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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.

Boeing suspends entire 737 fleet as more crash evidence emerges

14th March 2019

Boeing has temporarily suspended its entire global fleet of 737 Max aircraft after investigators uncovered new evidence from the fatal Ethiopian Airlines crash on March 10. The U.S, which had previously held out while many other countries banned the aircraft, said that it had received “new information and physical evidence” that ... Read the full article

Boeing insurers face large claims as more countries ground planes

12th March 2019

Boeing Co’s insurers will potentially face large claims following the recent Ethiopian Airlines crash, which was the second to involve a 737 Max 8 model in five months, according to insurance and aviation sources at Reuters. The reports come as the UK becomes the latest country to ban the Boeing ... Read the full article

Windstorms Eberhard & Bennet cause industry losses of €800mn in Germany: MSK

11th March 2019

Actuarial consultancy Meyerthole Siems Kohlruss (MSK) has estimated that European windstorms Eberhard and Bennet are likely to have caused insured property losses of around €800 million in Germany. Windstorm Bennet (also known as Freya in the UK) affected areas of the UK, France, Benelux, Switzerland and Germany in early March, bringing ... Read the full article

Chubb confirmed as lead insurer for Ethiopian Airlines crash, WTW as broker

11th March 2019

Reports have confirmed that Chubb was the lead underwriter on the account for the Ethiopian Airlines jet that crashed on 10 March, while Willis Towers Watson (WTW) acted as the insurance broker. A WTW spokeswoman revealed today that Chubb and WTW would be liable for losses resulting from the crash, which ... Read the full article

Australia’s Queensland floods to cost re/insurers $893mn: Aon

7th March 2019

The re/insurance industry is expected to incur losses of AUD $893 million (USD $635 million) as a result of the widespread flooding that affected Australia’s North Queensland from January 26 to February 7, according to Aon’s Impact Forecasting team. The estimate came as part of Aon’s monthly Global Catastrophe Recap report, ... Read the full article

Deadly tornadoes cause destruction across Alabama

4th March 2019

A series of tornadoes that tore through eastern Alabama on Sunday have caused widespread destruction to homes and businesses, leaving 23 people dead. The deaths were recorded in Lee County, Sheriff Jay Jones confirmed. He added that the damage had been “catastrophic” and it was possible that the body count may ... Read the full article

Emergency declared as winter storm floods 2,000 California homes

1st March 2019

A state of emergency has been declared after days of unrelenting rainfall from a severe winter storm flooded more than 2,000 homes and businesses across two towns in California’s Sonoma County. The towns of Monte Rio and Guerneville, about 70 miles north of San Francisco, were surrounded by floodwaters after the ... Read the full article

Loss creep could push Typhoon Jebi claims above $10bn, says PCS Co-Head

26th February 2019

Property Claim Services (PCS), a Verisk business, has estimated that insured losses resulting from Typhoon Jebi in Japan have now reached $10 billion, with the potential for further loss creep to push costs even higher, according to Tom Johansmeyer, Co-Head of PCS. PCS recently expanded its re/insurance market data aggregation and ... Read the full article

Townsville flooding triggers Suncorp’s aggregate reinsurance program

14th February 2019

Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article

Some reinsurance claims expected from Australia’s Townsville flooding

12th February 2019

Damages from the torrential rainfall and flooding in the Australian city of Townsville, Queensland are expected to trigger reinsurance protection for some exposed insurers, according to reports from the Courier Mail. The latest data from the Insurance Council of Australia shows that 14,600 insurance claims have been lodged as of Tuesday ... Read the full article

Townsville flooding claims rise again, cost now estimated at AUD 165mn: ICA

11th February 2019

Insurance companies have now received 13,560 claims, amounting to losses of an estimated AUD 165 million (USD 117mn), in relation to the torrential rainfall and flooding in the City of Townsville, Queensland, according to data from the Insurance Council of Australia (ICA). The latest figures are as of 10am local time, and the ... Read the full article

Initial property loss estimate for Sydney hailstorms pegged at AU$635mn by PERILS

31st January 2019

Catastrophe loss data aggregator PERILS has provided an initial property loss estimate of AU$635 million (US$462mn) for the December 2018 Sydney hailstorms and severe convective weather that impacted the greater Sydney region. This initial estimate covers the insured property market loss for the hailstorms that hit the greater Sydney region on ... Read the full article

Attritional losses drive $198m Q4 net loss for AXIS

31st January 2019

Bermudian re/insurance group AXIS Capital Holdings has announced a $198 million net loss for the fourth quarter of 2018, driven by heavy attritional property and catastrophe activity. This $198 million Q4 net loss, with a 117.3% Combined Ratio (CR), compares to the $38 million net loss and 100.7% CR reported in ... Read the full article

Analysts say December Sydney hailstorm could cost re/insurers AU$2bn

30th January 2019

The total loss to insurers and reinsurers from the major hailstorm that struck Sydney and the surrounding area in December 2018, could be as much as AU$2 billion (US$1.44bn), according to analysts. Analysts at Firetrail Investments, an Australian investment management firm, have said that the hailstorm and severe convective weather outbreak ... Read the full article

Catastrophes hit RenRe’s fourth-quarter results

30th January 2019

Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced a net loss of $83.9 million for the fourth-quarter of 2018, driven by the impact of catastrophe losses. The $83.9 million Q4 net loss compares with a net loss of $3.5 million for the same period in 2017. The reinsurer states that Hurricane Michael, ... Read the full article

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