Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Events like the CrowdStrike IT outage “are unlikely to reach catastrophic levels”: Coalition’s Motta
26th July 2024
$0.96 billion industry-wide loss experienced by US cyber insurance policyholders impacted by the CrowdStrike IT outage has been forecasted by cyber insurance provider Coalition, a low figure compared to the losses of natural catastrophe events that routinely impact the insurance industry. The IT outage took place on July 19, caused by ... Read the full article
CrowdStrike event to cost cyber insurers up to $1.5bn: CyberCube
25th July 2024
Preliminary insured losses from the CrowdStrike IT outage for the standalone cyber insurance market are anticipated to fall between $400 million and $1.5 billion, according to CyberCube, a specialist modelling firm for cyber risks and exposures. For those unaware, the outage was caused by the security company CrowdStrike, which sent out ... Read the full article
Carriers exposed to large enterprises most likely to face losses from IT outage: Parametrix CEO
24th July 2024
Insurance carriers that have greater exposure to large enterprises are more likely to face the brunt of the losses stemming from the CrowdStrike linked IT outage, says Parametrix Insurance CEO, Jonathan Hatzor. According to the organisation, the event is expected to withdraw an insured loss range of $540 million to ... Read the full article
CrowdStrike outage insured losses to range from $540m to $1.08bn, says Parametrix
24th July 2024
The CrowdStrike linked IT global outage is estimated to have an insured loss range of $540 million to $1.08 billion, according to Parametrix, a provider of cloud monitoring, modeling, and insurance services. For those who need a reminder, the outage, which took place on July 19, was caused by a security ... Read the full article
19 individual billion-dollar insured cat loss events in H1’24: Gallagher Re
19th July 2024
According to reinsurance broker Gallagher Re, there were at least 19 individual billion-dollar insured natural catastrophe loss events in the first half of 2024, making it the second-highest H1 total on record, behind the 20 events seen in 2023 and 2022. Of the 19 events, 12 resulted in a multi-billion dollar ... Read the full article
Verisk estimates US insured losses from Beryl to range between $2-3bn
19th July 2024
Verisk's Extreme Event Solutions group has estimated that industry insured losses to onshore property from wind in the US for Hurricane Beryl will range between $2 billion and $3 billion. For those who need refreshing, Beryl began as a tropical depression over the central tropical Atlantic on June 28, organising into ... Read the full article
The Hanover expects $157.1m of catastrophe losses for Q2’24
19th July 2024
Property and casualty insurance holding company, The Hanover Insurance Group, Inc., has preliminary estimated pre-tax catastrophe losses of $157.1 million, or 10.7 points of net earned premium for the second quarter of 2024. The insurer has stated that the losses were primarily driven by severe convective storm activity and mostly impacted ... Read the full article
Aon estimates H1’24 insured catastrophe losses of at least $58bn
19th July 2024
Total economic losses from natural catastrophe events reached $117 billion in the first half of 2024, of which at least $58 billion, or approximately 50% was covered by insurance, resulting in one of the lowest H1 protection gaps on record, according to insurance and reinsurance broking group Aon. The broker's first ... Read the full article
European & London market re/insurers very well placed for an active hurricane season: BofA
19th July 2024
As hurricane forecasters anticipate an active 2024 hurricane season, analysts at BofA Securities have said that European and London market re/insurers are very well placed to deal with the potential fallout. While the majority of Atlantic hurricane activity typically occurs between mid-August and mid-October, insurers and reinsurers were put on high ... Read the full article
PERILS places insured losses from southern Germany floods at €1.6bn
18th July 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed an initial industry loss estimate of €1.568 billion (USD 1.74 billion) for the floods in southern Germany from 31st May to 6th June 2024. The estimate provided by PERILS is based on loss data collected from affected insurers, and in line with its ... Read the full article
Poll suggests AI threats will drive the biggest cyber losses for re/insurers
17th July 2024
A recent poll from Reinsurance News suggests that AI-powered threats will drive the biggest losses across the cyber re/insurance market over the next two years. Hundreds of people from across the insurance and reinsurance industry responded to the poll. Of this, nearly half of respondents (45%) said that they expect AI-powered threats ... Read the full article
Assurant expects $46m cat loss for Global Housing segment in Q2
17th July 2024
Assurant has revealed that it expects its Global Housing segment to record approximately $46 million pre-tax, or $36 million after-tax, of reportable catastrophes for Q2 of 2024. As per the firm, no single event is anticipated to exceed $15 million in pre-tax losses in Q2. Assurant explained that reportable catastrophe losses were ... Read the full article
US SCS activity drives $61bn insured nat cat total for H1’24: Gallagher Re
17th July 2024
Global insurance and reinsurance industry losses from natural catastrophes in the first half of 2024 reached at least $61 billion, coming in 25% higher than the first half decadal average on the back of the second costliest H1 on record for the US severe convective storm (SCS) peril, according to ... Read the full article
Hurricane Beryl US insured losses to fall between $2.5bn & $4.5bn: Moody’s RMS
16th July 2024
Moody’s RMS Event Response has estimated that U.S. insured losses from Hurricane Beryl will likely fall between $2.5 billion and $4.5 billion, encompassing damage from wind, storm surge, and precipitation-induced flooding. At the same time, according to the firm, losses to the National Flood Insurance Program (NFIP) from this event are ... Read the full article
Japan’s life insurance sector revives while China faces yield challenges: Swiss Re
15th July 2024
Japan's life insurance industry is seeing a resurgence as the economy overcomes its "lost decades," according to a recent report by global reinsurer Swiss Re. In contrast, China's life insurers are now dealing with the same "negative spread" problem. Since 2020, investment yields in China's life insurance sector have fallen by ... Read the full article
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