Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Reinsurance brokers warn of potentially significant impacts from hurricane Milton
7th October 2024
With maximum sustained winds of 90 mph, Milton is likely to become a major hurricane later today and is moving "erratically eastward" through the southern Gulf of Mexico, according to the National Hurricane Center (NHC), and reinsurance brokers Guy Carpenter and Howden Re have warned of potentially significant impacts from ... Read the full article
CoreLogic pegs total insured wind & flood losses from Helene at up to $17.5bn
7th October 2024
Catastrophe risk modeller CoreLogic has revised its estimate of total insured losses from Hurricane Helene to between $10.5 - $17.5 billion following the inclusion of losses covered by the National Flood Insurance Program (NFIP). According to CoreLogic, insured flood loss from the NFIP and private insurance for residential and commercial properties ... Read the full article
S&P anticipates US insurers’ earnings to take a hit from Helene
4th October 2024
Early insured loss estimates from hurricane Helene currently sit in the mid-single to low-double-digit billions of dollars, however rating agency S&P Global believes that the losses will be an earnings event, rather than a capital event, for the primary US property & casualty (P&C) insurers that the agency rates. Helene made ... Read the full article
Helene insured losses will at least be in the higher single-digit billions: Aon
4th October 2024
Insurance industry losses from all perils associated with hurricane Helene, across all affected states, will likely at least be in the higher single-digit billions of USD, with economic losses forecast to be notably higher, according to insurance and reinsurance broking group Aon. Significant financial implications will be felt by much of ... Read the full article
KCC pegs privately insured loss from hurricane Helene at close to $6.4bn
3rd October 2024
According to catastrophe risk modelling specialist, Karen Clark & Company (KCC), privately insured losses from hurricane Helene will near $6.4 billion, driven by wind, storm surge, and inland flooding across nine states. A Category 4 storm with 140 mph winds, Helene made landfall near the city of Perry in the Big ... Read the full article
Central Europe floods likely to drive insured losses of $2.8-$3.9bn: Moody’s RMS
2nd October 2024
Damages from severe flooding across Czech Republic, Austria, Poland, Slovakia, Hungary, Germany, and Italy between September 11th-19th is expected to result in insurance industry losses of between $2.8 billion (€2.5bn) and $3.9 billion (€3.5bn), according to catastrophe risk modeller, Moody’s RMS Event Response. The majority of the losses are expected to ... Read the full article
Insured losses from Central Europe floods seen at up to $3.4bn by Verisk
1st October 2024
Global data analytics and technology provider, Verisk's Extreme Event Solutions arm has estimated that insured losses from September flooding in Czechia, Poland, and Austria will land between $2.2 billion (€2bn) and $3.4 billion (€3bn). From September 12th to 16th, severe flooding driven by an extreme amount of rain impacted large parts ... Read the full article
Moody’s puts total property damage from hurricane Helene at $15-26bn
30th September 2024
After Hurricane Helene, a Category 4 storm with 140 mph winds made landfall in Florida’s Big Bend on Thursday evening, reviving the quiet hurricane season, analysts at Moody's have placed the total property damage at between $15 billion and $26 billion, with a total cost of $20 billion to $34 ... Read the full article
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
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