Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Final industry loss estimate for Australia Christmas storms raised to AU $1.60bn: PERILS
20th December 2024
Zurich-based catastrophe insurance data provider PERILS has released its fourth and final insurance industry loss estimate for the Australia Christmas storms which impacted the the states of Victoria, New South Wales, and Queensland during the period of 23 - 29 December 2023, lifting the figure to AU $1.606 billion. PERILS ... Read the full article
PERILS raises industry loss estimate to €2.08bn for September Central Europe floods
19th December 2024
Zurich-based catastrophe insurance data provider PERILS has updated its industry loss estimate for the floods in Central Europe and Italy from September 14–20, 2024, raising the total to €2.08 billion from the initial estimate of €1.886 billion released last month. Most of the losses were concentrated in Austria, the Czech ... Read the full article
PERILS revises insured loss estimate for southern Germany floods to €1.58bn
6th December 2024
Zurich-based catastrophe insurance data provider PERILS has revised its industry loss estimate for the third time, confirming the total cost of the floods in southern Germany, which occurred between May 31st and June 6th, 2024, at €1,582 million. To recap, southern Germany experienced severe flooding in the states of Baden-Wuerttemberg and ... Read the full article
2024 tropical cyclone losses among costliest of the past decade: Munich Re
5th December 2024
A new white paper from reinsurance company Munich Re reveals that the 2024 tropical cyclone season, characterised by unusually severe storms, ranks among the costliest of the past decade, with losses significantly surpassing the ten-year average. Insured losses from natural catastrophes in 2024 have surpassed the $100 billion threshold once again. ... Read the full article
Insured losses from nat cats to exceed $135bn in 2024: Swiss Re
5th December 2024
With the US enduring two major hurricanes and numerous severe thunderstorms in 2024, it has contributed to at least two-thirds of the estimated global insured losses for the year, which exceed $135 billion, according to a new report from Swiss Re. Hurricane Helene, which made landfall on the 27th of September, ... Read the full article
Allstate’s October cat load takes YTD losses to $4.84bn
21st November 2024
Allstate, the US primary insurer has reported estimated catastrophe losses of $286 million for the month of October, which includes $102 million, pre-tax from hurricane Milton, taking total catastrophe losses for October year-to-date to $4.84 billion or $3.82 billion, after-tax. Allstate's $286 million ($226 million after-tax) catastrophe losses for October also ... Read the full article
Notable insured losses expected from California mountain fire: Aon
15th November 2024
The recent mountain fire which broke out on November 6 in Ventura County of Southern California is expected to drive notable insured losses, according to global insurance and reinsurance broking group Aon. The start of the wildfire in southern California on November 6, 2024, was preceded by extreme wind gusts exceeding 75 ... Read the full article
Insured losses from Spain flooding expected to exceed €4bn: Morningstar DBRS
14th November 2024
According to Morningstar DBRS, insured losses from the extreme weather phenomenon (commonly known by its Spanish acronym DANA (Depresión Aislada en Niveles Altos) that caused severe flooding in the eastern region of Spain in October, are expected to exceed €4 billion. As of writing, the severe flooding and heavy storms that ... Read the full article
FEMA pegs NFIP losses from hurricane Helene at $3.5bn to $7bn
13th November 2024
The U.S. Federal Emergency Management Agency (FEMA) has said that Hurricane Helene could drive National Flood Insurance Program (NFIP) claims of up to $7 billion, including loss adjustment expenses, with more than 55,000 flood loss claims reported to the NFIP as of November 7th, 2024. Currently, the NFIP has paid roughly ... Read the full article
Spain flooding to have limited impact on private re/insurers despite €3.5bn loss: S&P
8th November 2024
According to S&P Global Ratings, the deadly flash floods that hit the Valencia region of Spain will have "limited effects" on private insurers and reinsurers, given that the Consorcio de Compensación de Seguros (CCS), the institution attached to the Ministry of Economy, Trade, and Business, will cover most of the ... Read the full article
Munich Re expects property cat pricing to plateau at Jan 1 renewals: CFO Jurecka
7th November 2024
Christoph Jurecka, Chief Financial Officer (CFO) of global reinsurer Munich Re, said this morning that he expects property catastrophe reinsurance rates, overall, to be flat on average at the January 1st, 2025, renewals, despite the elevated level of catastrophe activity in the third quarter. Speaking after the release of the ... Read the full article
Gallagher Re pegs preliminary insured loss estimate for October Spanish floods at €1.5bn – €2.5bn
7th November 2024
Preliminary estimates from global reinsurance broker Gallagher Re have placed the potential public and private insured losses from October's Spanish floods between €1.5 billion and €2.5 billion ($1.6 billion and $2.7 billion). It's important to note that this estimate is preliminary and is subject to change. For those in need of a ... Read the full article
Frequency & severity losses will not be solved by reinsurers in 2025: AIG CEO
5th November 2024
This year, insured catastrophe losses have already exceeded $100 billion and are expected to easily breach the $120 billion mark, but with reinsurers poised to generate underwriting profits on their global catastrophe portfolios in 2024 after the significant market reset last year, industry losses will continue to be realised by ... Read the full article
PERILS ups final industry loss estimate for Windstorm Ciarán to €2.1bn
5th November 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed its fourth and final industry loss estimate for Extratropical Windstorm “Ciarán,” increasing the figure to €2.06 billion. The windstorm, also known as “Emir,” impacted France, the United Kingdom, Belgium, and the Netherlands from November 1st to 2nd, 2023. This new estimate compares to the ... Read the full article
PERILS estimates €1.89bn industry loss for September Central Europe floods
4th November 2024
Zurich-based catastrophe insurance data provider PERILS AG has released its initial industry loss estimate for the floods in Central Europe and Italy during the period of 14 to 20 September 2024, pegging the total at €1.886 billion. As a reminder, the low-pressure system Boris (also known as Anett) caused prolonged heavy ... Read the full article
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