Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Southwest Asia, UAE storms & floods to drive hundreds of millions in losses: Aon
19th April 2024
Heavy rainfall, storms, and widespread flooding hit Southwestern Asia, notably the United Arab Emirates (UAE), between April 8-17, causing significant economic and insured losses estimated to potentially reach into the hundreds of millions of USD, according to Aon’s weekly cat report. The UAE’s National Center for Meteorology recorded a record-breaking 24-hour ... Read the full article
Loss underestimation a pressing issue, warns Gallagher Re
19th April 2024
Gallagher Re's Q1'24 Natural Catastrophe and Climate Report underscores the critical need for the insurance industry to evaluate unexpected factors that extend event loss behaviour, while also addressing the growing challenge of social inflation. The report identifies event loss underestimation as the most pressing issue, with complexities in loss development varying ... Read the full article
Allstate pegs total catastrophe losses for Q1 2024 at $731m
18th April 2024
U.S. primary insurer Allstate has estimated that total catastrophe losses for Q1 of 2024 were $731 million, pre-tax, much below the $1.69 billion recorded in Q1 of 2023. The firm also disclosed catastrophe losses for March 2024 of $328 million or $259 million, after-tax. As per Allstate, March catastrophe losses included ... Read the full article
Low penetration, extensive reinsurance suggests UAE flooding will be manageable for insurers: AM Best
18th April 2024
Analysis by AM Best discloses that low insurance penetration, coupled with extensive reinsurance cover, should keep the cost borne by United Arab Emirates (UAE) primary insurers at a manageable level after the recent extreme weather that caused severe flash flooding. Rating agency AM Best suggests the flash flooding has caused a ... Read the full article
US convective storm activity drives global Q1 insured losses of $20bn: Gallagher Re
17th April 2024
Gallagher Re has estimated that global insured losses from natural catastrophes in Q1 of 2024 were $20 billion, heavily driven by severe convective storm (SCS) activity in the US. According to the global reinsurance broker's Natural Catastrophe & Climate Report, from which all this information was derived, insured losses in Q1 ... Read the full article
SCS April events to drive economic & insured losses into the hundreds of millions or higher: Aon
12th April 2024
The recent strong winds and severe convective storms that struck the central and southern United States between April 6-11, are estimated to drive economic and insured losses into the hundreds of millions or higher, USD, according to Aon's weekly cat report. Between April 6-7, a deep surface low-pressure system initiated severe ... Read the full article
Insurable losses from Taiwan earthquake to be between $0.5-$1bn CoreLogic estimates
9th April 2024
CoreLogic estimates insurable losses from the 7.2 magnitude earthquake that hit Taiwan on April 3, 2024 will be between $0.5 and $1.0 billion (note, CoreLogic has reduced its figures from a range of $5bn-$8bn). This is considered the largest quake to hit the country in the last 25 years. Having ... Read the full article
Taiwan quake to impact local insurance industry due to high take-up rates
5th April 2024
According to Aon, the deadly magnitude-7.4 earthquake that struck eastern Taiwan on April 3 is likely to result in a notable event for the local insurance industry due to relatively high take-up rates. The quake is reportedly the island's largest in 25 years, with officials having reported at least 10 fatalities ... Read the full article
PERILS raises industry loss for Australia Christmas storms to AU$1.55bn
3rd April 2024
Zurich-based catastrophe insurance data provider PERILS AG has provided a second update on the insured loss estimate for the Australia Christmas Storms, which affected the states of Victoria, New South Wales, and Queensland, lifting the figure by 11% to AU$1.547 billion (USD 1bn). In February, PERILS disclosed its initial industry ... Read the full article
Taiwan’s strongest earthquake in 25 years could drive meaningful loss for local insurance industry
3rd April 2024
A 7.2 magnitude earthquake struck 18km south of Taiwan's Hualien city at 8am local time today, driving the strongest tremors to have hit the country in the last 25 years, and given the region's relatively high levels of insurance penetration it could be a meaningful loss for the local insurance ... Read the full article
Baltimore bridge collapse a major but manageable marine loss event: S&P
2nd April 2024
S&P Global Ratings has said that although the Francis Scott Key Bridge collapse in Baltimore could cause the largest marine insurance losses recorded since Costa Concordia in 2012, it will be a manageable earnings event for the global reinsurance sector. The ratings agency states that if the International Group of P&I ... Read the full article
Nat cats cause $65bn economic loss across Asia Pacific in 2023, says Aon
2nd April 2024
Natural catastrophes caused US $65 billion economic losses in the Asia Pacific region in 2023, according to global professional services firm, Aon. In their recently published 2024 Climate and Catastrophe Report, Aon highlighted how there were 398 natural disaster events that took place globally in 2023, ultimately resulting in a $380 ... Read the full article
Noto Peninsula Earthquake stands as only intl. industry loss above $1bn in Q124: CRESTA
2nd April 2024
As per the CRESTA Industry Loss Index (CLIX), which provides data on non-US cat events that have generated industry losses above USD $1 billion, the Noto Peninsula Earthquake that struck Japan on January 1, 2024, is the only event that was added to the firm's loss database during Q124. The initial ... Read the full article
Baltimore bridge an opportunity for us to show the value of insurance: Lloyd’s CEO
28th March 2024
John Neal, Chief Executive Officer (CEO) of the specialist Lloyd's insurance and reinsurance marketplace, said this afternoon that the Baltimore bridge event provides an opportunity for the industry to show the value of insurance. "I've been saying in different conversations this morning that actually the good news there is we are ... Read the full article
Baltimore bridge insured losses could total as much as $4bn, says Morningstar DBRS
28th March 2024
Depending just how long the Port of Baltimore is blocked for after the collapse of the Francis Scott Key Bridge, and the nature of the Port's business interruption coverage, insured losses could land between $2 billion and $4 billion, according to analysts at Morningstar DBRS. Even at the low-end of the ... Read the full article