Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Vortex expands its hurricane insurance program for SMEs
7th March 2025
Parametric weather insurtech Vortex Insurance has expanded its hurricane insurance program to provide supplemental coverage for all hurricane categories (1-5) which includes fast, automatic payouts, and zero deductibles for businesses along the Gulf and Atlantic coasts, with limits up to $1 million. Higher coverage amounts can also be requested through Vortex ... Read the full article
Solar storm could expose global economy to losses of $2.4trn over five years: Lloyd’s
4th March 2025
In a recently published systemic risk scenario, the specialist Lloyd's insurance and reinsurance marketplace has highlighted that a hypothetical solar storm could expose the global economy to losses of $2.4 trillion over five years, with an expected loss of $17 billion from such an event. Lloyd's explains that global economic losses ... Read the full article
State Farm to retain $212m of $7.6bn LA wildfire loss after reinsurance
26th February 2025
State Farm General has estimated direct losses from the Los Angeles wildfires at $7.6 billion, with retained losses after reinsurance at $212 million and its share of FAIR Plan losses at $400 million. According to its latest update, State Farm General has paid out $1.75 billion on approximately 9,500 claims filed ... Read the full article
UK P&I Club ‘pleased’ with outcome of 2025 renewal despite Baltimore bridge losses
24th February 2025
The UK P&I Club has successfully completed the 2025 P&I renewal, gaining new business in 2024, which is expected to slightly increase its market share for the upcoming policy year, despite challenges such as the significant "Dali" incident. The Club is focused on enhancing the quality of its membership to better ... Read the full article
US P&C industry results improve in 2024 despite $2.6bn underwriting loss: AM Best
20th February 2025
The US property and casualty (P&C) insurance industry saw a significant improvement in its 2024 results, with momentum expected to continue into 2025, despite an estimated net underwriting loss of $2.6 billion in 2024, according to a recent AM Best report. AM Best attributes part of this progress to higher interest ... Read the full article
Allstate projects $1.4bn in reinsurance recoveries for California wildfire losses
20th February 2025
U.S. primary insurer Allstate has estimated catastrophe losses for the month of January at $1.08 billion, or $849 million after tax, after accounting for $1.40 billion in estimated reinsurance recoveries related to the California wildfires. January's losses reportedly stem from three events, with approximately $1.07 billion attributed to the California wildfires. The ... Read the full article
Progressive reports $43m in California wildfire losses for January
20th February 2025
The Progressive Corporation, a property and auto-focused insurance group, has released its results for January 2025, revealing it incurred about $43 million in catastrophe losses due to the California wildfires. The company stated that 72% of these losses came from its personal property products, with the segment recording a net catastrophe ... Read the full article
Fidelis reports $287.2m Russia-Ukraine aviation reserve charge, LA wildfire loss of up to $190m
20th February 2025
In a loss update ahead of its Q4 and full year 2024 earnings, specialty insurer Fidelis Insurance Holdings Limited has reported net adverse prior year development in its Aviation and Aerospace line of business of $287.2 million, which has impacted the company's performance for both periods. Fidelis explains that the adverse ... Read the full article
Assurant’s California wildfire losses could exceed $150m cat reinsurance retention
14th February 2025
In its outlook for 2025, US specialty insurance group Assurant has reported that its catastrophe losses from the California wildfires are expected to “approach or slightly exceed” its per-event catastrophe reinsurance program retention of $150 million. The firm issued this update on the impact of the Los Angeles wildfires as part ... Read the full article
FEMA lifts NFIP’s Helene loss estimate to up to $7.4bn
12th February 2025
The U.S. Federal Emergency Management Agency (FEMA) has estimated the range for total losses paid by the National Flood Insurance Program (NFIP) stemming from Hurricane Helene to be between $6.4 and $7.4 billion, based on data as of January 31st, 2025. FEMA has reported that as of February 6th, 2025, Hurricane ... Read the full article
Travelers estimates California wildfire loss at $1.7bn
11th February 2025
Large U.S. primary insurer Travelers has announced its preliminary estimate of catastrophe losses from the January 2025 California wildfires at $1.7 billion before tax ($1.3 billion after tax). The carrier explains that its estimate includes losses from both the personal and commercial segments, including the Fidelis quota share, as well as ... Read the full article
Skyward Specialty commutes LPT with R&Q Re (Bermuda)
7th February 2025
Skyward Specialty Insurance Group, Inc. has commuted the Loss Portfolio Transfer and Adverse Development and Retrocession Agreement (LPT) with R&Q Re (Bermuda) Ltd. (R&Q) relating to accident years 2018 and prior, receiving $11.7 million in cash. Additionally, on December 31st, 2024, Skyward strengthened LPT loss reserves by $25.3 million and recognised ... Read the full article
Allstate expects $900m in reinsurance recoveries from LA wildfires
6th February 2025
U.S. primary insurer Allstate has estimated that its gross losses from the Los Angeles, California wildfires will be $2 billion, and after reinsurance recoveries of $900 million under its per-occurrence tower, the firm is projecting a net loss of $1.1 billion from the event. The insurer's LA wildfire loss estimate comes ... Read the full article
Hannover Re LA wildfire loss of €500m-€700m will exceed Q1 large loss budget: CEO Henchoz
6th February 2025
Jean-Jacques Henchoz, Chief Executive Officer (CEO) of large European reinsurer Hannover Re, said this morning that an industry loss of between $30 billion and $40 billion from the Los Angeles wildfires could lead to a net loss for the firm of between €500 million and €700 million, which is above ... Read the full article
SCOR sees LA wildfire impact as manageable at roughly quarterly cat budget for Q1: Conoscente
4th February 2025
Jean-Paul Conoscente, CEO of P&C at SCOR, one of Europe's big four reinsurers, said today that the impact of the Los Angeles wildfires should be around a quarterly natural catastrophe budget for Q1 for the firm, emphasising that the event will act as a floor to the drop of cat ... Read the full article
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