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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.

COVID-19 loss reports approach low-end of industry estimates at $30bn

21st December 2020

Data from financial services advisory PeriStrat shows that total tracked public loss estimates from re/insurers are now approaching the low-end of market loss estimates, which range from $30 billion to $80 billion. PeriStrat believes that reported losses now amount to $29.5 billion, and warned that Q4 financial reporting will probably reveal ... Read the full article

Kyushu flood & Typhoon Haishen losses estimated at $1.7bn

18th December 2020

The General Insurance Association of Japan (GIAJ) has released new data relating to the Kyushu floods and Typhoon Haishen that impacted Japan earlier this year, showing combined re/insurance industry losses to be around US $1.7 billion. The southern Japanese island of Kyushu experienced record-breaking heavy rain in the prefectures of Kumamoto ... Read the full article

UIHC Q4 cat losses stand at up to $100mn

16th December 2020

Property and casualty insurance holding company UIHC has announced estimated current year catastrophe losses, incurred between October 1 to November 30, of between $85 million and $100 million. This figure is before income taxes and totals approximately $67 million to $79 million after tax, net of expected reinsurance recoveries. The company’s fourth ... Read the full article

Industry cat losses totalled $83bn this year, says Swiss Re

15th December 2020

Swiss Re has estimated that insurance industry losses from natural catastrophes and man-made disasters amounted to a total of $83 billion in 2020, making it the fifth-costliest year since 1970. Losses were primarily driven by a record number of severe convective storms, Swiss Re data shows, as well as wildfires in ... Read the full article

October Queensland hailstorms to drive AUD 1.2bn industry loss: PERILS

11th December 2020

Catastrophe insurance data provider PERILS has estimated that the South East Queensland hailstorms that occurred on October 31, 2020, will drive industry losses in the region of AUD 1.23 billion (USD 930 million). PERILS’ initial estimate of the insured property and motor market loss is based on data collected from the ... Read the full article

November storms raise Atlantic season financial toll: Aon

11th December 2020

Aon's November monthly Global Catastrophe report highlights an estimated $9 billion in additional losses as a result of North America hurricane landfalls in the period, as well as record-setting tropical cyclones. After making landfall and driving significant losses in Nicaragua, Hurricane Eta then moved to Honduras and Guatemala, subsequently making a ... Read the full article

Historic cats, large pandemic losses dent NA P/C insurers in 9M20: Fitch

2nd December 2020

The high frequency of catastrophe events experienced in the U.S. through the third-quarter of 2020, coupled with a substantial level of additional losses related to the ongoing COVID-19 pandemic, hindered the performance of North American (NA) property/casualty (P/C) re/insurers in 9M 2020, reports Fitch Ratings. Fitch's analysis looks at the 9M ... Read the full article

Munich Re adds €1.1bn of COVID-19 losses; 2020 total hits €3.4bn

1st December 2020

Global reinsurance giant Munich Re has reported that its reinsurance operation is set to book COVID-19 related losses of €3.4 billion in 2020, while additional burdens of roughly €500 million are anticipated to come from the pandemic in 2021. For Q3 2020, the reinsurer announced a further €800 million of ... Read the full article

Allstate pegs October cat losses at $345mn

20th November 2020

US primary insurer Allstate incurred an estimated $345 million in catastrophe losses throughout October. This loss figure includes 10 events at an estimated pre-tax cost of $324 million, plus increased estimated catastrophe losses for prior quarter events. Estimated catastrophe losses for the month include the impacts of hurricane Zeta and hurricane Delta, ... Read the full article

Lloyd’s expects industry-wide COVID losses to exceed $107bn estimate: reports

19th November 2020

The Chairman of Lloyd's of London, Bruce Carnegie-Brown, said at a recent Reuters event that the global insured loss from the ongoing COVID-19 pandemic will exceed the market's previous estimate of $107 billion. Back in May, the specialist insurance and reinsurance marketplace said that it expects to pay customers up to ... Read the full article

Iowa Derecho claims hit $1.6bn, with a quarter left to pay

10th November 2020

According to the Iowa Insurance Division, a major derecho event that impacted the state in August has driven more than 200,000 insurance claims. Out of these, nearly 160,000 have already been paid, worth a total of around $1.6 billion. The Division believes that re/insurers are currently holding more than $1 billion in ... Read the full article

COVID losses “by no means over,” warn experts

9th November 2020

Executive panellists at the S&P Global Reinsurance Conference have warned that re/insurance industry losses due to COVID-19 are “by no means over.” Charles Mathias, Group Executive Director and Group Chief Risk Officer at Fidelis Insurance Holdings, suggested that many companies may have reserved on the basis that the pandemic would be ... Read the full article

Heightened catastrophe losses eat into Suncorp’s aggregate retention

6th November 2020

Suncorp, a giant Australian primary insurer, has announced estimated natural catastrophe losses of between $348 million and $408 million for the first four months of its financial year, the majority of which comes from the Queensland hailstorm event in October. As a result of this active period for catastrophe activity, the ... Read the full article

Hurricane Eta insured losses expected to be minimal: AM Best

5th November 2020

The insurance industry losses from the impacts of Hurricane Eta are expected to be minimal and contained, according to analysis by ratings agency AM Best. Hurricane Eta made landfall on November 3rd, 2020 as a strong Category 4 storm south of Puerto Cabezas, a coastal community of more than 60,000 people ... Read the full article

Onshore U.S. insured losses from Hurricane Zeta seen at up to $5bn by RMS

4th November 2020

Total onshore U.S. insurance and reinsurance industry losses from Hurricane Zeta are estimated to be between USD 3 billion and USD 5 billion, according to catastrophe risk modeller RMS. Hurricane Zeta, which first made landfall in Mexico’s Yucatan Peninsula as a Category 1 storm on October 24th, and again in the ... Read the full article

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