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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.

CoreLogic raises top-end of Hurricane Michael loss estimate to $5bn

15th October 2018

Catastrophe risk modelling firm CoreLogic has raised its insured loss estimate for Hurricane Michael to between $3 billion and $5 billion. The modelling firm had stated last week that it expected between $2 billion and $4.5 billion insured losses from Michael. According to the new data analysis, wind losses for residential ... Read the full article

Re/insurer’s IFS ratings unlikely to face adverse impacts from Michael: Fitch

12th October 2018

While hurricane Michael will add to the insured catastrophe losses accumulated thus far this year and push 2018 closer to a more normal catastrophe loss year, re/insurer's individual Insurer Financial Strength (IFS) ratings are unlikely to face adverse impacts, according to Fitch. Fitch believes the property/casualty re/industry is well positioned to absorb ... Read the full article

Outdated Florida building codes to inflate Michael losses, says AIR

12th October 2018

Property damage caused by Hurricane Michael, which made landfall in Florida as a high-end Category 4 storm on Wednesday, is likely to be exacerbated by the older building stock in the Panhandle region, according to AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics. AIR noted that the majority ... Read the full article

$8bn insured losses from hurricane Michael, KCC estimates

12th October 2018

Insured losses resulting from Hurricane Michael, which tore into the Florida Panhandle with high-end category four wind speeds on Wednesday, are estimated to reach $8 billion, according to catastrophe modeller Karen Clark & Co. This figure is almost double that of CoreLogic’s $4.5 estimate released yesterday and includes the privately insured ... Read the full article

Michael’s insured losses won’t be overly disruptive: Analysts

11th October 2018

Ex-hurricane Michael's potential impact on re/insurers has been further downplayed as analysts at Keefe Bruyette & Woods echo Willis Towers Watson's statement that the well-capitalised market is in a strong position to absorb losses. Despite KBW suspecting that CoreLogic’s initial $2 billion to $4.5 billion loss estimate will prove somewhat ... Read the full article

Hurricane Michael will be absorbed by ‘well-capitalised’ market: WTW

11th October 2018

Global re/insurance broker Willis Towers Watson has stated that the company is closely monitoring hurricane Michael as it continues to tear through the southeastern United States. However, it says that, even if Michael were to reach the $20 billion range in losses, the abundance of capital in the insurance industry would ... Read the full article

CoreLogic puts insured Hurricane Michael losses at up to $4.5bn

11th October 2018

Re/insured losses from Hurricane Michael, which struck the Florida Panhandle coast as a Category 4 storm yesterday, are expected to be in the range of $2 billion to $4.5 billion, according to initial estimates from catastrophe risk modelling firm CoreLogic. CoreLogic’s estimate includes re/insured damages for wind and storm surge, and ... Read the full article

Global protection gap exposed by September’s nat cat losses: Aon

11th October 2018

The natural catastrophes that unfolded throughout September are expected to inflict tens of billions in economic losses and, according to a report by Aon, highlight the prevalence of global under-insurance. The report reveals that the U.S endured two tropical cyclone landfalls during the month - Tropical Storm Gordon and the costlier ... Read the full article

Hurricane Michael strengthens to Cat 4 with 150 mph winds

10th October 2018

Hurricane Michael has now strengthened to a Category 4 storm with maximum sustained winds of 150 mph and higher gusts, forecast to make landfall in Florida on Wednesday, according to the latest data from the National Hurricane Center (NHC). The storm has strengthened today over the warm Gulf of Mexico waters, ... Read the full article

Chubb’s third quarter nat cat losses total $450mn

10th October 2018

Global insurance and reinsurance firm Chubb has revealed its preliminary estimates for net losses attributable to natural catastrophes in the third quarter of 2018, which totalled $450 million pre-tax, or $372 million after tax. Chubb said that the losses are attributable to more than 20 separate global weather events, including Hurricane ... Read the full article

Hurricane Michael’s speed implies greater reinsurance exposure: Analysts

10th October 2018

With hurricane Michael expected to make landfall in Florida as a Category 4 storm early Wednesday afternoon, Keefe, Bruyette & Woods (KBW) analysts are most concerned about reinsurers owing to the Florida property market's heavy use of reinsurance protection. The storm has strengthened today over the warm Gulf of Mexico waters, ... Read the full article

Hurricane Kirk rainfall triggers $5.8m Barbados payout from CCRIF

10th October 2018

CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, has announced that Barbados is to receive a $5.8 million payout due to heavy rainfall that occurred during the passage of Tropical Storm Kirk. The payout is CCRIF’s first of the 2018/19 policy year and brings the total ... Read the full article

Hurricane Michael’s current forecast closest to 1975’s Eloise: RMS

9th October 2018

As hurricane Michael tracks towards the Florida Panhandle area of the Gulf Coast as a major storm, analysis by catastrophe risk modeller RMS reveals that in almost 70 years, just two hurricanes have made landfall within the current 'cone of uncertainty' with category 2+ strength. RMS notes that over the last ... Read the full article

Hurricane Michael storm surge threatens 57,000 homes, says CoreLogic

9th October 2018

Storm surge from Hurricane Michael, which is projected to make landfall in Florida as a Category 3 storm this week, threatens up to 57,000 homes in the state, according to early estimates from catastrophe risk modelling firm CoreLogic. Although CoreLogic has not provided an estimate for insured or reinsured losses, ... Read the full article

Lancashire expects negative Q3 RoE on marine and nat cat losses

8th October 2018

Specialty re/insurer Lancashire Holdings has announced an aggregate net loss from exposure to events within its marine portfolio of approximately $30 million. In addition, the company has suffered an accumulation of attritional losses as a result of exposures to a number of recent natural catastrophe events - including hurricane Florence, and ... Read the full article

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