Reinsurance News


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

Allstate announces $213mn in cat losses for May

17th June 2021

US primary insurer Allstate is braced for estimated pre-tax catastrophe losses of $213 million for May. Cat losses for April and May totaled $598 million, after-tax. In May, Allstate says losses consisted of seven events, at an estimated cost of $193 million, plus unfavorable prior period reserve estimates. Two large hail events, primarily ... Read the full article

IAG sees rising Victoria flood & storm claims, may tap reinsurance

17th June 2021

IAG has received roughly 4,300 claims as a result of the property damage caused by Victoria's recent exposure to destructive weather events. The Australian insurer expects claims to continue rising as residents return to their homes and inspect the damage and warned that its stop loss reinsurance could be close to attaching. As ... Read the full article

Analysts predict another difficult year for insurers amid elevated cat claims

14th June 2021

Year-to-date, catastrophe claims look to be running 17% above the long-term average (2008-2020), leading analysts at Jefferies to forecast another difficult year for the global insurance industry. At more than $30 billion, YTD insured catastrophe losses also exceed the 10-year average by more than 9%, but is an improvement from Jefferies' ... Read the full article

US insurers face multi-billion-dollar payout over May storms: Aon

11th June 2021

Re/insurance broker Aon has reported that US re/insurers will likely face a multi-billion-dollar payout over a series of convective storms in May that resulted in extensive hail, tornado, wind and flood damage. Of note was a severe storm that swept across the Plains, Lower and Middle Mississippi Valley, Southeast and Mid-Atlantic ... Read the full article

Allstate cat losses total $544m in April

20th May 2021

US primary insurer Allstate Corporation has announced estimated catastrophe losses for the month of April of $544 million, or $430 million after-tax. Catastrophe losses in April comprised five events at an estimated cost of $490 million plus unfavorable prior period reserve estimates. One large hail event, primarily impacting Texas and Oklahoma, accounted ... Read the full article

Benign April helps offset heavy YTD cat losses: Jefferies

17th May 2021

Analysts at Jefferies have characterised April as a largely "benign" month in terms of global insured catastrophe losses, which should help to ease the pressure on what has been a remarkably active year for catastrophes to date, with claims running at about 30% above the long-term average over the first ... Read the full article

US insurers face multi-billion-dollar bill for April storms: Aon

12th May 2021

Analysts at re/insurance broker Aon estimate that the US insurance industry faces a multi-billion-dollar bill for thunderstorm-related claims payouts over the month of April. As we previously reported, Aon expects economic losses of more than $1 billion dollars from just the San Antonio (TX), Fort Worth (TX), and Norman (OK) ... Read the full article

United Fire Group announces $29mn Q1 cat hit

4th May 2021

US property and casualty insurer United Fire Group has announced an estimated $29 million pre-tax catastrophe loss for the first quarter of 2021. These above average catastrophe losses in the first quarter of 2021 were mainly attributable to winter storm Uri. As previously released as an estimate back in March, this catastrophic ... Read the full article

PERILS releases third industry loss estimate for 2020 Queensland Hailstorms

4th May 2021

Zurich-based catastrophe insurance data provider PERILS is now anticipating a AU$1.173 billion industry hit from last October’s South East Queensland Hailstorms. During the afternoon of 31 October, severe thunderstorms impacted South East Queensland, including the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast. The corridor from Amberley through ... Read the full article

US April storms to drive $1bn+ loss: Aon

4th May 2021

Analysts at Aon have reported that the severe storms that impacted the US from April 23rd to 29th will cause total economic losses in excess of $1 billion, of which the majority will be insured. Storms affected the Southern Plains and Southeast, with tornado, large hail, and straight-line wind damage in ... Read the full article

Despite a muted Q1 COVID impact, P&C isn’t in the clear yet: Swiss Re CFO

30th April 2021

For Swiss Re, COVID-19-related losses in its P&C Reinsurance segment were muted for the first-quarter of 2021, but that doesn't mean the business is "all clear for the rest of the year," according to Group Chief Financial Officer (CFO), John Dacey. Early this morning, Swiss Re announced COVID-19 losses of ... Read the full article

Swiss Re’s Q1 net income hits $333m despite over $1bn of COVID & cat losses

30th April 2021

Global reinsurance giant Swiss Re has reported net income of $333 million for the first quarter of 2021 against a loss of $225 million in the prior year period, despite losses related to COVID-19 and large natural catastrophes of more than $1 billion. Alongside growth in net income across the Group, ... Read the full article

Catastrophe losses to dent FedNat Q1 net income by $14.5m

27th April 2021

Florida based primary insurer FedNat has reported that catastrophe weather losses experienced in the first-quarter of 2021 will lower its net income for the period by $14.5 million, after-tax and net of all reinsurance recoveries. The majority of the company's Q1 2021 catastrophe bill comes from the impacts of winter storm ... Read the full article

Heritage reports weather losses of $31.4m for Q1

23rd April 2021

Super-regional property and casualty insurance holding company Heritage Insurance Holdings, Inc. has announced total weather losses of $31.4 million for the first quarter of 2021. This figure includes approximately $15.4 million of net current accident quarter catastrophe losses. The remaining $16.1 million represents other weather losses, Heritage explained. The company previously reported $41.5 ... Read the full article

Argo announces Q1 nat cat & COVID losses of $47m

22nd April 2021

Bermuda-based insurer and reinsurer, Argo Group International Holdings, Ltd., has announced catastrophe and pandemic-related losses of an estimated $47 million for the first-quarter of 2021, primarily as a result of winter storm Uri in the U.S. Argo estimates that approximately $43 million of its first-quarter catastrophe bill relates to the impacts ... Read the full article

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