Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Expect private insurance market losses from Helene in the mid-to-high single-digit billions: Bowen, Gallagher Re
30th September 2024
Following hurricane Helene's landfall last week as a Cat 4 storm on the Big Bend area of Florida, Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re, has said that economic losses will be well above $10 billion and that the impact to the private insurance market is expected ... Read the full article
CoreLogic pegs hurricane Helene insured wind and storm surge losses at up to $5bn
30th September 2024
Insurance industry wind and storm surge losses from the impacts of hurricane Helene, the most powerful storm to hit the Big Bind region of Florida, have been estimated at between $3 billion and $5 billion by catastrophe risk modeller, CoreLogic. Hurricane Helene made landfall in the Big Bend region of Florida ... Read the full article
Aon estimates €1.65bn market loss from September Central Europe flooding
27th September 2024
Broking group Aon has revealed a market loss estimate for the Central Europe Flooding in September 2024, caused by Storm Boris, of €1.65 billion. According to the firm's Event Response report, the deadly flooding resulted from an extreme amount of rain that fell over a large area of the region from ... Read the full article
Hurricane Helene makes Florida landfall as Cat 4 storm with 140 mph winds
27th September 2024
Hurricane Helene made landfall in the Big Bend region of Florida shortly after 11pm local time on Thursday night as a powerful Category 4 storm, with maximum sustained winds of 140 mph Helene is the strongest storm to make landfall along the Big Bend coast since 1851. Helene, the fourth US ... Read the full article
Insurers could see limited impact from CE floods on P&C 2024 underwriting results: S&P
26th September 2024
The impact of the floods resulting from Storm Boris in Central Europe on rated insurers' property and casualty (P&C) underwriting performance will be manageable, S&P analysts expect. A slow-moving storm caused days of intense rainfall and severe flooding across Czechia, Poland, Austria, and Romania over the second week of September. Given the ... Read the full article
IBC urges gov action as summer weather events in Canada drive insured losses of CAD 7bn+
25th September 2024
Citing initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), which place the combined insured loss of four catastrophe weather events this summer in Canada at more than CAD 7 billion, the Insurance Bureau of Canada (IBC) has called on governments to collaborate on reducing disaster risk. In just July and ... Read the full article
Guy Carpenter pegs insured loss from Central Europe floods at up to €2.1bn
25th September 2024
Modern infrastructure, dams, and flood barriers significantly mitigated the impact of the 2024 flooding across Central and Eastern Europe, according to reinsurance broker Guy Carpenter, who has estimated an insured loss between €1.6 billion and €2.1 billion from the event. A slow-moving storm caused days of intense rainfall and flooding across ... Read the full article
Central Europe floods expected to drive billions of EUR in total losses, says Aon
20th September 2024
The recent severe flooding that impacted Central Europe as a result of continuous rain from September 12-16 is expected to become one of the costliest events on record for the region, with billions of EUR in total losses, according to global re/insurance broking group Aon. Data disclosed by insurers and associations ... Read the full article
Allstate August cat load takes YTD losses to $3.67bn
19th September 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $272 million ($215 million after-tax) for the month of August, taking total catastrophe losses for August year-to-date to $3.67 billion ($2.90 billion, after-tax). Catastrophe losses for August include 15 events resulting in an estimated $306 million in losses. A significant ... Read the full article
Central Europe floods could cost up to $3.3bn in insured losses: Gallagher Re
18th September 2024
Global reinsurance broker Gallagher Re estimates that the insured losses from the severe floods in central Europe, which occurred mainly from September 12-15, are likely to range between EUR 2.0 to 3.0 billion (USD 2.2 to 3.3 billion). A slow-moving low-pressure system caused continuous rainfall across central Europe, leading to severe ... Read the full article
US private market insured losses from Francine to be under $2bn: Moody’s RMS
18th September 2024
Moody’s RMS Event Response has disclosed an estimate for US private market insured losses from Hurricane Francine, which made landfall in Terrebonne Parish, Louisiana, on September 11th, 2024, of less than $2 billion. This estimate includes onshore insured losses driven by wind, storm surge, and precipitation-induced flooding, and insured offshore energy ... Read the full article
P&C insurers to retain majority of losses from Hurricane Francine: Moody’s
17th September 2024
According to a recent Moody’s Ratings report, property and casualty (P&C) insurers are expected to absorb most of the losses from Hurricane Francine, which made landfall in Terrebonne Parish, Louisiana, on September 11, 2024. Hurricane Francine, a Category 2 storm with winds reaching 100 miles per hour, caused significant damage with ... Read the full article
KCC estimates Hurricane Francine privately insured loss at close to $1.5bn
16th September 2024
Privately insured losses from Hurricane Francine have been initially estimated as close to $1.5 billion, according to catastrophe risk modelling specialist Karen Clark & Company (KCC). Hurricane Francine, a Category 2 storm with sustained maximum winds of 100 miles per hour, made landfall near Terrebonne Parish, Louisiana on September 7th. Based on ... Read the full article
Reinsurers likely to absorb majority of Typhoon Yagi losses in Vietnam: AM Best
13th September 2024
According to AM Best, domestic and international reinsurers will bear the bulk of losses caused by Typhoon Yagi on Vietnam insurance companies, which can further result in reinsurers’ appetite for regional catastrophe risks being tested at the upcoming reinsurance renewals. Typhoon Yagi, which has been called Asia’s most powerful storm this ... Read the full article
Hurricane Francine to have minor impact on reinsurers, seen as very manageable for P&C space: RBC
13th September 2024
Analysts at RBC Capital Markets expect Hurricane Francine to be a highly manageable loss event for the P&C insurance industry, most likely in the very low billions, with a minimal impact to reinsurers. On September 11th, Francine made landfall in southern Louisiana, the parish of Terrebonne as a Category 2 storm ... Read the full article
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