Read the full article
Hurricane Ida drives full retention loss for United (UPC)
10th September 2021
Florida headquartered insurer, United Insurance Holdings (UPC Insurance), has announced estimated third-quarter 2021 catastrophe losses of $27 million pre-tax ($21mn after-tax), net of expected reinsurance recoveries. Included in the firm's estimated current year cat losses incurred in the quarter are losses from tropical storm Elsa, Hurricane Ida, and some other PCS ... Read the full article
CoreLogic updates Hurricane Ida loss estimate for Northeast region to $16-24bn
9th September 2021
Catastrophe risk modeller CoreLogic has updated its loss estimate for hurricane Ida specifically for the U.S. Northeast, from $16 billion to $24 billion in insured and uninsured inland flood losses to residential and commercial properties. Total insured flood loss for residential and commercial properties in the Northeast is estimated to be ... Read the full article
Hurricane Ida loss estimates increasing to $30bn to $40bn: Goldman Sachs
6th September 2021
Hurricane Ida's loss estimates appear to be rising now that damage further north is being factored in, according to analysts at Goldman Sachs. The hurricane is the 9th named tropical storm of the 2021 Atlantic hurricane season, but the first to cause significant losses for the re/insurance industry. Since its landfall in ... Read the full article
Ida Northeast floods will add double-digit billions to economic cost: Aon
3rd September 2021
Analysts at Aon believe that flood damage in the Mid-Atlantic and Northeast regions caused by the tail-end of Hurricane Ida will result in an additional double-digit billion dollar economic loss. Ida made landfall in Louisiana on Sunday as a Category 4 hurricane, battering the state with sustained wind speeds of up ... Read the full article
Ida’s insured property hit as much as $25bn, AIR estimates
3rd September 2021
Wind and storm surge damage inflicted by Hurricane Ida to insured onshore property has been estimated by AIR Worldwide to total between $17 billion and $25 billion. Ida’s first landfall was near Port Fourchon, roughly 60 miles south of New Orleans, hitting maximum sustained winds of 150 mph. It then collided southwest ... Read the full article
Ida losses “manageable” for diversified Louisiana insurers: AM Best
1st September 2021
Analysts at AM Best expect losses from Hurricane Ida to be “manageable” for Louisiana insurers, constituting more of an earnings event than a capital event. The rating agency notes that most of the insurers writing direct business in Louisiana are geographically well diversified, with only six having more than 75% of ... Read the full article
Hurricane Ida could cause major hit to Lloyd’s & energy markets: Peel Hunt
1st September 2021
Analysts at Peel Hunt have warned that Hurricane Ida could result in a major hit to both the Lloyd’s and energy re/insurance markets, in addition to massive costs for the US P&C sector. Ida made landfall in Louisiana as a Category 4 hurricane just south west of New Orleans on Sunday ... Read the full article
Ida not a capital event for Louisiana re/insurers: Fitch
31st August 2021
While Hurricane Ida is expected to generate significant economic and insured losses in Louisiana, it is likely to be an earnings event, rather than a capital event, for the re/insurance industry, according to Fitch Ratings. Fitch does not expect Ida to trigger ratings downgrades for individual P&C re/insurers operating in Louisiana, ... Read the full article
Hurricane Ida losses to shift more to reinsurers, but not expected to move rates
31st August 2021
Analysts have said that losses from Hurricane Ida could shift more to reinsurance as the heavy catastrophe load in the first half of 2021 saw primary insurers erode a significant amount of their catastrophe budgets. However, analysts don't expect the storm to have a meaningful impact on rates ahead of ... Read the full article
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