Reinsurance News


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

RMS says hurricane Nicholas insured loss could reach $2.2bn

24th September 2021

Hurricane Nicholas, which made landfall near Matagorda, Texas as a minimal Category 1 hurricane on September 14th, is expected to drive insurance industry losses in the U.S. of between USD 1.1 billion and USD 2.2 billion, according to analysis by RMS. This RMS estimate represents insured losses associated with wind, storm ... Read the full article

The Hanover Q3 cat losses could reach $165m, nearly half from Ida

22nd September 2021

Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has released a preliminary estimate of its catastrophe losses for the third quarter of 2021, which it says will be in the range of $150 million to $165 million, before tax. Estimated losses from Hurricane Ida alone are approximately $75 ... Read the full article

KCC pegs Nicholas’ industry cost at $950mn

20th September 2021

Based on its high-resolution US Hurricane Reference Model, KCC estimates that the insured loss from hurricane Nicholas will be close to $950 million. On September 9, a tropical wave formed over the western Caribbean Sea and moved toward the northwest steadily until it reached the southern Gulf of Mexico the following ... Read the full article

Heavy Ida losses to trigger Progressive’s reinsurance recoveries

17th September 2021

The Progressive Corporation has confirmed the triggering of its excess-of-loss reinsurance cover as a result of losses incurred by hurricane Ida. The insurer notes Ida has so-far driven reported and IBNR losses of $510 million across the US Gulf Coast and Northeast. Ida made landfall as a 150 mph Category 4 ... Read the full article

RMS raises hurricane Ida insured loss estimate to $31bn – $44bn

17th September 2021

Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insurance and reinsurance industry losses from Hurricane Ida will be between $31 billion and $44 billion, the majority of which relates to wind and surge impacts in the Gulf region. The latest estimate from RMS now includes inland flood and ... Read the full article

Reinsurers to take major share of Allstate’s $1.4bn hurricane Ida loss

16th September 2021

The Allstate Corporation has announced estimated gross losses of approximately USD 1.4 billion for the impacts of Hurricane Ida, with the company set to retain USD 631 million, pre-tax (USD 498mn after-tax) of this total thanks to its reinsurance protection. The U.S. primary insurer notes that Ida impacted 19 states with ... Read the full article

The Hartford to pay $787mn in new Boy Scouts of America deal

15th September 2021

The Hartford has entered into a new agreement-in-principle in the Boy Scouts of America (BSA) bankruptcy that will see the firm pay $787 million, before tax, for claims associated with policies mostly issued in the 1970s. In exchange for The Hartford’s payment, the BSA and its local councils will fully release ... Read the full article

Global insured catastrophe losses 101% above long-term average: Jefferies

15th September 2021

Global insured catastrophe losses are running 101% higher than the long-term average (2008-2020) and more than 87% above the 10-year average, as Hurricane Ida adds an estimated USD 32.2 billion to the load in August, reports Jefferies. Excluding Ida, analysis by Jefferies shows that year-to-date (Jan-Aug) losses are coming in 15% ... Read the full article

KCC estimates insured Mexico quake loss at $200mn

14th September 2021

Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that a recent M7.0 earthquake near Acapulco City in Mexico will drive close to $200 million of insured losses. The earthquake occurred on September 7th, and is expected to result in economic losses of around $900 million. While major structural damage has ... Read the full article

The Hartford’s $200mn Ida bill to fall outside reinsurance cover: KBW

13th September 2021

KBW analysts, while attending a competitor conference featuring executives from The Hartford, have highlighted an initial loss figure from hurricane Ida of $200mn, an estimate which encompasses all of the insurer's losses related to the storm. Furthermore, KBW has relayed that The Hartford doesn't anticipate reaching its minimum reinsurance layers, which ... Read the full article

AIR raises Ida industry loss range to $30bn

13th September 2021

Verisk’s AIR Worldwide has raised its estimated insured loss range for Hurricane Ida to $20 billion to $30 billion, after adding the impacts of inland flooding to its initial assessment. The catastrophe modeller has maintained its earlier estimate of $17 billion to $25 billion for insured wind and storm surge ... Read the full article

Aon backs hurricane Ida as one of US mainland’s costliest yet

13th September 2021

With economic losses anticipated to reach well into the tens of billions of dollars, Aon expects Hurricane Ida to become one of the costliest US mainland hurricanes yet, both on a nominal and inflation-adjusted basis. Commenting during its monthly catastrophe report, the broker explained how despite a sizeable insured portion of ... Read the full article

Hurricane Ida drives full retention loss for United (UPC)

10th September 2021

Florida headquartered insurer, United Insurance Holdings (UPC Insurance), has announced estimated third-quarter 2021 catastrophe losses of $27 million pre-tax ($21mn after-tax), net of expected reinsurance recoveries. Included in the firm's estimated current year cat losses incurred in the quarter are losses from tropical storm Elsa, Hurricane Ida, and some other PCS ... Read the full article

Hurricane Ida’s Gulf region impact to drive insured losses of up to $35bn: RMS

7th September 2021

Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insured losses from the impacts of Hurricane Ida in the Gulf of Mexico will be between USD 25 billion and USD 35 billion. This estimate from RMS includes wind and storm surge losses of between USD 21 billion and USD ... Read the full article

2021 most expensive catastrophe year yet for German insurers, says GDV

3rd September 2021

The German Insurance Association (GDV) says that 2021 will likely be the most expensive year on record for natural hazard losses in Germany, with insurers in the country having already booked about €11.5 billion in costs. This figure includes insured storm damage to houses, household effects, businesses and vehicles, with the ... Read the full article

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