Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Losses from Milton to possibly reach third layer of Heritage’s reinsurance tower
23rd October 2024
Heritage Insurance, a super-regional P&C insurance holding company, expects gross losses from Hurricane Milton to breach the third layer of its reinsurance tower. Milton is expected to incur Heritage approximately $57 million of net current accident quarter catastrophe losses for Q4 2024. Ernie Garateix, Heritage CEO, commented, "Overall, we are in a ... Read the full article
CNA Financial estimates net cat losses of $143m in Q3’24
22nd October 2024
Chicago-domiciled insurer, CNA Financial Corporation expects to report pretax net catastrophe losses of $143 million for Q3 2024 in its results. Approximately 75% of the catastrophe losses are associated with four larger events, including $55 million from Hurricane Helene, noted the insurer. The remaining approximately $35 million of losses is spread across ... Read the full article
ICA says 2022 floods caused $7.7bn in incurred losses as it welcomes gov recommendations
18th October 2024
Andrew Hall, Chief Executive Officer of The Insurance Council of Australia (ICA), disclosed that four unprecedented flood events across 2022 saw more than 305,000 claims and $7.7 billion in incurred losses, including $6.3 billion from just one event. The ICA welcomed the House of Representatives Standing Committee on Economics’ report following ... Read the full article
Travelers estimates up to $175m in hurricane Milton losses
18th October 2024
Between $75 and $175 million of Hurricane Milton-related pre-tax losses, net of reinsurance, are estimated to impact Travelers' future natural catastrophe losses, the US insurer revealed following the announcement of its financial results for the third quarter of 2024. These figures did not impact Travelers Q3 results and are preliminary estimates ... Read the full article
CoreLogic pegs insured wind and flood losses from hurricane Milton at up to $28bn
18th October 2024
According to initial data analysis by catastrophe risk modeller, CoreLogic, industry-wide insured wind and flood losses from hurricane Milton are estimated at between $17 billion and $28 billion. The total damage from Milton, including losses to uninsured property, will be between $21 billion and $34 billion, and CoreLogic’s assessment reveals that ... Read the full article
Hurricane Milton private market insured loss seen at $22bn to $36bn by Moody’s RMS
17th October 2024
Moody’s RMS Event Response has estimated that total private insurance industry losses from hurricane Milton will fall between $22 billion and $36 billion, as the firm trims its combined Helene and Milton insured loss range to $30 billion to $50 billion. For just hurricane Milton, the fifth hurricane to make landfall ... Read the full article
HCI expects to pay up to $750m to policyholders from hurricanes Debby, Helene & Milton
17th October 2024
Insurer HCI Group expects to pay between $600 million and $750 million to policyholders across all three events, with net retained losses for the company far lower at around $185 million as a result of its comprehensive reinsurance arrangements. The property and casualty insurer has provided an update on the hurricane ... Read the full article
Insured nat cat losses reach $108bn in first 9 months of 2024: Gallagher Re
16th October 2024
In the first 9 months of 2024, losses covered by the private insurance market or public insurance entities totalled at least $108 billion, 5% higher than the decadal average of $102 billion, driven by a higher frequency of low/mid-size events, especially in parts of the world with higher coverage, a ... Read the full article
Verisk estimates Milton’s insured losses to range between $30bn – $50bn
16th October 2024
According to the Extreme Event Solutions group at Verisk, insured industry losses to onshore property for Hurricane Milton will range between $30 billion and $50 billion. The firm explained that this estimate includes losses due to wind, privately insured estimates of storm surge, and privately insured precipitation induced flood losses resulting ... Read the full article
Hurricane Milton privately insured loss estimated close to $36bn: KCC
15th October 2024
Karen Clark & Company (KCC) has estimated that the privately insured loss from Hurricane Milton will be close to $36 billion in the US from wind, storm surge, and inland flooding. This estimate, based on the high-resolution KCC US Hurricane Reference Model, includes the privately insured damage to residential, commercial, and ... Read the full article
Helene & Milton combined insured loss seen at up to $55bn by Moody’s RMS Event Response
14th October 2024
Catastrophe risk modeller Moody’s RMS Event Response expects private market insurance industry losses in the US from hurricanes Helene and Milton to fall between $35 billion and $55 billion, although warns of complexities and uncertainties surrounding loss estimates given the overlapping regions affected by the two storms. Helene and Milton, the ... Read the full article
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
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