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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.

Lloyd’s syndicates hit by further loss creep

17th August 2018

Data from the specialist Lloyd's of London insurance and reinsurance marketplace, reveals that the most recent syndicate projections for the 2017 year of account (YoA) includes further loss deterioration in Q2, at the mid-point. According to the data, which details Lloyd's syndicates' capacity for the 2017 YoA and both the best ... Read the full article

U.S economic hail losses to exceed $10bn for 11th year, say experts

17th August 2018

2018 is looking likely to become the 11th year in a row that U.S economic losses from hail have exceeded $10 billion, a figure set to increase as population growth drives up potential for property and infrastructure damage. Furthermore, in all decades since 1960, except for 2000 - 2009, insured losses ... Read the full article

Combined Irma loss creep exceeds $1bn for Floridian insurers

16th August 2018

The devastation caused by hurricane Irma continues to impact Floridian insurance companies, with a number of market players increasing their loss reserves as creep from the storm continues. Recorded as the strongest storm to exist in the open Atlantic region, hurricane Irma devastated parts of South U.S., especially Florida, as well ... Read the full article

Allstate’s YTD catastrophe loss bill falls by 22%

16th August 2018

The Allstate Corporation (Allstate) has announced estimated catastrophe losses for the month of July of $262 million, pre-tax ($207 million after-tax), driven primarily by two severe hail events and the Carr wildfire in Northern California. 15 events in July, 2018 saw catastrophe losses alone contributed $220 million, pre-tax, of the overall ... Read the full article

Nat cats drive losses in 2018 but totals down significantly: Swiss Re

16th August 2018

Global economic losses from catastrophes in the first-half of 2018 declined to $36 billion, year-on-year, with $20 billion, or 56% being covered by re/insurance, according to reinsurance giant Swiss Re's preliminary sigma estimates. The $36 billion economic loss total represents a decline of 44% from the $64 billion recorded by Swiss ... Read the full article

Tokio Marine expects July flooding in Japan to drive $452mn of losses

10th August 2018

Tokio Marine & Nichido Fire, a subsidiary of Tokio Marine Holdings, has announced that it expects to incur losses from the heavy rainfall that impacted Japan in July, 2018 of approximately 50 billion yen (US$451.9 million). Southwest Japan was hit by intense rainfall and subsequent flooding in the month of July, which caused ... Read the full article

Drought and wildfires drive global catastrophe losses in July: Impact Forecasting

10th August 2018

Global insured catastrophe losses in July were primarily driven by severe droughts and heatwaves across Northern Europe, as well as major wildfires that caused extensive damage and loss of life in Northern California and Greece, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s report estimated that ongoing drought in ... Read the full article

Mendocino wildfire is largest in California’s history, set to burn until September

9th August 2018

The Mendocino Complex fire has now burnt through 302,086 acres of northern California, making it the largest wildfire in the state’s history, and it is set to continue to burn through the month into early September, according to officials. Firefighters had originally hoped to have the blaze extinguished by mid-August, but ... Read the full article

MS&AD incurs $600mn loss from Japan’s July floods

9th August 2018

Japanese insurer MS&AD has incurred expected gross losses of 66 billion yen (US $594.3 million) following Japan’s historic flooding in July 2018, which caused widespread property damage across the southwest of the country and left 225 people dead. MS&AD said that the loss estimate, which was calculated on information available ... Read the full article

Insured losses from Oman’s Cyclone Mekunu reach $281mn

8th August 2018

New data from Oman’s Capital Market Authority (CMA) shows that insured losses from Cyclone Mekunu, which hit the country in May 2018, have reached OMR 108 million (USD 281 million), according to the Times of Oman. Cyclone Mekunu was the most intense tropical cyclone to make landfall in the Arabian Peninsula ... Read the full article

1,734 structures destroyed as Carr and Mendocino wildfires burn through California

6th August 2018

1,734 structures have now been destroyed by the Carr and Mendocino Complex wildfires in California, which have collectively burned through 427,031 acres of the state and continue to spread despite containment efforts. An additional 304 structures have also been damaged and 10,529 remain threatened by what are considered to be two ... Read the full article

ICNZ raise Canterbury Earthquakes tribunal concerns as losses rise to $22.3bn

3rd August 2018

The Insurance Council of New Zealand (ICNZ) has raised concerns regarding a Parliamentary Bill that proposes to establish a Tribunal for claims relating to the 2010-2011 Canterbury Earthquakes, as total insured losses for the event are now projected to creep up to AUD $22.3 billion (USD $16.4 billion). While the vast ... Read the full article

California’s Carr wildfire continues property destruction as containment grows

31st July 2018

The Carr wildfire has burned through 110,154 acres of Shasta County in Northern California and destroyed or damaged almost 1,500 buildings at the latest estimate, even as containment efforts by authorities gain traction. The fire is now 27% contained and the number of structures under threat has almost halved since ... Read the full article

California’s Carr wildfire continues to spread, marking worst season in decade

30th July 2018

The Carr wildfire, which hit Shasta county in Northern California last week, has claimed at least six lives and destroyed or damaged more than 1,000 structures, and continues to spread despite efforts to contain the blaze. The fire more than doubled in size over the weekend, driven by strong winds and ... Read the full article

RenRe reports significant decline in 2017 loss estimates, boosts net income

26th July 2018

Bermudian reinsurer RenaissanceRe Holdings Ltd (RenRe) reported better than expected results for the second-quarter of 2018, driven by a substantial drop in its estimated losses from 2017 catastrophe events. The reinsurer has announced a decrease in net claims and claims expenses incurred of $128.6 million, which, after factoring in assumed reinstatement ... Read the full article

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