Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
MS Amlin sees return to underwriting profit in FY2022 despite £144m net loss
19th May 2023
Lloyd’s global re/insurer MS Amlin has published its results for the financial year 2022 reporting an underwriting profit of £63 million, but its investment loss of £91 million resulted in a net loss of £144 million. The re/insurer’s underwriting profit grew £260 million from a £260 million loss in FY2021. According ... Read the full article
Allstate estimated cat losses for April at $631m
18th May 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for April of $799 million or $631 million, after tax. April cat losses include 12 events estimated at $872 million, with approximately 60% of the losses related to two wind and hail events. This was partially offset by favourable reserve estimates for prior ... Read the full article
PERILS raises industry loss estimate for Cyclone Gabrielle to NZ $1.925bn
17th May 2023
Zurich-based catastrophe insurance data provider PERILS AG has provided a second estimate for Cyclone Gabrielle which brought extreme rainfall and strong winds to the North Island of New Zealand during the period of 11 to 17 February 2023, pegging the total to NZ $1.925 billion. On March 30, it initially ... Read the full article
Skyward reports improved combined ratio of 90.2% despite higher cat losses
10th May 2023
Specialty insurance firm Skyward Specialty Insurance Group has published its first quarter of 2023 results, reporting a net income of $15.6 million and an improved combined ratio of 90.2%. In the same period last year, the insurer reported a net income of $16.3 million and a combined ratio of 91.9%. Gross written ... Read the full article
Kingstone estimates Q1 cat losses at $3.72m
9th May 2023
P&C insurance holding company Kingstone Companies has estimated it will incur net pre-tax catastrophe losses for the first quarter of 2023 of $3.72 million. The losses for the period apply to Kingstone’s wholly-owned subsidiary, Kingstone Insurance Company, and stem from two events that occurred during the quarter. It follows a similar ... Read the full article
NFIP’s Hurricane Ian payouts near reinsurance trigger
5th May 2023
New data from FEMA shows that its National Flood Insurance Program (NFIP) has paid out over $3.9 billion in claims related to Hurricane Ian to date, meaning the Agency is on the cusp of triggering the bottom layer of protection in its flood reinsurance tower. The NFIP payout figure, released on ... Read the full article
PERILS raises insured loss estimate for Turkey quakes to $4.4bn
5th May 2023
Catastrophe loss data aggregator PERILS AG has raised its estimate for insurance industry losses from February’s Kahramanmaras Earthquake Sequence in Turkey to TRY 86.4 billion (USD 4.4 billion). The updated figure represents a significant increase on PERILS’ initial insured loss estimate of TRY 65.4 billion (USD 3.5 billion), which was ... Read the full article
Large losses to come in above budget for Europe’s big four reinsurers in Q1: BofA
3rd May 2023
Bank of America (BofA) estimates that European reinsurance results will fail to hugely impress against already-high expectations for the sub-sector, while analysts expect that all four major European reinsurance companies will have exceeded their Q1 large losses budget. The key factor for these losses according to the bank is natural disasters. ... Read the full article
PERILS’s second estimate shows New Zealand North Island flood industry loss of NZ $1.75bn
3rd May 2023
Catastrophe loss data aggregator PERILS AG has provided a second estimate of the insurance and reinsurance market loss from the severe flooding that impacted the North Island of New Zealand from January 27th to February 2nd, pegging the total at NZ $1.75 billion. On March 15, it initially estimated the insurance ... Read the full article
PERILS raises industry loss estimate for SE Australia flooding to AUD 907m
27th April 2023
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its third industry loss estimate for the October 2022 Southeast Australia floods, noting the event cost the insurance industry a total of AUD 907 million. PERILS explains that the updated figure is based on detailed loss data by postcode and line of ... Read the full article
The Hanover Insurance approximates $175m in cat losses for Q1
20th April 2023
The Hanover Insurance Group has announced its preliminary estimate for first-quarter 2023 catastrophe losses of approximately $175 million, before taxes or 12.7 points of net earned premium. Widespread wind and tornadic activity impacted nearly half of the U.S. in mid-to-late March. The first quarter catastrophe losses were caused by over 20 ... Read the full article
Global nat cat economic losses reach $77bn in Q1 2023: Gallagher Re
19th April 2023
Global natural catastrophe economic losses reached an estimated $77bn in the first quarter of 2023, with public and private insurance entities covering at least an estimated $22bn of that total, resulting in a 72% or $55bn protection gap, Gallagher Re reported. According to the broker’s Q1 2023 Natural Catastrophe report, these ... Read the full article
ICA raises insured loss from 2022 Australia floods to $5.81bn
19th April 2023
The Insurance Council of Australia (ICA) has raised its estimate of insured losses from the devastating Eastern Australia floods that occurred over February and March in 2022 to AUD 5.81 billion, based on more than 240,000 claims lodged. This represents an increase of $160 million over the figure of $5.65 ... Read the full article
Cincinnati Financial to incur $235m Q1 storm losses
17th April 2023
Property and casualty insurer Cincinnati Financial Corporation has announced that its consolidated first-quarter results are expected to include pre-tax catastrophe losses of approximately $235 million. This will represent an impact on its Q1 combined ratio of 12.8 percentage points, based on estimated earned premiums. For reference, the company's 5-year historical average contribution ... Read the full article
US severe weather to cause insured losses of up to $9.5bn in Q1: BMS Re
11th April 2023
According to BMS Re, a specialised reinsurance broker, and available industry data, it is estimated that the insured losses caused by severe weather events such as hail, tornadoes, and thunderstorm wind gusts in the US during the first-quarter amount to a range of $7 billion to $9.5 billion. "Losses are still ... Read the full article