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Reinsurance News

Hurricane Irma

Assurant sees up to $140mn Harvey loss, Irma to stay within reinsurance program

12th September 2017

Assurant has announced that it expects hurricane Harvey to result in an estimated pre-tax catastrophe loss of between $134 million to $140 million within its third-quarter results, net of reinsurance. Following the devastating impact of hurricane Harvey in the U.S., companies and the global insurance and reinsurance industry will start to ... Read the full article

Hannover Re expects renewal price increase for hurricane hit areas

12th September 2017

As Hannover Re prepares for upcoming renewals, the reinsurance giant believes the uncertainty left by hurricanes Irma and Harvey will push up prices for segments of North American business as well as create new opportunities for reinsurance as the devastated regions' economic losses highlight the U.S. flood protection gap. Hannover Re ... Read the full article

Irma and Harvey will drive uncertainty at renewals: Munich Re’s Jeworrek

11th September 2017

In the middle of the 2017 hurricane season weather conditions are causing high intensity storms and hurricanes to form in the Atlantic basin, and with the industry still waiting for the tally from Harvey and now Irma, reinsurers will have to go into renewals under a cloud of "uncertainty." Speaking at ... Read the full article

U.S. insured Irma loss up to $40 billion: AIR Worldwide

11th September 2017

International catastrophe risk modeller, AIR Worldwide, has released an insurance industry loss range estimate for the U.S. for hurricane Irma, of between $20 billion and $40 billion. AIR underlines that the estimates are based on the NHC's Sunday, September 10th, 5pm EDT forecast. Exposure value in coastal counties along the Gulf Coast ... Read the full article

Reinsurance industry must “step up to the occasion,” says Christian Mumenthaler

11th September 2017

In light of the devastation caused by hurricane Irma, Swiss Re Chief Executive Officer (CEO), Christian Mumenthaler, speaking at the 2017 meeting of the reinsurance industry in Monte-Carlo, called for the global reinsurance industry to step up and do what it's here for. During the PwC event in Monte-Carlo earlier this ... Read the full article

European big four expected to “exhibit most stability” after Hurricane Irma: A.M. Best

10th September 2017

Hurricane Irma will not turn the market or cause a significant change to the wider market, but prices in locally affected areas are likely to be impacted and as the market reshuffles in its aftermath Europe's big four reinsurers are likely to come out as the most stable players, A.M. ... Read the full article

Recent events will see reinsurance industry “shaken up,” says SCOR’s Kessler

10th September 2017

Speaking at the annual meeting of the reinsurance industry in Monte-Carlo, Denis Kessler, the Chairman and Chief Executive Officer (CEO) of SCOR, said the industry is going to be shaken up by the impacts of hurricane Harvey and hurricane Irma. After devastating parts of the Caribbean, Cuba and the Bahamas, hurricane ... Read the full article

Massive opportunity for reinsurance industry to shine: John Cavanagh, Willis Re

10th September 2017

In light of hurricane Harvey and the potential impact of hurricane Irma, John Cavanagh, the outgoing Chief Executive Officer (CEO) of Willis Re, highlighted the "massive" opportunity the reinsurance industry has to show what it can do. "This is a massive opportunity for us, as a reinsurance industry, to shine," said ... Read the full article

Hurricane Irma could drive higher insured losses than Harvey, warns S&P

10th September 2017

While the potential impact of hurricane Irma on the state of Florida remains uncertain as the storm tracks towards the U.S. coast, Standard & Poor's (S&P) has warned that the insured loss could "much higher" than that seen with hurricane Harvey. In a recent report, global ratings agency S&P has warned ... Read the full article

Insurance industry loss from Irma could reach $65 billion: AIR Worldwide

9th September 2017

Global catastrophe risk modeller, AIR Worldwide, has released an estimate for the insurance industry loss for Hurricane Irma for the U.S. and selected Islands in the Caribbean, of between $20 billion and $65 billion, combined. For the U.S., AIR Worldwide estimates an insurance industry loss of between $15 billion and $50 ... Read the full article

Projected Irma path suggests “majority of reinsurers” will experience losses: A.M. Best

9th September 2017

Although some uncertainty regarding the intensity of hurricane Irma and the storms track as it approaches Florida, A.M. Best warns that the majority of reinsurers will incur losses from the event. Irma, currently a Category 4 storm, which has already battered parts of the Caribbean and is expected to maintain ... Read the full article

8.5 million Florida properties at “significant risk” from Hurricane Irma: CoreLogic

9th September 2017

About 8.5 million Florida properties are at significant risk of potential wind damage from Hurricane Irma, according to Analytics and data-solutions provider, CoreLogic. Data analysis released yesterday shows an estimated 8.5 million residential and commercial Florida properties are at either "Extreme", "Very High" or "High" risk of Hurricane Irma wind damage. Furthermore, some ... Read the full article

Insured Irma losses for French Islands reach €1.2 billion: CCR

9th September 2017

Insured losses from widespread flooding and damage after Hurricane Irma hit Saint Martin and Saint Barthelemy Islands has reached roughly €1.2 billion (approx US$1.44bn), according to preliminary CCR estimates. This loss estimate is for insured losses covered by the French Natural Disaster scheme from damage to residential buildings, vehicles and businesses, ... Read the full article

Floridian re/insurers at risk of “notable financial strain” from Irma: Fitch

9th September 2017

As hurricane Irma maintains its track towards the state of Florida, U.S., Fitch Ratings has warned of the potential impact the storm could have on the Florida insurance and reinsurance market. Hurricane Irma is on track to hit Florida on Sunday morning, September 10th, 2017, potentially as a Category 4 ... Read the full article

CCRIF to payout $15.6 million to Caribbean Islands for Hurricane Irma damage

8th September 2017

CCRIF SPC,the former Caribbean Catastrophe Risk Insurance Facility, has announced it will be making payouts of about $15.6 million to Caribbean Islands that have been devastated by hurricane Irma - just half the sum of the payouts made last year after hurricane Matthew. The governments of Antigua & Barbuda and Anguilla ... Read the full article

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