Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Baltimore bridge an opportunity for us to show the value of insurance: Lloyd’s CEO
28th March 2024
John Neal, Chief Executive Officer (CEO) of the specialist Lloyd's insurance and reinsurance marketplace, said this afternoon that the Baltimore bridge event provides an opportunity for the industry to show the value of insurance. "I've been saying in different conversations this morning that actually the good news there is we are ... Read the full article
Baltimore bridge insured losses could total as much as $4bn, says Morningstar DBRS
28th March 2024
Depending just how long the Port of Baltimore is blocked for after the collapse of the Francis Scott Key Bridge, and the nature of the Port's business interruption coverage, insured losses could land between $2 billion and $4 billion, according to analysts at Morningstar DBRS. Even at the low-end of the ... Read the full article
Baltimore bridge may be largest example of port blockage seen by insurers in years: Horn, McGill and Partners
27th March 2024
Exactly how long the Port of Baltimore is closed to ships after yesterday's collision and the subsequent collapse of the Francis Scott Key Bridge is unclear, but according to Julien Horn, Partner - Ports & Terminals and Logistics at broker McGill and Partners, "this may be the largest example of ... Read the full article
Reinsurers to bear the bulk of insured cost of Baltimore bridge collapse, says AM Best
27th March 2024
The collapse of the Francis Scott Key Bridge near the Port of Baltimore, Maryland yesterday is expected to drive billions of dollars in insured losses, with reinsurers set to bear the bulk of the claim amid concerns it could become the largest ever marine loss. Around 1:30am local time, container ship ... Read the full article
2023 global insured losses exceed $100bn for fourth consecutive year: Swiss Re
26th March 2024
The Swiss Re Institute has revealed that global insured losses from natural catastrophes exceeded $100 billion for the fourth consecutive year in 2023, with the earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods acting as the main drivers. Total global insured losses hit $117 billion in ... Read the full article
US P&C industry records $21.2bn net underwriting loss in 2023: AM Best
25th March 2024
According to global credit rating agency AM Best, the US property & casualty (P&C) industry recorded a $21.2 billion net underwriting loss in 2023, which slightly improves upon the $24.9 billion loss recorded in the prior year. These preliminary results are detailed in a recent report released by Best. From what we ... Read the full article
New Year’s Day Japan earthquake claims paid approach $415m: GIAJ
22nd March 2024
As of March 8th, 2024, the General Insurance Association of Japan (GIAJ) reports that more than JPY 61 billion (USD 414m as of March 8th or USD 403m at today's exchange rate) in payments from over 67,000 claims from the New Year's Day Noto Peninsula earthquake have been made. The M7.5 ... Read the full article
Allstate’s February 2024 cat losses below $150m reporting threshold
21st March 2024
US primary insurer Allstate has announced that its estimated catastrophe losses for February 2024 were under the $150 million reporting threshold, which is down on the $241 million of cat losses seen in February of last year. Last month, Allstate announced estimated catastrophe losses of $325 million for January 2024, ... Read the full article
2024 severe convective storm season picking up where last year left off: CoreLogic
20th March 2024
Analysis by CoreLogic estimates that 1-inch or greater hail fell on over 660,000 homes between March 13th and 14th in the central United States, causing material and destructive property damage. Dozens of severe convective storms (SCS) formed across the central U.S. over March 13th and 14th, and according to CoreLogic, ensured ... Read the full article
Insurers exiting high-risk areas as climate losses rise 360%: Bloomberg
14th March 2024
Bloomberg Intelligence (BI) has said that a 360% rise in insured losses in the past three decades from the increased frequency and intensity of natural disasters is causing insurers to "hike premiums and exit high-risk areas,". At the same time, transition risk associated with the assets backing these liabilities is said ... Read the full article
Australia’s Valentine’s Day storms estimated industry cost hits $104m: ICA
8th March 2024
The Insurance Council of Australia (ICA) has revealed that claims for the severe thunderstorms that impacted Victoria on Valentine’s Day have risen to 19,932, with an estimated cost to the industry so far of $104 million. According to the ICA, around 85% of claims are related to home and contents damage, ... Read the full article
500+ structures destroyed by Smokehouse Creek fire
4th March 2024
Having already burned more than a million acres, the record-breaking Texas Smokehouse Creek fire is set for further expansion, with officials noting more than 500 structures have been destroyed. Hot and windy conditions have facilitated and accelerated wildfire growth in the southern United States since February 26, leading to several destructive ... Read the full article
Australian summer insured cat losses reach $1.2bn: ICA
4th March 2024
The Insurance Council of Australia (ICA) has revealed that losses from declared insurance catastrophes over the summer have now reached $1.2 billion. According to the ICA, the two major events in this period were Ex-Tropical Cyclone Jasper, which impacted regions from Cape York Peninsula to Townsville from 10 to 16 December, ... Read the full article
Record-breaking Texas fires to drive losses in hundreds of millions USD
1st March 2024
According to Aon, the Smokehouse Creek Fire in Texas has already burned more than a million acres, becoming one of the largest fires in recorded state history and potentially contributing to total aggregate losses in the hundreds of millions USD. Aon's weekly cat report explained that hot and windy conditions have ... Read the full article
PERILS estimates final industry loss of NZ $2.174bn from Cyclone Gabrielle
19th February 2024
PERILS, the independent Zurich-domiciled catastrophe insurance data provider, has disclosed its fourth and final insurance industry loss estimate for Cyclone Gabrielle of NZ $2.174 billion. Cyclone Gabrielle impacted the North Island of New Zealand during the period of 11-17th February 2023. The final estimate compares to the third loss estimate of ... Read the full article