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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.

US weather drives $1bn+ industry loss in March: Aon

12th April 2021

Re/insurance broker Aon has estimated that insured catastrophe losses are likely to exceed $1 billion in March, following an active month for severe weather in the US. Weather outbreaks in the US included hail, flooding and a total of 122 tornadoes, which was the highest monthly count since 2017. Of these, ... Read the full article

Above-average activity, higher chance of landfalls forecast for 2021 Atlantic hurricane season

12th April 2021

Initial projections from forecasters suggests that the 2021 Atlantic hurricane season could be very active, while the chance of major hurricane landfalls occurring is also seen as above-average. The Atlantic hurricane season begins on June 1st and runs until the end of November. In 2020, the season witnessed an unprecedented 30 named ... Read the full article

Winter storms drive $80m loss for State Auto Financial

9th April 2021

Ohio-based property and casualty (P&C) insurer State Auto Financial Corporation has estimated that it incurred catastrophe losses of between $80 million and $82 million during the first quarter of 2021. The estimate includes $66 million of net catastrophe losses from winter storms Uri and Viola, a significant portion of which related ... Read the full article

CRESTA records decrease in major cat losses

8th April 2021

CRESTA, the insurance industry organisation that provides a global standard for risk accumulation zones and industry losses, has found that major insurance losses from catastrophes were well below average in 2020. CLIX, the CRESTA Industry Loss Index, provides industry loss data on international catastrophe events (excluding US) which have generated industry ... Read the full article

How catastrophe events can affect elections: Q&A with PCS’s Johansmeyer

6th April 2021

So far, there hasn't been a catastrophe that has directly affected a U.S. presidential election, but as highlighted by Hurricane Zeta in October of last year, there's clearly potential for major events to impact society more broadly. In reality, not that many states in the U.S. are prone to large catastrophes ... Read the full article

Q4 reporting sees COVID-19 losses jump 21% for re/insurers: PeriStrat

6th April 2021

Overall, publicly reported COVID-19 pandemic-related losses, IBNR reserves and estimates from insurers and reinsurers now stands at just shy of $38 billion, according to data compiled by Zurich-based financial services advisory, PeriStrat LLC. With the fourth-quarter and full-year 2020 results season now complete, COVID-19 loss numbers have, unsurprisingly, continued to trend ... Read the full article

Suncorp estimates current flood loss at $250m as ICA sees claims rise

31st March 2021

Australian insurer Suncorp has announced an expected losses of between $230 million and $250 million from the recent heavy rainfall and flooding across New South Wales, South East Queensland and Victoria. Concurrently, the Insurance Council of Australia has raised its estimate from the $438 announced earlier this week to $497 ... Read the full article

Secondary perils behind $89bn cat loss in 2020: Swiss Re

30th March 2021

The latest sigma report from Swiss Re has estimated that global insured catastrophe losses totalled $89 billion in 2020 from 274 events, marking the fifth most costly year since its records began. Insured losses from natural catastrophes were $81 billion, the reinsurer said, with man-made disasters were the cause of the ... Read the full article

The Ever Given freed, all valid claims to be considered

30th March 2021

Stranded container ship the Ever Given has been freed from the Suez Canal after five days spent blocking traffic along the vitally important trade route. Egyptian officials expect the backlog of ships to be cleared in around three days, while experts say the knock-on effect on global shipping could take months ... Read the full article

NSW flooding to pressure underwriting margins, dampen earnings: AM Best

30th March 2021

AM Best says it expects recent flood activity in Australia to put pressure on general insurers’ underwriting margins and dampen 2021 earnings. As of this week 9,213 claims have been received following devastating flood events across the east and southeast of the country. Days of torrential downpours have prompted rivers and ... Read the full article

“Large share” of Suez losses will be reinsured, warns Fitch

29th March 2021

The reinsurance market breathed a sigh of relief this morning as the Ever Given was finally dislodged from the banks of the Suez Canal, but analysts at Fitch Ratings have warned that a “large share” of industry losses stemming from the disruption will probably be reinsured. Latest reports suggest the container ... Read the full article

Analysts downplay insurance losses as Suez cleared

29th March 2021

Analysts at Morgan Stanley believe that the insurance impact from the obstruction to the Suez Canal will be “minimal”, as efforts to free the grounded container ship have finally proved successful. Egypt’s vital trade waterway has been completely blocked since Tuesday, resulting in a backlog of 367 vessels that are currently ... Read the full article

Supply chains threatened as Suez disruption continues

26th March 2021

Analysts have warned that the ongoing blockage in the Suez Canal is likely to have significant repercussions for global supply chains, which have already been under strain since the outbreak COVID-19 pandemic. Figures from Euler Hermes, a trade credit subsidiary of Allianz, show that for each day the disruption continues, global ... Read the full article

IAG’s FY21 nat cat claims to exceed allowance on rainfall / flooding

26th March 2021

Australian insurer IAG has announced estimated FY 2021 net natural perils claim costs of between AUD 660 million to AUD 700 million compared to its perils allowance of AUD 658 million, as claims continue to come in for the widespread flooding in New South Wales (NSW) and Queensland. Earlier this month, ... Read the full article

Industry costs from Suez obstruction to exceed $100m: McGill & Partners

25th March 2021

Analysts at specialist broker McGill and Partners believe that the re/insurance industry could be looking at costs in excess of $100 million due to the ongoing obstruction in the Suez Canal. The vital trade waterway through Egypt has been blocked by a grounded ship since Tuesday, resulting in a backlog of ... Read the full article

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