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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.

Cyclone Amphan costs pegged at $13bn in India, Bangladesh

26th May 2020

Cyclone Amphan, which hit the Indian states of West Bengal and Odisha on May 20th, is expected to cause Rs 1 trillion (US $13 billion) of damage, and Rs 350 crore ($47 million) of insured losses, according to initial estimates. The cyclone made landfall in coastal areas as a Category 3 ... Read the full article

Allstate reports $632mn cat losses for April

21st May 2020

US primary insurer Allstate Corporation has announced an estimated $632 million in pre-tax catastrophe losses for April 2020. Catastrophe losses, which came out to $499 million after tax, were driven by six events over the month. Together, these six events resulted in an estimated cost of $627 million pre-tax, or $495 million ... Read the full article

Insurers could face elevated hurricane activity; less manageable rate rises: KBRA

20th May 2020

With the official start of the 2020 Atlantic Hurricane season fast approaching, analysts at Kroll Bond Rating Agency (KBRA) have warned that some regional insurers could face additional headwinds as early forecasts point to a continuation of above-average activity. Despite the 2020 season officially commencing on June 1st, the formation ... Read the full article

Lloyd’s COVID-19 loss estimate may be conservative: Argenta

19th May 2020

Analysts at managing agency Argenta Group have argued that Lloyd’s has been conservative in its estimates of the insurance losses it will face due to the COVID-19 pandemic. The insurance and reinsurance marketplace previously said that it will pay customers between $3 billion and $4.3 billion in claims, out of ... Read the full article

COVID-19 reinsurance recoveries could be lower than historical hurricanes at Lloyd’s

15th May 2020

The reinsured proportion of Lloyd's of London's estimated $3 billion to $4.3 billion of COVID-19 losses could be lower than for historical hurricanes, according to analysis by Jefferies. The specialist insurance and reinsurance marketplace said yesterday that in 2020 alone, non-life underwriting losses for insurers and reinsurers as a result ... Read the full article

Industry consensus on COVID-19 loss range is $30-100bn: Willis Re

13th May 2020

The early consensus among analysts is that COVID-19 industry losses will be somewhere in the range of $30 billion to $100 billion, according to Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW). This rough consensus is broadly consistent with estimates released by WTW earlier this month, which put ... Read the full article

PG&E facing $600mn hit from Kincade wildfire

7th May 2020

US investor-owned utility Pacific Gas and Electricity (PG&E) is staring down a possible $600 million loss if its equipment is found liable for the ignition which caused the devastating Kincade wildfire in 2019. While it’s too early to say with certainty whether PG&E will be found liable, language used in the ... Read the full article

Munich Re’s Q1 profit falls as COVID-19 losses reach €800mn

7th May 2020

Reinsurance giant Munich Re has reported COVID-19 related losses of roughly €800 million in the first-quarter of the year, leading to a 65% year-on-year decline in net profit to €221 million. At the same time, Munich Re's operating profit declined from the €771 million recorded in Q1 2019 to €397 million ... Read the full article

Severe scenario puts COVID-19 (US & UK) insured losses at $80bn: WTW

1st May 2020

Under a severe scenario, COVID-19 insurance and reinsurance industry losses for key classes of business in the U.S. and the UK (including the London Market) could be at least $80 billion, according to a report from Willis Towers Watson's (WTW) Insurance Consulting and Technology business. The report is the first to ... Read the full article

Tonga to receive record payout following Cyclone Harold

30th April 2020

The government of Tonga is set to receive a $4.5 million payout from the Pacific Catastrophe Risk Insurance Company (PCRIC) based on its insurance cover against tropical cyclones, the largest payment in the company’s history. Cyclone Harold recently hit the region and these funds will provide the government with rapid-response financing ... Read the full article

Lancashire puts COVID-19 claims at $35mn for Q1, reports higher GPW

30th April 2020

Lancashire Holdings Limited has announced an estimated $35 million of COVID-19 claims for the first-quarter of 2020, while gross premiums written (GPW) jumped by almost 12% year-on-year to $242.8 million. The London-listed insurer and reinsurer has established a reserve of approximately $35 million of losses, net of reinsurance and reinstatement premiums, ... Read the full article

Argo expects $26mn of COVID-19 related claims in Q1

30th April 2020

Argo Group International Holdings, Ltd. has warned that its first-quarter 2020 results will be adversely impacted by the COVID-19 pandemic and volatility in global financial markets. Ahead of its Q1 2020 results announcement, which is scheduled for May 7th, Argo has said that it expects to report pre-tax net catastrophe losses ... Read the full article

COVID-19 drives Swiss Re to $225mn Q1 net loss

30th April 2020

Global reinsurance giant Swiss Re fell to a $225 million net loss in the first quarter, as the coronavirus pandemic continues to make its presence felt in the industry. The reinsurer also saw an underwriting loss of $476 million and an investment loss of $300 million for the quarter. The mark-to-market valuation ... Read the full article

Liberty Mutual sees larger COVID-19 impacts through its investments: CEO Long

28th April 2020

David Long, the Chairman and Chief Executive Officer (CEO) of Liberty Mutual Holding Company, Inc., expects the financial impact from the ongoing COVID-19 pandemic on the firm's re/insurance operations to be similar to a moderately sized catastrophe loss. In an announcement, the CEO of Liberty Mutual Holding Company, which is the ... Read the full article

COVID-19 could be biggest ever industry loss, warns Lloyd’s CEO

24th April 2020

John Neal, Chief Executive Officer (CEO) of Lloyd’s of London, has said that the coronavirus (COVID-19) pandemic could be the most expensive event in history for the re/insurance industry. Speaking to the Financial Times, Neal said that the crisis will likely dwarf other major disasters such as Hurricane Katrina in 2005 ... Read the full article

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