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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.

Reinsurance industry must remediate, repair and improve: Heerasing, SiriusPoint

16th November 2021

Despite some improvements, the reinsurance sector continues to struggle to produce a meaningful return on capital, and as pressure builds on the impacts of climate change and secondary peril losses, there’s a real need for further rate momentum, according to Bobby Heerasing, Head of International Strategic Business Development, SiriusPoint. With the ... Read the full article

Multi-billion dollar US floods drive up global nat cat bill for October: Aon

15th November 2021

A series of flooding events during October resulted in billions of dollars worth of economic costs, according to Aon's monthly natural catastrophe report. Meanwhile, a late-season severe weather outbreak in the US’ Southern Plains and Midwest generated large hail, damaging winds and tornadoes between Oct. 10 and 11. Aon says total economic ... Read the full article

Global insurance premiums could hit $10 trillion by 2030: Bain & Company

10th November 2021

The evolving risk landscape suggests that global insurance premiums could reach USD 10 trillion by 2030, with climate change predicted to result in a tenfold rise in economic losses over the next 30 years, according to a new report from Bain & Company. The new report, Insurance 2030: As Risks Mount, ... Read the full article

FedNat posts $25mn Q3 loss as CR hits 165%

9th November 2021

FedNat has announced a net loss of $24.8 million in the third quarter, a further slide from the $20.7 million loss posted in the prior year period. Meanwhile, the company’s combined ratio reached 165.4%, driven primarily by 37.7 points of net catastrophe losses in the period. Losses and loss adjustment expenses (LAE) ... Read the full article

Climate change a growing concern for global re/insurers: PwC

8th November 2021

The PwC Insurance Banana Skins 2021 survey shows that cybercrime is ranked as the number one risk by carriers globally, while climate change tops the list for reinsurers amid a rise in natural catastrophe events. The latest global edition of the biennial survey includes responses from more than 600 industry leaders ... Read the full article

2020’s Laura, Delta and Zeta industry cost reaches $10.6bn: LDI

8th November 2021

The cost of the 2020 hurricanes Laura, Delta and Zeta in Louisiana have inflicted insurers with $10.6 billion in losses and reserves, according to the latest data from the Louisiana Department of Insurance (LDI). This figure has increased from the previous $10 billion estimate released in August. Policyholders are reported to have ... Read the full article

Industry needs to acknowledge new frequency & severity of events: AIG’s Zaffino

8th November 2021

Peter Zaffino, President and Chief Executive Officer (CEO) of global insurer AIG, expects any fourth quarter catastrophe losses to be limited by the company's reinsurance protection, but warns that overall, the industry needs to acknowledge the dramatic shift in the frequency and severity of events. Last week, AIG announced an ... Read the full article

Berkshire Hathaway announces $1.5bn Q3 reinsurance cat hit

8th November 2021

The reinsurance business of Warren Buffet-owned holding company Berkshire Hathaway has announced $1.5 billion in catastrophe-driven losses and loss provisions for 2021's third quarter, a figure that rises the firm’s overall losses and loss adjustment expenses by $442 million against the prior year quarter. Overall 9M cat losses of $1.9 billion ... Read the full article

Illogical to decline potential cat opportunity: Lancashire CEO Maloney

5th November 2021

Alex Maloney, Chief Executive Officer (CEO) of Lancashire Holdings, confirmed yesterday that the specialty re/insurer intends to maintain its catastrophe footprint for 2022, stating that it would be "counter to our DNA" to retreat from an improved underwriting opportunity. In announcing its results for the first nine months of the ... Read the full article

$196mn Q3 net loss for Enstar despite robust 9M

4th November 2021

Enstar Group has reported a consolidated net loss totalling $196 million for 2021’s third quarter, driven by a $285.2 million hit attributable to InRe Fund, a consolidated variable interest entity impacted by “significant” volatility in Chinese and other global equity markets Performance across the first nine months of 2021 is more ... Read the full article

Suncorp announces AU$250mn cost of late October hail, wind event

4th November 2021

Australian insurer Suncorp has provided an update to the recent hail and wind event which swept South Australia, Victoria and Tasmania in late October. The number of home and motor claims from the event, as of November 3, totals 12,000. While the full extent of this event’s damage is still being realised, ... Read the full article

Palomar revises Q3 cat loss estimate to $17.5mn

3rd November 2021

Specialty property insurer Palomar Holdings has revised its Q3 pre-tax catastrophe loss estimate, net of reinsurance and prior period development, to $17.5 million. The firm had previously stated an expected loss estimate of between $14.5 million and $15.5 million. It was estimated that 70-75% of its gross losses from these two ... Read the full article

October storms cause IAG to tap reinsurance, raise FY loss forecast

2nd November 2021

Severe storm and hail activity over the course of October has caused Australian primary insurer IAG to tap its reinsurance coverage and raise its expectation for full-year 2022 catastrophe losses. IAG anticipates that the most recent storm event, which impacted South Australia and Victoria between 27th and 29th October and SE ... Read the full article

Ontario storms claims total $105mn: IBC

28th October 2021

Storms that hit southern Ontario in September have caused $105 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification. Both storms included heavy rain, wind and tornadoes that caused structural damage to many properties. Downed trees left 30,000 properties without power for hours. The storm which took place ... Read the full article

Arch’s Q3 reinsurance underwriting income falls 807% to $38mn loss

28th October 2021

The reinsurance segment of Arch Capital saw its underwriting income fall 807% to a $38,948 million loss in the third quarter. The segment's combined ratio also rose to 106.2% from 99.0%, reflecting 34.6 points of current year catastrophic activity, primarily related to Hurricane Ida, European floods. Estimated net favourable development of prior ... Read the full article

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