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Reinsurance News


News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.

PCS designates Lürssen shipyard fire, as market braces for major loss

21st September 2018

Property Claim Services (PCS) has designated the recent Lürssen shipyard fire as an event under its PCS Global Marine & Energy product, triggering the process to monitor, aggregate and report on the insurance and reinsurance industry loss. PCS launched its Global Marine and Energy loss aggregation solution in April 2017, ... Read the full article

RMS and CCRS collaborate on new data schema covering $554tn of insurance exposure

19th September 2018

Global catastrophe risk modeller RMS has collaborated with the Cambridge Centre for Risk Studies (CCRS), part of The University of Cambridge, to develop and launch a new Data Definitions Document v1.0 for 14 different classes of insurance exposure. The new, published insurance exposure Data Definitions Document v1.0 offers a standardised schema ... Read the full article

Hurricane Florence insured losses between $1.7bn & $4.6bn: AIR

18th September 2018

AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, estimates that insured losses inflicted by Hurricane Florence’s winds and storm surge will range from $1.7 billion and $4.6 billion; though these figures do not include a range of factors including the ongoing flooding that is expected. “Hurricane Florence, once a ... Read the full article

$15bn Florence losses could support P&C pricing, says Morgan Stanley

17th September 2018

Morgan Stanley has released an insured loss estimate of between $5 billion and $15 billion for damages relating to Hurricane Florence, which made landfall in North Carolina on Thursday night, and has suggested that losses could support property and casualty (P&C) re/insurance pricing. Florence was downgraded from a Category 4 to ... Read the full article

KCC releases $2.5bn insured loss estimate for Hurricane Florence

17th September 2018

Insured losses resulting from Hurricane Florence, which has battered North and South Carolina with strong winds and intense rainfall since making landfall on Thursday night, are expected to total just $2.5 billion, according catastrophe modeller Karen Clark & Co. (KCC). KCC’s estimate, which is based on the firm’s high-resolution U.S Hurricane ... Read the full article

Japan’s Insured loss from Typhoon Jebi as high as $5.5bn, estimates RMS

17th September 2018

Typhoon Jebi, which hit Japan earlier this month, is expected to inflict between $3 billion and $5.5 billion (¥340 to ¥620 billion) in insured losses, according to the latest estimate from catastrophe risk modeller RMS. Approximately 80% of the loss is said to have come from the Kansai region, where Jebi ... Read the full article

CoreLogic puts Hurricane Florence insured loss estimate at $3-5bn

14th September 2018

Catastrophe risk modelling specialist CoreLogic has released an updated loss estimate for Hurricane Florence, putting insured property losses for both residential and now commercial properties at between $3 billion and $5 billion. CoreLogic previously said that Florence could threaten 758,657 residential home with a reconstruction cost value (RCV) of $170.2 billion, ... Read the full article

Hurricane Florence could cause insured losses of $20bn, says RMS

11th September 2018

Insured losses from Hurricane Florence, the Category 4 storm currently bearing down on the U.S east coast, could cause insured losses of between $15 billion and $20 billion, according to catastrophe modeller Risk Management Solutions (RMS). Meanwhile, data analysis from CoreLogic shows that storm surge damage from Florence could threaten 758,657 ... Read the full article

Insured losses from Japan’s Typhoon Jebi may reach $4.5 billion: AIR Worldwide

10th September 2018

Typhoon Jebi, which made landfall in Japan on September 4, could cause industry insured losses of between JPY 257 billion (US $2.3 billion) and JPY 502 billion ($4.5 billion), according to estimates from AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics. As the equivalent of a Category 3 hurricane, ... Read the full article

Insured losses from Carr and Mendocino Complex wildfires to exceed $845mn

7th September 2018

Insured residential and commercial losses from the Carr and Mendocino Complex wildfires, which burnt through Northern California from late July through August 2018, are expected to exceed $845 million, according to the California Department of Insurance (CDI). More than 10,000 claims have been filed related to the fires, which collectively damaged ... Read the full article

H1 natural catastrophes will have “limited impact” on reinsurers: S&P

6th September 2018

Losses relating to natural catastrophe events that have occurred thus far in 2018 are likely to have only a “limited impact” on reinsurers, with primary insurers and the U.S National Flood Insurance Program (NFIP) expected to bear the majority of the costs, according to a recent report by S&P Global ... Read the full article

$125m insured losses expected from tropical storm Gordon: KCC

6th September 2018

High resolution modelling by Karen Clark & Co (KCC) estimates that the insured loss from Tropical Storm Gordon, which made landfall near the Alabama/Mississippi border on September 4 with 70 mph sustained wind speeds, will be close to $125 million. Modelled estimates include losses to residential, commercial, and industrial properties as ... Read the full article

90% of Peru’s $660mn insured El Niño losses absorbed by reinsurers

24th August 2018

Insured losses resulting from the El Niño coastal phenomenon (FEN) totalled US $660 million for the period ending June 2018, although 89.02% of this figure was absorbed by the international reinsurance markets, according to Peru’s Superintendency of Banking and Insurance (SBS). "The reports presented by Rímac Seguros, La Positiva, Mapfre Perú, ... Read the full article

Insured claims from hurricane Irma reach $10.5 billion, says Florida regulator

23rd August 2018

The Florida Office of Insurance Regulation (FOIR) has reported that insured claims from last year's hurricane Irma counted by the regulator has increased by a further 8% to almost $10.5 billion, as loss creep from the storm continues. The Florida regulator states that claims are being closed, although, according to an ... Read the full article

Hawaii braces for $8bn property damage as Hurricane Lane approaches

23rd August 2018

More than 48,000 homes are threatened with flood damage as Hurricane Lane bears down on the U.S state of Hawaii, with total reconstruction costs expected to total around $8 billion, according to catastrophe risk modelling specialist CoreLogic. While unlikely to make a direct landfall, Hurricane Lane became a strong Category 5 ... Read the full article

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