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Losses

News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.

Blue Capital Re braced for $30m impact from Q4 cats

17th January 2019

Blue Capital Reinsurance Holdings, the Bermuda-based reinsurer owned by Sompo International has announced approximate fourth quarter catastrophe losses of $30 million, an aggregate figure net of reinsurance and reinstatement premiums. This escalation from the firm’s previous $17 million estimate back in December 2018 is driven by increased client-specific and industry-wide loss ... Read the full article

Oxbridge Re expects $3.1mn hit from Michael, $2.9mn from wildfires

17th January 2019

Collateralised reinsurer Oxbridge Re is expecting its fourth quarter 2018 results to be impacted by $6 million of losses resulting from natural catastrophes. This figure includes $3.1 million in losses from Hurricane Michael and $2.9 million from the California Wildfires. Both estimates take into consideration the company’s quota share arrangement through Read the full article

WTW estimates industry cat losses at $71.5bn for 2018

16th January 2019

Global insurance and reinsurance broker Willis Towers Watson (WTW) has estimated that major natural catastrophes cost the re/insurance industry $71.5 billion in 2018, with losses primarily driven by smaller events. This figure is only slightly above the annual average since 2011 but the third-highest total during this period, according to WTW’s ... Read the full article

The Hanover expecting $50m Q4 catastrophe hit

16th January 2019

Massachusetts-based property and casualty insurer The Hanover Insurance Group (THG) is expecting a $50 million pre-tax hit to its fourth quarter operating results due to catastrophe activity. This figure represents 4.6% of net premiums earned, an increase from THG’s Q418 assumption of 3.6%. Cat losses in the final quarter of 2018 are ... Read the full article

Swiss Re expects $1.3bn nat-cat & man-made losses in Q4 2018

15th January 2019

Reinsurance firm Swiss Re said this morning that it expects to be hit with an estimated $1.3 billion of natural catastrophe and man-made losses from the fourth-quarter of 2018. Natural catastrophe losses are expected to cost the reinsurer $1 billion, after retrocession and before tax. Man-made losses are expected to cost ... Read the full article

Kemper transfers more than half of Q4 cat losses to reinsurers

14th January 2019

U.S insurer Kemper Corporation has estimated that its fourth quarter 2018 results will include pre-tax catastrophe losses of $25 million to $30 million, net of reinsurance. Kemper's catastrophe aggregate reinsurance program is expected to absorb between $30 million to $35 million of the company's losses for the quarter. 2018 was the first ... Read the full article

Florida regulator pegs insured Michael losses at $4.9bn

11th January 2019

Total re/insured losses resulting from Hurricane Michael in Florida are estimated to be approximately $4.9 billion, according to data compiled by the Florida Office of Insurance Regulation (FLOIR). The state regulator’s estimate is based on information from claims data filed by insurers, and shows that a total of 136,873 claims have ... Read the full article

Arch estimates Q4 2018 cat loss of up to $130m

11th January 2019

Bermuda-based re/insurer Arch Capital Group has revealed pre-tax catastrophe losses for Q4 2018 of between $110 million and $130 million; a figure which takes into consideration the firm’s reinsurance recoveries and reinstatement premiums. However, Arch states there are significant uncertainties surrounding the number of claims and scope of damage for these ... Read the full article

Impact of Indonesian tsunami on local, global re/insurers to be minor: Fitch

10th January 2019

The recent tsunami to hit Indonesia following the Anak Krakatau volcanic eruption in the closing days of 2018 is not likely to affect the financial stability of the country’s insurers due to comprehensive catastrophe risk management and strong capital buffers, according to Fitch Ratings. It’s also likely that specialist reinsurers in ... Read the full article

Munich Re pegs 2018 insured cat losses at $80bn, double the 30-year average

8th January 2019

Global reinsurance giant Munich Re has revealed an $80 billion industry loss from 2018’s natural catastrophes, a figure which, despite falling well short of the $350 billion inflicted in 2017, represents a near doubling of the $41 billion 30-year average. This estimate by Munich Re mirrors Swiss Re's prediction last ... Read the full article

PERILS finalises storm Burglind (Eleanor) industry loss estimate at €756mn

3rd January 2019

Catastrophe loss data aggregator PERILS has released its final re/insured loss estimate for Extratropical Cyclone Burglind, also known as Eleanor, putting the total at €756 million (US $860 million). In keeping with PERILS’ reporting schedule, the final loss figure was released 12 months after the original event, and represents a 4.4% ... Read the full article

Suncorp says Sydney hail storm losses will trigger reinsurance

3rd January 2019

Suncorp Group, the Australian primary insurer, has announced that its losses from the recent severe hail storm that struck the Sydney area of the country will surpass its retention and trigger a reinsurance claim. Previously, Suncorp had said it was too early to accurately estimate the number of claims it would ... Read the full article

Insured losses from Oman’s cyclone Mekunu reach $403m

2nd January 2019

Insurance claims resulting from cyclone Mekunu, the most intense tropical cyclone to make landfall in the Arabian Peninsula in recorded history, currently stands at $403.7 million, according to new data by Oman’s Capital Market Authority (CMA). Mekunu caused widespread flooding and wind damage as it tracked over Oman in late May, ... Read the full article

Insurance claims may reach $1.1bn following Indonesia tsunami

27th December 2018

Insurers may have to pay out as much as $1.1 billion in claims following the devastating tsunami which hit the Lampung and Banten provinces of Indonesia last week, according to insurance firms PT Maskapai Reasuransi Indonesia (REI) and PT Asuransi Maipark Indonesia. The two companies have estimated a minimum of 191 ... Read the full article

Reinsurers speculate over nature of Marriott cyber loss: Johansmeyer, PCS

24th December 2018

Following the major cyber attack and resulting data breach of one of the Marriott hotel chain’s reservation systems, Reinsurance News spoke with the Co-Head of Property Claim Services (PCS), Tom Johansmeyer, about the nature of the event and expected industry loss. The breach, announced on November 30th, led the insurance ... Read the full article

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