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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.

Widespread destruction following historic Japan floods

9th July 2018

Japan has suffered some of the worst flooding in its history over the weekend, with more than 100 people confirmed dead and widespread damage to homes and businesses reported. "The record rainfalls in various parts of the country have caused rivers to burst their banks, and triggered large scale floods and ... Read the full article

PERILS increases storm Burglind (Eleanor) industry loss estimate to $840mn

3rd July 2018

Catastrophe loss data aggregator PERILS has reported its third loss estimate for Extratropical Cyclone Burglind, also known as Eleanor, at €724 million (US$840mn). The weather event hit between January 2nd and 3rd 2018, inflicting significant damage across Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland, and the United Kingdom. Gusts exceeded ... Read the full article

Storm-hit France receives €430mn worth of insurance claims in matter of weeks

26th June 2018

Extensive storms across much of France have seen approximately 214,000 claims totaling €430 million registered to the French Federation of Insurance (FFI) in the past few weeks. Bernard Spitz, President of the FFI has traveled to the southwestern regions of Pau and Salies-de-Béarn to meet with public authorities and local elected officials in response ... Read the full article

Allstate estimates catastrophe losses of $278mn for May

22nd June 2018

The Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that its catastrophe losses for the month of May 2018 were $278 million, pre tax ($220 million after-tax). The pre-tax figure consists of $224 million in losses from 12 catastrophe events over the month of May, in ... Read the full article

2017 losses unmasked broader reinsurance price inadequacy: KBW

20th June 2018

The major hurricane and catastrophe losses of 2017 while not sufficient to significantly boost property catastrophe reinsurance rates, have unmasked the inadequacy of pricing more broadly across the sector, according to analysts. Reinsurance pricing did respond to the losses of 2017, but increases seen at the key January reinsurance renewals ... Read the full article

Caribbean insurers well-capitalised despite 2017 hurricane losses, says A.M. Best

19th June 2018

A new report from A.M. Best points to the responsiveness of reinsurers as a driving factor behind Caribbean property and casualty (P/C) insurers’ ability to withstand the record-setting impact of 2017’s hurricane season, enabling them to quickly resolve and settle the high volume of claims. Despite the magnitude of catastrophe losses, ... Read the full article

Re/insurance industry losses from Irma surpass $9.7bn

18th June 2018

According to data from the Florida Office of Insurance Regulation, claims data filed from insurers as of June 12th, 2018, show that the total estimated insurance and reinsurance industry loss from hurricane Irma has increased to more than $9.7 billion. Artemis reported in April that data from the Florida regulator ... Read the full article

Damage from Australia’s Hobart storm reaches $50mn: Impact Forecasting

21st May 2018

Overall economic damage from the storm that hit the Australian city of Hobart, Tasmania over May 10-11 is currently estimated by local officials to have reached around AUD $50 million (USD $38 million), according to Impact Forecasting, Aon Benfield’s catastrophe risk modeller. A complex low-pressure system brought rain, wind, hail and ... Read the full article

Allstate estimates $211mn of catastrophe losses for April

18th May 2018

Following 10 events throughout April totalling a pre-tax estimated cost of $195 million and unfavorable reserve reestimates of prior reported cat losses, The Allstate Corporation (ALL) has announced an overall estimated catastrophe loss of $211 million for the month, pre-tax ($167mn after-tax). Accounting for approximately 60% of catastrophe losses for April ... Read the full article

Insured losses from Canada’s April ice storms reach $190mn, reports CatIQ

14th May 2018

The ice storms which ravaged Canada’s eastern provinces of Ontario and Quebec in mid-April will cost re/insurers around CAD $190 million (USD $149 million), according to Catastrophe Indices and Quantification (CatIQ), a loss index and estimates provider. Strong winds, flooding, heavy snow, and ice build-up affected the provinces’ southern regions over ... Read the full article

April storms drive $2.3 billion economic loss in the U.S.

10th May 2018

Impact Forecasting, the catastrophe risk modelling unit of reinsurance broker Aon Benfield, has reported that severe April storms resulted in combined economic losses of $2.3 billion in the U.S., with approximately $1.5 billion of this covered by re/insurance. According to the firm's April Global Catastrophe Recap, five separate storm systems caused ... Read the full article

Reinsurers exposed to Direct Line losses as weather budget exhausted

3rd May 2018

Direct Line Insurance Group PLC has reported that the UK’s ‘Beast from the East’ cold spell over February and March has already utilised the company’s full annual weather budget, potentially exposing reinsurers to any further weather-related losses the company suffers over 2018. UK primary insurer Direct Line, which also sells home ... Read the full article

10 years of catastrophes cost Canadian re/insurers $17.4bn: CatIQ

24th April 2018

April 2018 marked the month that Canada exceeded 100 catastrophes over the span of a decade, with combined losses estimated to have cost the Canadian re/insurance industry around CAD $17.4 billion (USD $13.6 billion). Catastrophe Indices and Quantification, Inc. (CatIQ), Canada’s loss index provider, stores insured loss catastrophe data back to ... Read the full article

Allstate estimates $361mn of pre-tax catastrophe losses in Q1

20th April 2018

Primary insurance giant Allstate has announced estimated pre-tax catastrophe losses for the first-quarter of 2018 of $361 million ($285mn after-tax), with the majority of this occurring in the month of March. The insurer expects catastrophe losses in March alone to reach $222 million pre-tax ($175 million after-tax), which amounts to approximately ... Read the full article

The Hanover Insurance Group estimates Q1 cat losses of up to $76mn

17th April 2018

The Hanover Insurance Group has announced that the estimated impact of catastrophe activity on its first quarter 2018 results is in the range of US $66 to $76 million before taxes. The Hanover announced the results in line with their recently implemented policy of releasing quarterly catastrophe loss estimates if they ... Read the full article

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