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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.

Drought and wildfires drive global catastrophe losses in July: Impact Forecasting

10th August 2018

Global insured catastrophe losses in July were primarily driven by severe droughts and heatwaves across Northern Europe, as well as major wildfires that caused extensive damage and loss of life in Northern California and Greece, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s report estimated that ongoing drought in ... Read the full article

Mendocino wildfire is largest in California’s history, set to burn until September

9th August 2018

The Mendocino Complex fire has now burnt through 302,086 acres of northern California, making it the largest wildfire in the state’s history, and it is set to continue to burn through the month into early September, according to officials. Firefighters had originally hoped to have the blaze extinguished by mid-August, but ... Read the full article

MS&AD incurs $600mn loss from Japan’s July floods

9th August 2018

Japanese insurer MS&AD has incurred expected gross losses of 66 billion yen (US $594.3 million) following Japan’s historic flooding in July 2018, which caused widespread property damage across the southwest of the country and left 225 people dead. MS&AD said that the loss estimate, which was calculated on information available ... Read the full article

Insured losses from Oman’s Cyclone Mekunu reach $281mn

8th August 2018

New data from Oman’s Capital Market Authority (CMA) shows that insured losses from Cyclone Mekunu, which hit the country in May 2018, have reached OMR 108 million (USD 281 million), according to the Times of Oman. Cyclone Mekunu was the most intense tropical cyclone to make landfall in the Arabian Peninsula ... Read the full article

1,734 structures destroyed as Carr and Mendocino wildfires burn through California

6th August 2018

1,734 structures have now been destroyed by the Carr and Mendocino Complex wildfires in California, which have collectively burned through 427,031 acres of the state and continue to spread despite containment efforts. An additional 304 structures have also been damaged and 10,529 remain threatened by what are considered to be two ... Read the full article

ICNZ raise Canterbury Earthquakes tribunal concerns as losses rise to $22.3bn

3rd August 2018

The Insurance Council of New Zealand (ICNZ) has raised concerns regarding a Parliamentary Bill that proposes to establish a Tribunal for claims relating to the 2010-2011 Canterbury Earthquakes, as total insured losses for the event are now projected to creep up to AUD $22.3 billion (USD $16.4 billion). While the vast ... Read the full article

California’s Carr wildfire continues property destruction as containment grows

31st July 2018

The Carr wildfire has burned through 110,154 acres of Shasta County in Northern California and destroyed or damaged almost 1,500 buildings at the latest estimate, even as containment efforts by authorities gain traction. The fire is now 27% contained and the number of structures under threat has almost halved since ... Read the full article

California’s Carr wildfire continues to spread, marking worst season in decade

30th July 2018

The Carr wildfire, which hit Shasta county in Northern California last week, has claimed at least six lives and destroyed or damaged more than 1,000 structures, and continues to spread despite efforts to contain the blaze. The fire more than doubled in size over the weekend, driven by strong winds and ... Read the full article

RenRe reports significant decline in 2017 loss estimates, boosts net income

26th July 2018

Bermudian reinsurer RenaissanceRe Holdings Ltd (RenRe) reported better than expected results for the second-quarter of 2018, driven by a substantial drop in its estimated losses from 2017 catastrophe events. The reinsurer has announced a decrease in net claims and claims expenses incurred of $128.6 million, which, after factoring in assumed reinstatement ... Read the full article

Global insured nat cat losses hit $21 billion in H1 2018: Aon

24th July 2018

Global insurance and reinsurance broker, Aon, has announced that natural disaster losses in the first-half of 2018 totalled $45 billion, of which an estimated 47%, or $21 billion, is preliminarily estimated to be covered by re/insurance. The report comes from Impact Forecasting, the catastrophe model arm of Aon's Reinsurance Solutions business, and ... Read the full article

Allstate announces Q2 cat losses of $906 million, pre-tax

20th July 2018

Primary insurance giant The Allstate Corporation (Allstate) has announced estimated catastrophe losses of $417 million, pre-tax ($329 million after-tax), for the month of June, which takes the company's second-quarter 2018 catastrophe losses to $906 million, pre-tax ($716 million after-tax). Catastrophe losses in June included 16 events at an estimated cost of ... Read the full article

Higher than expected cat losses drives lower Q2 net income for Travelers

19th July 2018

The Travelers Companies, Inc. (Travelers) has reported its second-quarter 2018 results, posting a decline in both net income and core income as a result of increased catastrophe losses that came in roughly $50 million higher than anticipated, at $488 million. Catastrophe losses for the second-quarter of 2018 were $85 million higher ... Read the full article

Projected asbestos industry losses up $10bn, reserves remain deficient: Fitch

18th July 2018

A Fitch Ratings report examining U.S. property and casualty re/insurers' asbestos liability exposures has led the agency to raise its projection for ultimate all-time industry incurred losses to $100 billion, up from $90 billion last year. Additionally, the U.S. industry's asbestos reserve deficiency is in the range of $8 billion - ... Read the full article

PERILS increases loss estimate for European windstorm Friederike by €46m

17th July 2018

Zurich-based catastrophe loss data aggregator PERILS has increased its third loss estimate for European windstorm Friederike, also known as David, by €46 million. Windstorm Friederike caused significant damage as it swept through the British Isles, Belgium, the Netherlands, and Germany over January 17 and 18, 2018. PERILS’ third estimate, based on loss ... Read the full article

Typhoon Maria drives economic losses of at least $432mn in China: Impact Forecasting

13th July 2018

Typhoon Maria has caused at least US $432 million in economic damages, primarily in the Fujian province of China, after making landfall as a Category 2 storm on July 11, according to Impact Forecasting, Aon’s catastrophe risk modeller. After reaching typhoon status on July 5, Maria tracked across the Western Pacific, ... Read the full article

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