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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.

California wildfires to have modest impact on year-end P&C results: Fitch

20th December 2018

While the gross property and casualty (P&C) insured loss from the California wildfires have been significant, a considerable amount is expected to have been ceded to various global reinsurance markets, reducing the net exposure of the domestic primary market, according to Fitch Ratings. Fitch maintains stable outlooks on both the U.S ... Read the full article

Assurant posts Q4 nat cat losses of up to $150m

20th December 2018

Assurant, a global provider of risk management solutions, has released a fourth quarter catastrophe loss estimate of between $110 million and $150 million. The figure, reportable in its Global Housing segment, includes an initial view of expected losses related to November’s Camp and Woolsey wildfires in California, as well as a ... Read the full article

AXIS estimates up to $150m loss from California wildfires

20th December 2018

Bermudian re/insurance group AXIS Capital has announced a preliminary, pre-tax loss estimate for the California wildfires of between $125 million and $150 million, net of estimated recoveries from reinsurance and retrocessional covers and including the approximate impact of reinstatement premiums. AXIS states that this figure is derived from the $20 billion estimated ... Read the full article

Re/insurers to cover more than half of global cat losses in 2018: Swiss Re

18th December 2018

The re/insurance industry is expected to cover more than half of the total economic costs from natural and man-made catastrophes in 2018, which are estimated to be around $155 billion, according to the latest sigma report from Swiss Re. Swiss Re predicts that global re/insured catastrophe losses will reach $79 billion ... Read the full article

Insurance payouts for extreme NZ weather events hit $226m for 2018

14th December 2018

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). The severe weather stats put 2018 as the second most expensive year for severe weather events since 1969, with 33,064 claims costing $226.4 million. It fell just ... Read the full article

Florida’s 135,000 AOB lawsuits in 2018 fuelling a re/insurance crisis

13th December 2018

Abuse of Assignment of Benefits (AOB) in Florida has fuelled an insurance crisis that is acting as a “hidden tax” on consumers and helping to increase what are already some of the highest insurance premiums in the country, according to a report by the Insurance Information Institute. According to the report ... Read the full article

California regulator’s data shows over $9bn insured wildfire loss

13th December 2018

Preliminary claims data from the California Department of Insurance reflects $9.05 billion in actual losses for commercial and residential coverage, personal and commercial vehicles, and agricultural and other coverages from November’s Camp, Woolsey and Hill wildfires. It’s important to underline the preliminary nature of this estimate and that the market is ... Read the full article

Allstate hit with $670m Camp and Woolsey wildfire losses

13th December 2018

American insurer Allstate has announced pre-tax catastrophe losses for the month of November of $685 million ($541 million, after-tax), of which $670 million ($529 million, after-tax) is attributable to California’s Camp and Woolsey wildfires and reflect the impact of reinsurance recoveries and reinstatement premiums. Allstate has said it has already provided ... Read the full article

Blue Capital Re anticipating $17mn losses from Q4 cats

12th December 2018

Blue Capital Reinsurance Holdings Ltd., the Bermuda-based reinsurer owned by Sompo International Holdings Ltd., is expecting to incur catastrophe losses of around $17.0 million in the fourth quarter of 2018, including losses related to Hurricane Michael and the California wildfires. The company explained that its Q4 catastrophe loss estimate was net of ... Read the full article

Munich Re puts 2018 insured typhoon losses at $9.5bn, Jebi at $6bn

7th December 2018

Munich Re has estimated that insured losses from typhoons in the Northwest Pacific are likely to total $9.5 billion for 2018, of which $6 billion is attributable to Typhoon Jebi, which made landfall in Japan on September 4. The loss estimate for Jebi is substantially higher than figures provided by the ... Read the full article

Horace Mann anticipating $39mn hit from Camp Wildfire

7th December 2018

Horace Mann Educators Corporation, an insurance and retirement solutions company for U.S educators and school employees, has estimated that it will incur losses of between $38 million and $39 million (pre-tax) from the recent Camp Wildfire in California. The company said its estimate was net of anticipated reinsurance recoverables offset by ... Read the full article

AIR Worldwide puts insured Camp Wildfire losses at up to $9 billion

6th December 2018

Catastrophe risk modelling firm AIR Worldwide has estimated that insured losses from the Camp Wildfire, which burnt through California’s Butte County last month, will be in the range of $6 billion to $9 billion. The Camp Wildfire became the deadliest and most destructive wildfire in California’s history after devastating the town ... Read the full article

Beazley expects $40m wildfire hit, net of reinsurance

6th December 2018

Beazley, the specialist re/insurer with a focus on Lloyd's, has announced an estimate of its potential losses from the recent California wildfires, putting them at $40 million, after accounting for reinsurance. The wildfires are set to hit specialty underwriters like Beazley hard, given they could have exposure across a number of ... Read the full article

AIG’s aggregate reinsurance at risk on up to $800m Q4 cat loss

5th December 2018

Global insurer and reinsurer American International Group (AIG) has announced estimated catastrophe losses of between $750 million and $800 million for the fourth-quarter of 2018, according to the company's Chief Executive Officer (CEO), Brian Duperreault. Speaking at the Goldman Sachs U.S. Financial Services Conference held recently in New York, insurance and ... Read the full article

Munich Re estimates insured Michael losses at $10bn, Florence at $4bn

5th December 2018

Hurricanes Michael and Florence, which battered the east coast of the U.S earlier this year, are likely to have caused insured losses of $10 billion and $4 billion, respectively, according to new estimates from reinsurance giant Munich Re. Insured losses from Hurricane Michael represent 60% of a total economic loss of ... Read the full article

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