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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.

KCC releases $2.5bn insured loss estimate for Hurricane Florence

17th September 2018

Insured losses resulting from Hurricane Florence, which has battered North and South Carolina with strong winds and intense rainfall since making landfall on Thursday night, are expected to total just $2.5 billion, according catastrophe modeller Karen Clark & Co. (KCC). KCC’s estimate, which is based on the firm’s high-resolution U.S Hurricane ... Read the full article

Japan’s Insured loss from Typhoon Jebi as high as $5.5bn, estimates RMS

17th September 2018

Typhoon Jebi, which hit Japan earlier this month, is expected to inflict between $3 billion and $5.5 billion (¥340 to ¥620 billion) in insured losses, according to the latest estimate from catastrophe risk modeller RMS. Approximately 80% of the loss is said to have come from the Kansai region, where Jebi ... Read the full article

CoreLogic puts Hurricane Florence insured loss estimate at $3-5bn

14th September 2018

Catastrophe risk modelling specialist CoreLogic has released an updated loss estimate for Hurricane Florence, putting insured property losses for both residential and now commercial properties at between $3 billion and $5 billion. CoreLogic previously said that Florence could threaten 758,657 residential home with a reconstruction cost value (RCV) of $170.2 billion, ... Read the full article

Hurricane Florence could cause insured losses of $20bn, says RMS

11th September 2018

Insured losses from Hurricane Florence, the Category 4 storm currently bearing down on the U.S east coast, could cause insured losses of between $15 billion and $20 billion, according to catastrophe modeller Risk Management Solutions (RMS). Meanwhile, data analysis from CoreLogic shows that storm surge damage from Florence could threaten 758,657 ... Read the full article

Insured losses from Japan’s Typhoon Jebi may reach $4.5 billion: AIR Worldwide

10th September 2018

Typhoon Jebi, which made landfall in Japan on September 4, could cause industry insured losses of between JPY 257 billion (US $2.3 billion) and JPY 502 billion ($4.5 billion), according to estimates from AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics. As the equivalent of a Category 3 hurricane, ... Read the full article

Insured losses from Carr and Mendocino Complex wildfires to exceed $845mn

7th September 2018

Insured residential and commercial losses from the Carr and Mendocino Complex wildfires, which burnt through Northern California from late July through August 2018, are expected to exceed $845 million, according to the California Department of Insurance (CDI). More than 10,000 claims have been filed related to the fires, which collectively damaged ... Read the full article

H1 natural catastrophes will have “limited impact” on reinsurers: S&P

6th September 2018

Losses relating to natural catastrophe events that have occurred thus far in 2018 are likely to have only a “limited impact” on reinsurers, with primary insurers and the U.S National Flood Insurance Program (NFIP) expected to bear the majority of the costs, according to a recent report by S&P Global ... Read the full article

$125m insured losses expected from tropical storm Gordon: KCC

6th September 2018

High resolution modelling by Karen Clark & Co (KCC) estimates that the insured loss from Tropical Storm Gordon, which made landfall near the Alabama/Mississippi border on September 4 with 70 mph sustained wind speeds, will be close to $125 million. Modelled estimates include losses to residential, commercial, and industrial properties as ... Read the full article

90% of Peru’s $660mn insured El Niño losses absorbed by reinsurers

24th August 2018

Insured losses resulting from the El Niño coastal phenomenon (FEN) totalled US $660 million for the period ending June 2018, although 89.02% of this figure was absorbed by the international reinsurance markets, according to Peru’s Superintendency of Banking and Insurance (SBS). "The reports presented by Rímac Seguros, La Positiva, Mapfre Perú, ... Read the full article

Insured claims from hurricane Irma reach $10.5 billion, says Florida regulator

23rd August 2018

The Florida Office of Insurance Regulation (FOIR) has reported that insured claims from last year's hurricane Irma counted by the regulator has increased by a further 8% to almost $10.5 billion, as loss creep from the storm continues. The Florida regulator states that claims are being closed, although, according to an ... Read the full article

Hawaii braces for $8bn property damage as Hurricane Lane approaches

23rd August 2018

More than 48,000 homes are threatened with flood damage as Hurricane Lane bears down on the U.S state of Hawaii, with total reconstruction costs expected to total around $8 billion, according to catastrophe risk modelling specialist CoreLogic. While unlikely to make a direct landfall, Hurricane Lane became a strong Category 5 ... Read the full article

Insured losses from Greece’s deadly Attica fires reach €33.7mn

23rd August 2018

The Association of Insurance Companies of Greece (EAEE) has estimated that the total initial value of insurance pay-outs relating to the deadly fires which burnt through the Attica region on July 23 amounts to at least €33.7 million (US $39.1 million). More than 15 fires broke out simultaneously last month in ... Read the full article

Half of Australia’s Hobart storm claims paid as insured losses reach $100mn

21st August 2018

The Insurance Council of Australia (ICA) has announced that over half of the insurance claims relating to the flooding and storm that hit the Australian city of Hobart, Tasmania over May 10-11 have now been closed as the insurance bill nears AUD $100 million (USD $73 million). The $99.72 million figure ... Read the full article

Reinsurers likely to raise India flood rates following Kerala loss

21st August 2018

Re/insurance experts in India are expecting to see an increase in the premium charged by reinsurers for covering flood risk following the recent disaster in the Kerala region, which has caused estimated economic losses in excess of US $3 billion, according to the Indo-Asian News Service (IANS). IANS reported that ... Read the full article

AIR pegs insured property/auto damage from Japan floods at up to $4 billion

20th August 2018

Global catastrophe risk modeller, AIR Worldwide, has estimated that the intense rainfall and flooding that hit southwest Japan in June and July of 2018, claiming the lives of at least 200 people, will drive an insurance industry loss of as much as JPY 423 billion (US$4 billion). AIR Worldwide notes that ... Read the full article

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