Reinsurance News

Losses

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

Hurricane Ian drives nat cat year-to-date losses to $115bn: Swiss Re

1st December 2022

According to the Swiss Re Institute, Hurricane Ian, alongside the winter storms in Europe, flooding in Australia and South Africa, and hailstorms in France and the US, have resulted in an estimated $115 billion of natural catastrophe insured losses this year to date. The re/insurance industry covered around 45% of the ... Read the full article

Munich Re estimates 2022 storm losses at $110bn, of which $65bn insured

1st December 2022

Reinsurer Munich Re has estimated that, following the 2022 North Atlantic hurricane season, overall losses from all storms amounted to around US $110 billion, with insured losses in the magnitude of $65 billion. Hurricane Ian alone is expected to generate losses of $100 billion, Munich Re said, with $60 billion of ... Read the full article

Insurance bill for Australian storms & floods reaches $12.3bn: ICA

30th November 2022

New data from the Insurance Council of Australia (ICA) suggests the insurance bill for storms and floods since January 2020 has reached $12.3 billion. According to the ICA, every eastern state has been impacted by flooding over the last three years, while South Australia and Western Australia have been hit by ... Read the full article

Hurricane Ian claims data shows cost to insurers of almost $10.3bn: FLOIR

24th November 2022

The Florida Office of Insurance Regulation (OIR) has said that insured losses estimated off claims data submitted by primary insurers in the state after hurricane Ian now stand at almost $10.3 billion. According to data, there are approximately 640,496 claims filed in Florida after hurricane Ian, with already 52.5% closed. Of the ... Read the full article

QBE anticipates exhausting FY22 catastrophe allowance

21st November 2022

QBE Insurance Group Limited expects to incur full-year 2022 catastrophe losses of around AUD 1.06 billion, which is above its catastrophe allowance for the year of AUD 962 million. The Australian insurer has released a trading update for the third-quarter of 2022, which highlights that elevated catastrophe activity has continued through ... Read the full article

Lloyd’s sees up to $3bn of Hurricane Ian claims after reinsurance

18th November 2022

The specialist Lloyd's insurance and reinsurance marketplace expects claims related to Hurricane Ian of up to $3 billion, net of reinsurance, based on third-quarter data provided by its syndicates. Lloyd's has released an estimated range for Hurricane Ian losses of $2.3 billion to $3 billion, after reinsurance, and says that this ... Read the full article

Q3 reporting highlights up to $50bn gap from disclosed Hurricane Ian losses: JP Morgan

18th November 2022

The total claims amount relating to Hurricane Ian, based on data from major European, American, and Bermudian insurers, are near the $20 billion mark, but with the largest industry loss estimates from the storm at around $70 billion, there could be a gap of roughly $50 billion from the losses ... Read the full article

RMS pegs Hurricane Nicole insured loss at less than $2bn

17th November 2022

Catastrophe risk modeller RMS has pegged total private market U.S. insured losses from Hurricane Nicole at less than $2 billion, with a best estimate of $1.6 billion. The estimates from RMS reflect insured wind, storm surge, and inland flooding impacts for the U.S. Of the total, RMS sees private market insured losses ... Read the full article

Asbestos & Environmental loss reserves continue to decline: AM Best

16th November 2022

AM Best is maintaining its estimate for net asbestos losses at $100 billion and environmental losses at $46 billion as of year-end 2021, adding that given the relatively high but declining level of both paid and incurred losses, its estimate of ultimate losses remains on target. The firm states that the ... Read the full article

Citizens increases Ian loss estimate to $3.8bn, expects 37% to be ceded to reinsurers & FHCF

15th November 2022

Florida’s residual market insurer, Citizens Property Insurance Corporation, has released a revised projection of $3.8 billion of direct losses and loss adjustment expenses from Hurricane Ian, of which it expects $1.4 billion to be ceded to private reinsurers and the Florida Hurricane Catastrophe Fund (FHCF). The newly announced $3.8 billion total ... Read the full article

FEMA estimate suggests Hurricane Ian likely to trigger NFIP’s reinsurance cover

11th November 2022

The U.S. Federal Emergency Management Agency (FEMA) has estimated that Hurricane Ian could drive National Flood Insurance Program (NFIP) losses of between $3.5 billion to $5.3 billion, including loss adjustment expenses, which at the mid-point would trigger its reinsurance protection. FEMA has reported that the NFIP has now received 44,000 claims ... Read the full article

Munich Re posts rise in Q3 profit despite Hurricane Ian losses of €1.6 billion

8th November 2022

Global reinsurer Munich Re has reported profit of €527 million and €1.9 billion for the third quarter and first nine months of 2022, respectively, despite a rise in major losses within property and casualty (P&C) reinsurance on the back of Hurricane Ian losses of around €1.6 billion. Profit for the quarter ... Read the full article

Suncorp sees erosion of some of aggregate deductible after active period for catastrophes

7th November 2022

Australian insurer Suncorp has reported a cost of between AUD 350 million (USD 225m) to AUD 410 million (USD 265m) from five natural hazard events across Australia and New Zealand during the opening quarter of this financial year, suggesting the erosion of some of its aggregate deductible. From July 1st, 2022 ... Read the full article

Berkshire Hathaway reports re/insurance underwriting loss amid Hurricane Ian claims of $3.4bn

5th November 2022

Warren Buffett-run holding company and conglomerate, Berkshire Hathaway, has reported pre-tax losses related to Hurricane Ian of $3.4 billion for the third quarter of 2022, as the company's insurance and reinsurance units fell to an underwriting loss of $962 million. The Q3 2022 insurance underwriting loss has widened from the $784 ... Read the full article

Hannover Re posts rise in net income despite large losses exceeding budget for 9M 2022

3rd November 2022

German reinsurer Hannover Re has reported group net income growth of 1.7% to €871 million for the first nine months of 2022, despite the firm's net large losses coming in above budget for the period at €1.484 billion. Alongside slight growth in net income, Hannover Re's 9M 2022 operating profit rose ... Read the full article