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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.

$925mn cat losses sees Chubb’s Q3 operating income fall 27%

28th October 2020

Global re/insurer Chubb saw catastrophe losses reach $925 million in the third quarter, up from $232 in the prior year quarter. The current quarter pre-tax catastrophe losses are primarily attributable to severe weather-related events globally of $696 million and wildfires of $110 million. Core operating income fell 26.6% to $907 million against ... Read the full article

AIG announces Q3 cat losses of $790mn; 23% relates to COVID-19

27th October 2020

Global insurer and reinsurer, American International Group, Inc. (AIG), has announced estimated third-quarter 2020 catastrophe losses, net of reinsurance, of $790 million (pre-tax) within its General Insurance segment. Of this total, $185 million, or approximately 23% is for claims related to the ongoing COVID-19 pandemic, primarily in the segment's travel, event ... Read the full article

Re/insurers’ public COVID-19 losses hit $23.7bn with more to come in Q3 & Q4

26th October 2020

Publicly recorded COVID-19-related losses among the largest global re/insurance companies have reached USD 23.7 billion, with further increased loss estimates anticipated for both the third and fourth quarters, according to analysis by Zurich-based financial services advisory, PeriStrat LLC. Losses related to the ongoing pandemic continue to trend upwards, and with Q3 ... Read the full article

HCI reports estimated Q3 losses

23rd October 2020

Florida-based insurtech HCI Group announced its initial catastrophe loss estimate for the third quarter of 2020. HCI’s homeowners and flood insurance operations, which are primarily in Florida, experienced only one catastrophic event during the quarter, which was Hurricane Sally. The hurricane made landfall near Gulf Shores, Alabama, but impacted the Florida panhandle ... Read the full article

Everest Re announces estimated Q3 catastrophe losses

23rd October 2020

Bermuda-based reinsurer Everest Re Group has announced its estimated Q3 2020 catastrophe losses. Everest is estimating pre-tax net catastrophe losses in the amount of $300 million, net of reinsurance and reinstatement premiums. The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including ... Read the full article

Argo warns of $54mn catastrophe hit ahead of Q3 results

22nd October 2020

Speciality re/insurer Argo Group has warned that its third quarter results will be impacted by approximately $54 million of catastrophe losses, in addition to $17 million of losses due to COVID-19. Catastrophe losses will be primarily related to Hurricanes Hanna, Laura and Sally, as well as the US wildfires and Midwest ... Read the full article

Munich Re adds €800mn of COVID-19-related losses in Q3

20th October 2020

Global reinsurer Munich Re has added a further €800 million of COVID-19-related losses in its reinsurance operation in the third-quarter of 2020, taking its total for the first nine months of the year to €2.3 billion. The German reinsurer explains that the losses were attributable to various lines of business, including ... Read the full article

COVID-19 non-life insured loss in Germany seen at up to €1.75bn: E+S Rück

20th October 2020

The impact of the ongoing COVID-19 pandemic is expected to result in a non-life re/insurance market loss of between €1.25 billion to €1.75 billion (USD 1.47bn - USD 2.1bn) in Germany, driven mostly by nationwide business closures, according to executives at E+S Rückversicherung AG, the Hannover Re subsidiary responsible for ... Read the full article

Flooding in French Alps to drive €210mn insured loss

20th October 2020

According to a joint communication from CCR and the French Insurance Federation (FFA), recent flooding in the south east French Alps could cause up to €210 million in insured losses. The industry should expect to record a total of 14,000 claims related to the event, the statement said, of which 8,250 ... Read the full article

Kemper’s Q3 results to include cat losses of up to $68mn

20th October 2020

Kemper Corporation has announced that it anticipates its third quarter 2020 results will include pre-tax catastrophe losses ranging from $62 million to $68 million, primarily related to wildfire and hurricane events. The company notes that it does not expect ... Read the full article

Cat losses dent FedNat’s Q3 net income; Delta to trigger agg reinsurance

19th October 2020

FedNat Holding Company estimates that catastrophe weather losses incurred in the third-quarter of 2020 will reduce its net income for the period by approximately $29 million, primarily driven by the impacts of Hurricanes Laura and Sally. The $29 million total is after-tax and net of all recoveries, including reinsurance. Alongside losses ... Read the full article

PERILS estimates Queensland April hail loss at AU $604mn

19th October 2020

Catastrophe insurance data provider PERILS has estimated that the April 2020 Central Queensland hailstorms will cost the re/insurance industry approximately AU $604 million (US $430 million). Six months on from the event, this is PERILS’ first estimate, given that insured losses were not initially expected to exceed the firm’s loss reporting ... Read the full article

Heritage reports catastrophe losses for Q3

16th October 2020

Property and casualty insurance holding company, Heritage Insurance Holdings, Inc. has reported an estimate of its catastrophe and weather losses for the third-quarter of 2020. The company expects to incur approximately $24.5 million of net current accident quarter catastrophe losses in third quarter 2020, primarily from Hurricanes Isaias and Sally. Additionally, Heritage ... Read the full article

Assurant’s housing segment to shoulder $110m Q3 cat losses

16th October 2020

US specialty insurance group Assurant expects to record roughly $110 million pre-tax, or $87 million after-tax, of catastrophes losses in its global housing segment for third quarter 2020. Nearly half of the losses were related to hurricane Laura, with the balance primarily related to claims from Sally and Isaias and the ... Read the full article

RMS: Hurricane Delta total onshore insured losses could reach $4bn

16th October 2020

Hurricane Delta, which made landfall near Creole, Louisiana, on Friday, October 9th as a mid-Category 2 storm, is expected to result in total onshore U.S. insured losses of between $2 billion and $3.5 billion, according to catastrophe risk modeller RMS. This estimate from RMS includes wind, storm surge, and inland flood ... Read the full article

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