Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Louisiana insurers pay out more than $23bn after 2020 & 2021 hurricane seasons: Triple-I
29th March 2023
According to a recent Issues Brief released by the Insurance Information Institute (Triple-I), Louisiana’s insurers paid out more than $23 billion after both the 2020 and 2021 hurricane seasons, driving a number of them into insolvency. Triple-I stated that twelve insurers that write homeowners coverage in Louisiana were declared insolvent between ... Read the full article
Turkish Catastrophe Insurance Pool pays $340.4mn to earthquake victims
29th March 2023
The Turkish Catastrophe Insurance Pool (TCIP) has paid $340.36 million (TRY 6.5 billion) in claim payments so far for the victims related to the recent earthquakes that struck Turkey last month. On February 6, 2023, a powerful Mw 7.8 magnitude earthquake struck south-central Turkey near the Syrian border. The quake produced ... Read the full article
Cyclone Gabrielle claims reach $890m: ICNZ
24th March 2023
Cyclone Gabrielle, which impacted parts of New Zealand last month, has generated around 40,000 claims so far worth a collective $890 million, according to the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ). Provisional general insurance claims data for Gabrielle released by ICNZ shows that about $70 million ... Read the full article
Swiss Re estimates 2022 insured cat losses at $132bn
22nd March 2023
Global reinsurer Swiss Re has estimated that total insured losses from both natural and man-made catastrophes amounted to $132 billion last year, with economic losses thought to be more than double this figure at $284 billion. The insured total consists of $125 billion of losses from natural disasters and $7 billion ... Read the full article
Turkey earthquakes insured loss pegged at $3.5bn by PERILS
21st March 2023
Zurich-based catastrophe insurance data provider PERILS has released its first estimate of industry loss from the recent Kahramanmaras Earthquake Sequence that hit Turkey and Syria, placing it at $3.5 billion (TRY 65.4 billion). A Mw 7.8 magnitude earthquake struck south-central Turkey near the Syrian border On 6 February 2023. The earthquake initiated ... Read the full article
2017-22 losses a “wake-up call” to better assess climate risk, Moody’s Rahnama
16th March 2023
The record global natural catastrophe losses between 2017-22 are a “wake-up call” for the industry to “better assess, manage, and transfer” the risks of future climate-related events, saids Mohsen Rahnama, Chief Risk Modeling Officer and Executive Vice President, Models and Data of Moody's RMS. Writing in the Moody's RMS Catastrophe Review ... Read the full article
Allstate pegs catastrophe losses for February at $211m
16th March 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for February of $211 million or $167 million, after tax. Catastrophe losses for February events were estimated at $241 million, and related to nine events primarily from wind and rain that were geographically widespread. This was partially offset by favourable reserve re-estimates for ... Read the full article
New Zealand North Island flood industry loss estimated NZ $1.65bn by PERILS
15th March 2023
Catastrophe loss data aggregator PERILS AG has provided an initial estimate of the insurance and reinsurance market loss from the severe flooding that impacted the North Island of New Zealand from January 27th to February 2nd, pegging the total at NZ $1.65 billion initially. The industry loss estimate is based on ... Read the full article
Australia flood loss rises to $6.53bn in fresh PERILS update
13th March 2023
Catastrophe loss aggregator PERILS has released a fourth and final industry loss estimate of AUD 6.53 billion, for the devastating Eastern Australia floods that occurred over February and March in 2022. This update represents a slight increase over the previous loss estimate of AUD 6.292 billion, that PERILS released in ... Read the full article
Hannover Re pegs Turkey quake loss at €200m as Althoff highlights Q1 loss budget erosion
9th March 2023
German reinsurer Hannover Re expects a net loss of in the range of €200 million in the first quarter of 2023 as a result of the devastating earthquakes in Turkey and Syria, which together with losses from the severe weather in New Zealand, has eroded much of its major loss ... Read the full article
US P&C industry continues to show resilience despite continual challenges: AM Best
8th March 2023
A new report from AM Best has shown that weather-related losses persisted for the US property & casualty (P/C) insurance segment in 2022, which ultimately pressured financial results in a year that also witnessed a 40-year high for inflation, and the second costliest catastrophe event on record. According to the report, ... Read the full article
New Zealand insurers’ payouts for Auckland floods reach $111mn: ICNZ
7th March 2023
According to provisional general insurance claims data released by the Insurance Council of New Zealand (ICNZ), insurers have paid around NZ$111 million for the Auckland Anniversary Weekend flood event that started on January 27, 2023. “While it is still early days, around $111 million of insurance support has already been paid ... Read the full article
Ping An says reinsurance will support HK Kimpton Hotel fire loss
6th March 2023
Chinese insurer Ping An has confirmed that its reinsurance arrangements will cover part of the large loss it expects to incur from the fire that recently engulfed the under-construction Kimpton Hotel in Hong Kong. A fire broke out on the construction site of the 42-story hotel in the early hours of ... Read the full article
Nat cat insured losses in Q1 between $6-8bn thus far, says JP Morgan
3rd March 2023
Analysts at JP Morgan have estimated that total natural catastrophe insured losses in Q1 so far are in the region of $6-8 billion. The analysts write, "Despite there being a month to go in the quarter, losses still feel well below quarterly averages. Looking at the last 10 years, the average ... Read the full article
World Bank puts economic cost of Turkey quakes at $34bn
28th February 2023
Analysts at the World Bank have estimated that the recent devastating earthquakes that occurred in Turkey will result in some $34 billion of economic costs, based on direct physical damages. At this level, losses from the February quakes would be equivalent to around 4% of Turkey’s total GDP. But the World Bank ... Read the full article
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