Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
US SCS insured losses exceed $50bn for the first time: Gallagher Re’s Bowen
29th September 2023
According to reinsurance broker Gallagher Re’s Chief Science Officer, Steve Bowen, 2023 has officially crossed the $50 billion insured loss threshold for US severe convective storm (SCS) activity for the first time on record, based on either a nominal or adjusted basis. Bowen warns that losses from SCS activity will keep ... Read the full article
GDV reports €1.5bn of insured natural disaster losses in August
26th September 2023
The German Insurance Association (GDV) has reported that damage caused by storms, hail, lightning, and floods in August total €1.5 billion, driven by the severe storms at the end of the month. Jörg Asmussen, Managing Director of the GDV, explained that the association is "currently assuming insured losses totalling a good ... Read the full article
Summer storms across Alberta & Prairies cause over $300m in insured losses
22nd September 2023
A series of devastating storms that struck Alberta and the Prairies across the summer has resulted in over $300 million in insured losses, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG. Of the more than $300 million in insured losses, over $90 ... Read the full article
Allstate estimates cat losses for August of $641m
21st September 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for the month of August of $641 million, of which approximately half were related to the Maui wildfire. The primary insurer's August catastrophe losses include 18 events, and losses were partially offset by favourable reserve reestimates for prior events. After this, Allstate's cat ... Read the full article
HCI Group says Idalia not expected to result in reinsurance recoveries
11th September 2023
HCI Group, Inc. expects claims and resulting pre-tax gross losses from the impacts of Hurricane Idalia to be within the reinsurance retention limits for both Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company. Hurricane Idalia made landfall in Keaton Beach, Florida as a Category 3 storm on August ... Read the full article
PERILS & CyberAcuView team up to launch US Cyber Industry Loss Index
10th September 2023
Zurich-based catastrophe insurance data provider, PERILS and CyberAcuView, the independent US-based organisation set-up by leading cyber insurers for the benefit of the cyber insurance market, have announced the launch of a US Cyber Industry Loss Index. According to the announcement, the Cyber Industry Loss Index reports affirmative US primary cyber market ... Read the full article
Definity estimates $120m of cat losses for July-Aug 23
5th September 2023
Canadian Property and casualty insurer, Definity Financial Corporation, has released an estimate of approximately $120 million in catastrophe losses that will impact its operating income negatively in July and August 2023. This estimate is net of reinsurance recoveries and includes reinstatement premiums. The company confirmed that the British Columbia wildfires were the ... Read the full article
Number of factors pressuring the property insurance market: ALIRT
4th September 2023
A "triple-threat" which consists of more frequent and severe weather-related losses, a protracted inflationary environment, as well as surging reinsurance costs has the property insurance market under "substantial pressure", according to ALIRT Insurance Research. ALIRT states that while insurance carriers are consistently working to counteract these trends through more focused underwriting ... Read the full article
Moody’s RMS estimates Hurricane Idalia’s insured losses to range between $3bn-$5bn
4th September 2023
The total private market insured losses from Hurricane Idalia are estimated to be between $3bn and $5bn, with a best estimate of $3.5bn, according to Moody’s RMS. This estimate represents insured losses associated with wind (between $2.2bn-$3.4bn); storm surge (between $0.5bn-$1.3bn); and precipitation-induced flooding ($0.3bn). Moody’s based its estimates of insured wind ... Read the full article
Verisk estimates Hurricane Idalia’s insured losses to range from $2.5bn to $4bn
4th September 2023
Global data analytics and technology provider Verisk has estimated insured losses of $2.5 billion to $4 billion for Hurricane Idalia, a Category 3 hurricane that struck Florida on August 30. The significant majority of these losses can be attributed to wind damage, with Verisk's estimates factoring in both wind and insured ... Read the full article
Single Japan earthquake could cause insured losses of up to $150bn: Swiss Re
4th September 2023
Despite significant improvements in the structural resilience of buildings since the Great Kanto earthquake, which took place 100 years ago in Japan, analysis by reinsurance giant Swiss Re warns that a single quake in the country could result in insured losses of between $130 billion and $150 billion. Seismic risk remains ... Read the full article
Hurricane Idalia insured losses to near $2.2 billion, says KCC
1st September 2023
Catastrophe risk modeller Karen Clark & Company (KCC) has pegged privately insured losses from Hurricane Idalia at close to $2.2 billion, the majority of which relates to wind and storm surge impacts in the U.S. KCC's estimate is low compared with other early insured loss estimates for Idalia, and includes privately ... Read the full article
Intact Financial reports catastrophe losses of $570m in Q3 2023
1st September 2023
Intact Financial Corporation has estimated that catastrophe losses incurred so far in the third quarter of 2023 from wildfires and other weather events amount to approximately CAD 570 million pre-tax. The firm highlights that these estimated losses relate to a number of events in July and August, none of which met ... Read the full article
Initial estimates point to Hurricane Idalia insured loss of below $10 billion
31st August 2023
Initial estimates for insurance industry losses from Hurricane Idalia, which made landfall in Florida on Wednesday as a major Category 3 storm, are lower than previously feared and point to insured losses of less than $10 billion. So far, there's been a range of early estimates for insured losses from Hurricane ... Read the full article
Hurricane Idalia insured losses manageable, but to sustain reinsurance demand: KBW
30th August 2023
Hurricane Idalia insured losses seem to be very manageable as they are estimated to remain in the low-single-digit billions - well below $10 billion -, according to Keefe, Bruyette & Woods (KBW) analysts. Having made landfall on the big bend section of the Florida coast as a major Category 3 ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
