Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Insurers incurred $2.19bn in claims from extreme weather in 2023-24: ICA
27th August 2024
Insurance Council of Australia’s “Insurance Catastrophe Resilience Report 2023-24”, disclosed that insurers incurred AUD 2.19 billion in claims from declared extreme weather events this year, in line with the previous 12 months. In monetary terms, over the last 30 years insurers paid an average of AUD 2.1 billion per year to ... Read the full article
Intact’s Q3 catastrophe losses already at $1.1bn
23rd August 2024
Intact Financial Corporation, a Canadian property and casualty insurer, has estimated total catastrophe losses quarter-to-date of approximately $1.1 billion, pre-tax and net of reinsurance, well above expectations for a third quarter. The insurer says that it is helping thousands of clients get back on track after suffering significant damages from four ... Read the full article
Toronto/Ontario flash flooding drives $940m in insured damage: CatIQ
20th August 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the flash flooding in Toronto and other parts of southern Ontario between July 15-16, 2024, is estimated to have caused over $940 million in insured damage. Amanda Dean, Vice-President, Ontario and Atlantic, Insurance Bureau of Canada (IBC), commented, “The insurance ... Read the full article
Suncorp reveals reinsurance recoveries of $135m, lifts natural hazard allowance for FY25
19th August 2024
Australian insurer Suncorp recorded AUD 135 million of reinsurance recoveries for the financial year ended June 30th, 2024, as the total cost of natural hazard events in the period came in below the Group's allowance. Announcing its financial year results today, Suncorp Chief Executive Officer (CEO) Steve Johnston revealed that ... Read the full article
Allstate pegs Beryl losses at $226m, total catastrophe losses for July at $587m
15th August 2024
Large US primary insurer Allstate has disclosed total catastrophe losses for the month of July of $587 million, which includes an initial loss estimate of $226 million for Hurricane Beryl. Allstate's catastrophe losses for July include 20 events estimated at $542 million, pre-tax or $428 million, after tax, which suggests some ... Read the full article
KCC estimates privately insured loss from Debby in the US will near $1.4bn
15th August 2024
Privately insured losses in the US from Hurricane Debby, the fourth named storm of the 2024 North Atlantic hurricane season and the third hurricane in the past decade to make landfall in Florida’s Big Bend region, will be close to $1.4 billion, according to catastrophe risk modeller, Karen Clark & ... Read the full article
Moody’s RMS puts Hurricane Debby US private market insured loss at less than $1.5bn
15th August 2024
The U.S. private market insurance industry loss from Hurricane Debby is not expected to exceed $1.5 billion, while losses to the National Flood Insurance Program (NFIP) from the event will be less than $300 million, according to Moody’s RMS Event Response. Hurricane Debby was the fourth named storm of the 2024 ... Read the full article
Reinsurers could cover around 4/5th’s of losses related to Hurricane Beryl in the Caribbean
14th August 2024
Reinsurers are expected to cover around four-fifths of the loss in insured property damage caused by Hurricane Beryl in the Caribbean, which is estimated US$500-million, according to Ian Chinapo, Head of Guardian Holdings Limited (GHL), a local insurer. On July 1, Hurricane Beryl made landfall on the island of Carriacou in ... Read the full article
Hurricane Debby’s wind & flood losses to be manageable at $1-2bn: Gallagher Re
9th August 2024
As per a new report from Gallagher Re, Hurricane Debby will remain a "very manageable" event for the re/insurance industry, with combined wind and water-related insured losses from the private insurance market and National Flood Insurance Program (NFIP) likely to fall in the range of $1-2 billion. Debby first made landfall ... Read the full article
Severe convective storms drive 70% of $60bn insured losses in H1: Swiss Re
7th August 2024
According to a new report from Swiss Re, global insured losses from natural catastrophes have reached $60 billion in H1 of 2024, with severe thunderstorms, mainly in the US, accounting for 70% of the total figure. At $60 billion, global insured losses from natural catastrophes in H1 of 2024 are reportedly ... Read the full article
PERILS issues final insured loss estimate for Turkey earthquakes of $6.2bn
6th August 2024
Zurich-based catastrophe insurance data provider, PERILS AG, has released its final insured property market loss estimate for the Kahramanmaras Earthquake Sequence of TRY 116.9 billion, approximately USD 6.2 billion at February 2023 exchange rates. This new loss figure compares to the previous PERILS estimates of TRY 117.0 billion (USD 6.2bn) ... Read the full article
US & Canada wildfire insured losses rising amid increased activity: Aon
2nd August 2024
Insured losses from wildfires are mounting due to increased activity in Canada and the US, with 574 active fires in Canada and 95 in the US as of August 1, according to Aon’s weekly catastrophe report. In Canada, the wildfire in Jasper National Park, Alberta, has had the most significant impact. ... Read the full article
CrowdStrike event insured loss to fall between $300m & $1bn: Guy Carpenter
2nd August 2024
Insured losses from the CrowdStrike-linked global IT outage will fall between $300 million and $1 billion, as per a new report from Guy Carpenter. For those unaware, On July 19, CrowdStrike, a leading cybersecurity technology provider, released a "Rapid Response Content" update to its EDR tool named Falcon, sitting on Microsoft ... Read the full article
H1 global insured nat cat losses 68% higher than ten-year average: Munich Re
31st July 2024
A new report from Munich Re has revealed that global insured losses from natural disasters in H1 of 2024 stood at $62 billion, 68% higher than the ten-year average of $37 billion and slightly up on last year. The reinsurer's report additionally observed that global losses in H1 of 2024 were ... Read the full article
Poll predicts CrowdStrike IT outage losses could exceed $1bn for re/insurance industry
30th July 2024
The majority of respondents to a recent Reinsurance News poll believe the total re/insurance industry loss from the CrowdStrike-linked IT outage will surpass $1 billion, with 38% of voters anticipating that losses could exceed $1.5 billion. According to our poll, which compiled votes from a range of individuals within the re/insurance ... Read the full article
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