Reinsurance News
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
17th October 2019
AM Best analysis suggests that, barring any further major catastrophes in the next five months to fiscal year-end, Japan’s three largest non-life insurance groups are unlikely to report an overall loss despite the recent impacts of typhoon Faxai and Hagibis. In fact, due to effective catastrophe risk management and strong capitalisation, ... Read the full article
17th October 2019
Property and casualty insurance holding company United Insurance Holdings (UPC) is anticipating pre-tax catastrophe losses of approximately $46 million in the third quarter of 2019. The company has attributed the net retained cat losses from tropical storms Barry and Imelda, hurricane Dorian and increased retention from non-tropical events related to its ... Read the full article
16th October 2019
Bermuda-based reinsurer Everest Re Group, Ltd. has announced a preliminary pre-tax catastrophe loss estimate of $280 million for the third-quarter of 2019, net of reinsurance recoveries and reinstatement premiums. Net of tax, and Everest Re's catastrophe loss estimate for the third-quarter falls to an estimated $225 million. The catastrophe losses recorded in ... Read the full article
16th October 2019
Bermudian reinsurance firm RenaissanceRe Holdings Ltd. (RenRe) is anticipating that its catastrophe losses will total $155 million for the third quarter of 2019. The figure consists of $100 million in costs from Typhoon Faxai, and $55 million from Hurricane Dorian. RenRe added that it is also in the preliminary stage of assessing ... Read the full article
16th October 2019
Florida-based primary insurer FedNat Holding Company has estimated that it will incur gross catastrophe losses of $11.0 million in the third quarter of 2019. This figure includes $8.0 million from FedNat’s non-Florida property business, which is subject to a 50% profit-sharing agreement with the non-affiliated managing general underwriter that writes FedNat ... Read the full article
16th October 2019
Global reinsurers Swiss Re and Munich Re may exceed their large loss budgets for Q3 2019, and may be at risk for Q4, according to analysis by Barclays. Meanwhile, London market players such as Hiscox may consider the impact in Japan substantial enough to warn the market. Overall, analysts expects all large ... Read the full article
15th October 2019
Typhoon Hagibis, which devasted the east coast of Japan over the weekend, could exhaust the catastrophe allowance of American International Group, Inc. (AIG) in Japan, according to analysts at Credit Suisse. The firm noted that AIG has likely already used its Japan $550 million excess of $200 million occurrence coverage ... Read the full article
14th October 2019
Typhoon Hagibis, which carved a path of destruction along the east coast of Japan over the weekend, could prove to be more costly than last month’s Typhoon Faxai, according to Keefe, Bruyette & Woods analysts. Hagibis made landfall along Japan’s east coast as a category 2 on Saturday evening, carving a ... Read the full article
11th October 2019
There are things that governments, insurers, reinsurers and policyholders can do to significantly mitigate losses as the risk curve continues to shift, according to Lara Mowery, Head of Global Property Practice at reinsurance broker Guy Carpenter. Speaking during a panel session yesterday at the ILS Bermuda Convergence 2019 conference, Mowery underlined ... Read the full article
11th October 2019
Public and private re/insurance is expected to cover less than half of the total $1.2 billion economic impact of Hurricane Dorian in the US, according to Aon’s September Global Catastrophe Recap report. The month was characterised by a number of large industry losses, but Aon’s estimates also show that industry costs ... Read the full article
11th October 2019
Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has estimated that it will incur between $150 million and $175 million of catastrophe losses in the third quarter of 2019. The preliminary pre-tax estimates relate to losses stemming from Hurricane Dorian, Japanese typhoons, and other weather related events. Notably, this loss range ... Read the full article
10th October 2019
The Insurance Council of Australia (ICA) has announced a bushfire catastrophe declaration for the area around the northern New South Wales (NSW) community of Rappville and fires in the Busby Flat and Drake areas. This is the ICA's second bushfire catastrophe declaration in five weeks for properties either damaged or destroyed ... Read the full article
8th October 2019
Bermuda-based re/insurance provider Arch Capital Group is expecting a pre-tax catastrophe hit of between $65 million and $75 million for the third quarter of 2019. The company says this cat loss figure, which is net of reinsurance recoveries and reinstatement premiums, is primarily driven by hurricane Dorian and typhoon Faxai. Dorian made ... Read the full article
30th September 2019
Analysts at Deutsche Bank have released a set of estimates for the biggest four global reinsurers – Swiss Re, Munich Re, Hannover Re, and SCOR – that break down the losses they may have incurred from Hurricane Dorian and Typhoon Faxai in Q3. Overall, Deutsche Bank believes that Dorian and Faxai ... Read the full article
27th September 2019
Global risk modelling and analytics firm RMS has estimated that insured losses resulting from Typhoon Faxai will be between $5.0 billion and $9.0 billion (¥ 500 billion to ¥950 billion). The estimate includes property damage and business interruption caused by typhoon and coastal flooding to residential, commercial, industrial, marine, and automobile ... Read the full article
