Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
Chubb expects pre-tax losses of up to $300m from hurricane Milton
4th November 2024
Global property and casualty insurer Chubb has disclosed losses of approximately $250-300 million pre-tax and $208-250 million after-tax, net of reinsurance and including reinstatement premium, in its Q4 2024 results stemming from Hurricane Milton. Chubb confirmed that these estimates include losses from its commercial and personal, property and casualty insurance businesses, ... Read the full article
Re/insurers well placed to absorb Helene & Milton losses of up to $54bn: Aon
30th October 2024
Global insurance and reinsurance broking group Aon feels that "healthy" and "well-capitalized" insurance and reinsurance markets are positioned to absorb industry losses of between $34 billion and $54 billion from hurricanes Helene and Milton. While the impacts of hurricanes Helene and Milton in Florida and beyond will likely be a challenge ... Read the full article
Universal Insurance expects up to $900m in losses from recent US hurricanes
29th October 2024
Universal Insurance Holdings expects to see a gross loss of up to $900 million related to the three devastating hurricanes that have recently impacted the United States, the insurer has stated. Chief Executive Officer Stephen J. Donaghy, said: “As we look at the three hurricanes now, between Debbie, Helene and Milton, ... Read the full article
9M’24 insured natural catastrophe losses above average at $102bn: Aon
28th October 2024
Global broking group Aon estimates insurance industry losses from natural catastrophe events in the first nine months of 2024 of at least $102 billion, with the impacts of hurricane Milton and additional events expected in the rest of the year poised to push annual insured losses above the $125 billion ... Read the full article
Liberty Mutual estimates combined Helene and Milton losses of up to $900m
28th October 2024
The parent of the Liberty Mutual Insurance group of entities, Liberty Mutual Holding Company, Inc., has revealed that it expects losses related to hurricane Helene of approximately $550 million (pre-tax) in its third quarter results, and losses of between $250 million and $350 million for hurricane Milton, which are still ... Read the full article
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