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Hurricane Irma

Florida’s AOB issue less of a problem with hurricane Irma: Citizens

20th November 2017

Jennifer Montero, the Chief Financial Officer (CFO) of Florida's insurer of last resort, Citizens Property Insurance Corporation (Citizens), has said that the region's assignment of benefits (AOB) problem isn't as much of an issue with hurricane claims. In recent times, Florida has suffered from an insurance claims abuse epidemic, known as ... Read the full article

Low ROE levels in 2017 could turn market: RBC Capital Markets

8th November 2017

At 3.2% above the 5 year risk free average European reinsurers' low Return On Equity levels could lead to a market turn, according to RBC Capital Markets. The biggest uncertainty surrounding the market in coming months is how wide the pricing uptick will be and whether or not it'll include prices ... Read the full article

Hannover Re posts slim Q3 net income, as retro helps reinsurer pay losses

8th November 2017

Reinsurance giant Hannover Re saw its net income decline to €14 million in the third-quarter of 2017, as net catastrophe losses of €894.3 million exceeded its large loss budget for the first nine months of the year by roughly €270 million. The Germany-based reinsurer recorded gross catastrophe losses of €1.625 billion ... Read the full article

Analysts explain $70bn Q3 catastrophe loss gap: Morgan Stanley

2nd November 2017

At an estimated $100 billion, Q3 re/insurance losses could hit records, but with just $30 billion of this reported in company losses, so far, investors are concerned over the potential knock-on consequences the giant $70 billion loss gap could have on the market. A recent Morgan Stanley report said the gap ... Read the full article

Reinsurance helps Heritage to Q3 operating gain despite Irma hit

1st November 2017

Property and casualty (P&C) insurance holding company, Heritage Insurance Holdings, Inc., recorded an operating income in the third-quarter of 2017, with the firm's gross losses from hurricane Irma being passed on to its reinsurers. Heritage recorded an operating income of $1.4 million in Q3, despite hurricane Irma driving gross losses of an ... Read the full article

Great-West Lifeco estimates HIM losses of $175 million

31st October 2017

Great-West Lifeco Inc. has said that hurricanes Harvey, Irma, and Maria will result in a combined after-tax reinsurance loss of $175 million for the company, which will be included in its third-quarter results. Great-West Lifeco provides property catastrophe protection to reinsurers through its subsidiary, London Reinsurance Group Inc., making it exposed to ... Read the full article

Hannover Re’s parent exhausts large loss budget on HIM & Mexico quakes

27th October 2017

Talanx Group, the parent company of reinsurance giant Hannover Re, has announced losses of approximately €900 million (US$1.05bn) from hurricanes Harvey, Irma, and Maria, and the two Mexico earthquakes, meaning it's now exhausted its catastrophe loss budget for 2017. Talanx announced previously that it expects to "exceed the pro-rata large loss ... Read the full article

Hurricanes & quakes drive costly year for Japanese insurers

24th October 2017

Japanese insurers Tokio Marine Holdings, MS&AD Insurance Group Holdings, Inc, and Sompo Holdings are estimating a combined payout of almost $2.5 billion in claims related to hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. The events make it one of the costliest year's for Japanese insurers since the Thai floods in 2011, ... Read the full article

Lloyd’s pegs Hurricane Maria loss at $0.9 billion

23rd October 2017

Lloyd’s has released a preliminary $0.9 billion hurricane Maria claims estimate, and lowered its net claims estimates for hurricanes Harvey and Irma from a combined $4.5 down to $3.9 billion. "The claims estimate for Harvey and Irma has reduced approximately 10% from the precautionary figure we issued with our half year ... Read the full article

Sompo Holdings racks up $617mn HIM & Mexico quake losses

20th October 2017

Sompo Holdings has racked up losses from the August and September hurricanes that devastated the East Coast of the U.S. and the Caribbean, and the two major Mexico earthquakes, of $617 million (JPY 70bn), pre-tax. Hurricanes Harvey and Irma accounted for the Japanese carrier's heaviest losses with $211.6 million (JPY 24bn) ... Read the full article

Swiss Re estimates $3.6bn of losses from HIM and Mexico quakes

20th October 2017

Global reinsurance giant Swiss Re has released estimated catastrophe losses for the third-quarter of $3.6 billion, driven by hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. The figure is based on a total market insured loss of $95 billion from the three hurricanes and earthquakes in Mexico, and is net ... Read the full article

Blue Capital reveals $57.5 million of catastrophe losses in Q3

19th October 2017

Blue Capital Reinsurance Holdings has revealed preliminary third-quarter catastrophe losses of $57.5 million, net of reinsurance and reinstatement premiums. The estimated losses include the impacts of hurricanes Harvey, Irma and Maria and the September earthquakes that shook Southern and Central Mexico. Blue Capital expects its September 30th, 2017 book value per share ... Read the full article

Zurich puts Harvey, Irma and Maria losses at $700 million

19th October 2017

Global insurer Zurich expects hurricanes Harvey, Irma and Maria to result in net claims of $700 million in the third-quarter for the firm's property and casualty (P&C) segment, net of reinsurance and pre-tax. After tax, Zurich estimates the hit to its P&C segment from the three events will be $620 million, ... Read the full article

No rating action for Caribbean/Puerto Rico cedants after Irma & Maria: A.M. Best

18th October 2017

Global financial services ratings agency, A.M. Best, does not expect to take any Credit Rating actions against insurers in the Caribbean and Puerto Rico after the devastating impacts of hurricanes Maria and Irma. Despite loss estimates from Maria being large, A.M. Best doesn't expect to take any rating action against insurers ... Read the full article

Reinsurance segment to assume majority of EMC’s record Q3 cat losses

18th October 2017

EMC Insurance Group Inc.'s reinsurance segment will take the majority of the firm's record third-quarter catastrophe losses of $29.4 million, which includes losses from hurricanes Harvey, Irma, and Maria, and the Mexico earthquakes. The $29.4 million sum is net of inter-company reinsurance recoveries, and includes approximately $9.9 million to its property ... Read the full article

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