Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Expected $60bn loss from Milton to revert reinsurance pricing stability: Morningstar DBRS
14th October 2024
According to a new Morningstar DBRS report, Hurricane Milton is expected to result in insured losses approaching $60 billion, likely causing the stabilisation of reinsurance prices seen during mid-year renewals to revert to their upward trajectory. Hurricane Milton made landfall on the 9th of October in Sarasota county (Siesta Key) on ... Read the full article
Milton likely an earnings event as losses appear more modest than feared: Jefferies
11th October 2024
With Hurricane Milton's insured losses likely to be more modest than initially feared, the equity analyst team at Jefferies has suggested that it will probably be a large earnings event and is not expected to drive up property reinsurance rates in 2025. "With the path and strength of the storm less ... Read the full article
Broker pre-landfall loss forecasts ranged from 15bn to 40bn
10th October 2024
In their pre-landfall loss forecasts for Hurricane Milton, Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re, said private insurance market losses ranging from $30 billion to $40 billion could be expected, while BMS Group’s Senior Meteorologist Andrew Siffert noted that a $15 billion or greater event is possible. Both ... Read the full article
Hurricane Milton threatens tens of billions in insured losses, reinsurers also to be impacted: RBC Capital Markets
9th October 2024
With its projected path and intensity, Hurricane Milton has the potential to become one of the most expensive storms to hit Florida, analysts at RBC Capital Markets, the investment banking arm of Royal Bank of Canada, predict. Currently, Hurricane Milton remains a Category 4 storm within the Gulf of Mexico, having ... Read the full article
Verisk estimates Helene’s insured losses could reach $11bn excluding NFIP
9th October 2024
According to the Extreme Event Solutions group at Verisk, industry-insured losses due to wind, storm surge, and hurricane precipitation-induced flood from Hurricane Helene will range between $6 billion and $11 billion, excluding the National Flood Insurance Program (NFIP). To recap, Helene, a Category 4 storm with 140 mph winds made landfall ... Read the full article
Hurricane Milton likely to be at least a $20bn insurance loss event: BMS
9th October 2024
While too early to pinpoint an accurate insurance loss range, BMS Group's Senior Meteorologist Andrew Siffert has noted it is safe to say that Hurricane Milton will likely be at least a $20 billion insurance market event. Hurricane Milton remains a powerful Category 5 storm with wind speeds of around 160 ... Read the full article
Large insured losses from Milton could lead to extended hard market for property cat reinsurance, Jefferies
8th October 2024
Large insurance industry losses from major hurricane Milton's eventual impacts in Florida could potentially lead to an extended hard market for property cat reinsurance, according to Jefferies. Analysts explained that should the hard market extend, it will alleviate recent concerns that the upcoming January renewals would show softening, and likely wind ... Read the full article
RLI estimates net losses of up to $40m from hurricanes Beryl and Helene
8th October 2024
RLI Corp., the specialty insurer, has estimated pre-tax net catastrophe losses, net of reinsurance recoverables, from hurricanes Beryl and Helene of between $35 million and $40 million, which will be reflected in the carrier's third quarter 2024 results. This estimate from RLI is subject to change owing to the complexity of ... Read the full article
Helene private market insured losses to be up to $14bn, NFIP losses could surpass $2bn: Moody’s RMS
8th October 2024
The impacts of hurricane Helene across Florida, Georgia, the Carolinas, and parts of the Mid-Atlantic are expected to drive insurance industry losses of between $8 billion and $14 billion, while losses to the National Flood Insurance Program (NFIP) could exceed $2 billion, according to Moody’s RMS Event Response. This estimate from ... Read the full article
Reinsurance brokers warn of potentially significant impacts from hurricane Milton
7th October 2024
With maximum sustained winds of 90 mph, Milton is likely to become a major hurricane later today and is moving "erratically eastward" through the southern Gulf of Mexico, according to the National Hurricane Center (NHC), and reinsurance brokers Guy Carpenter and Howden Re have warned of potentially significant impacts from ... Read the full article
CoreLogic pegs total insured wind & flood losses from Helene at up to $17.5bn
7th October 2024
Catastrophe risk modeller CoreLogic has revised its estimate of total insured losses from Hurricane Helene to between $10.5 - $17.5 billion following the inclusion of losses covered by the National Flood Insurance Program (NFIP). According to CoreLogic, insured flood loss from the NFIP and private insurance for residential and commercial properties ... Read the full article
S&P anticipates US insurers’ earnings to take a hit from Helene
4th October 2024
Early insured loss estimates from hurricane Helene currently sit in the mid-single to low-double-digit billions of dollars, however rating agency S&P Global believes that the losses will be an earnings event, rather than a capital event, for the primary US property & casualty (P&C) insurers that the agency rates. Helene made ... Read the full article
Helene insured losses will at least be in the higher single-digit billions: Aon
4th October 2024
Insurance industry losses from all perils associated with hurricane Helene, across all affected states, will likely at least be in the higher single-digit billions of USD, with economic losses forecast to be notably higher, according to insurance and reinsurance broking group Aon. Significant financial implications will be felt by much of ... Read the full article
KCC pegs privately insured loss from hurricane Helene at close to $6.4bn
3rd October 2024
According to catastrophe risk modelling specialist, Karen Clark & Company (KCC), privately insured losses from hurricane Helene will near $6.4 billion, driven by wind, storm surge, and inland flooding across nine states. A Category 4 storm with 140 mph winds, Helene made landfall near the city of Perry in the Big ... Read the full article
Central Europe floods likely to drive insured losses of $2.8-$3.9bn: Moody’s RMS
2nd October 2024
Damages from severe flooding across Czech Republic, Austria, Poland, Slovakia, Hungary, Germany, and Italy between September 11th-19th is expected to result in insurance industry losses of between $2.8 billion (€2.5bn) and $3.9 billion (€3.5bn), according to catastrophe risk modeller, Moody’s RMS Event Response. The majority of the losses are expected to ... Read the full article
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