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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.

The Hartford’s COVID-19 & cat losses near $500mn in Q2

16th July 2020

U.S. insurer The Hartford expects to incur losses related to COVID-19 of $251 million pre-tax ($198 million after-tax) in the second-quarter of 2020, as well as current accident year catastrophe losses of $248 million pre-tax ($196 million after-tax). Combined, pre-tax losses from COVID-19 and current accident year catastrophes are estimated at ... Read the full article

Selective Insurance announces record level of catastrophe losses for Q2

15th July 2020

Selective Insurance Group, Inc. has revealed preliminary Q2 2020 pre-tax net catastrophe losses of approximately $83 million, stemming from numerous events designated by PCS during the period. The catastrophe events designated by PCS includes two April storms at a cost of $43 million and claims related to civil unrest across the ... Read the full article

The Hanover braced for $148mn of Q2 cat losses

15th July 2020

Massachusetts-based property and casualty insurer The Hanover Insurance Group has announced that it is expecting second quarter catastrophe losses of $148 million pre-tax ($117 million after tax). Losses were driven mainly by hail and wind storms in the Midwest in April and, to a lesser extent, property losses from civil unrest ... Read the full article

Heritage pegs Q2 weather and cat losses at $26.8mn

15th July 2020

Florida headquartered property casualty insurance holding company, Heritage Insurance Holdings, Inc., has announced expected net current accident quarter weather losses of roughly $26.8 million in the second-quarter of 2020. Heritage states that its Q2 2020 loss estimate includes approximately $17.6 million of net catastrophe losses. The company says that weather and catastrophe ... Read the full article

Arch sees Q2 cat losses at up to $225mn

15th July 2020

Arch Capital Group Ltd. has announced estimated pre-tax net catastrophe losses of $205 million to $225 million across its property casualty insurance and reinsurance operations in the second-quarter of 2020. The Bermuda-based insurer and reinsurer's Q2 catastrophe loss range is net of reinsurance recoveries and reinstatement premiums, and includes the impacts ... Read the full article

Storm Fay to drive $400mn insured loss: KCC

14th July 2020

Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that Tropical Storm Fay will drive an insured loss of close to $400 million. The storm made landfall near Atlantic City, New Jersey on Friday evening and caused light wind damage and low levels of storm surge from South Carolina to ... Read the full article

KBW estimates Q2 global cat losses at $11.8bn

14th July 2020

Analysts at KBW have estimated that P&C reinsurers' global catastrophe losses will total $11.8 billion in the second quarter of 2020, stemming mostly from difficult North American weather and civil unrest in the US. Overall, Q2 losses should include bad weather, civil unrest, and significant (but manageable) COVID losses, but no ... Read the full article

Travelers warns of Q2 net loss as catastrophe bill hits $854mn

14th July 2020

Property and casualty insurer, The Travelers Companies, Inc., expects to report a net loss for the second-quarter of 2020 on the back of a high level of catastrophe losses and losses in its non-fixed income investment portfolio. The firm's Q2 2020 catastrophe losses are estimated at $854 million pre-tax ($673 million ... Read the full article

Universal’s Q2 weather losses above plan by $17mn

13th July 2020

Universal Insurance Holdings has announced that its estimated losses from incurred weather events are above plan in the second-quarter of 2020. Net of reinsurance recoveries, Universal incurred weather events above plan of roughly $17 million in the second-quarter of the year. The company explains that weather events in the quarter included impacts ... Read the full article

Australia’s summer nat cat claims hit AU$5.3bn

13th July 2020

Insurers in Australia paid over AU$5.3 billion (US$3.7 billion) in catastrophe-related claims over the summer, according to The Insurance Council of Australia CEO Rob Whelan. This figure represents a slight increase from the ICA's previous estimate of AU$5.19 billion. Commenting during a Senate Inquiry, Whelan said AU$2.34 billion was paid out for ... Read the full article

W. R. Berkley puts Q2 cat losses at $145mn; includes $85mn COVID-19 hit

13th July 2020

W. R. Berkley Corporation has revealed that it expects to incur net catastrophe losses of roughly $145 million (pre-tax) for the second-quarter of 2020, most of which is attributable to the COVID-19 pandemic. The firm estimates that approximately $85 million, or 59% of its Q2 loss estimate relates to the ongoing ... Read the full article

Japan flood damage to reach hundreds of millions USD: Aon

10th July 2020

Economic damage from the recent monsoonal flooding in Japan is expected to reach well into the hundreds of millions USD or higher, according to re/insurance broker Aon. The latest catastrophe report by Aon’s Impact Forecasting team also anticipates thousands of insurance claims will result from the flooding, although the General Insurance ... Read the full article

Dorian claims sees Bahamian insurer call on reserves for the first time: reports

9th July 2020

For the first time in its 25-year history, Bahamian insurer, Summit Insurance has released a portion of its catastrophe reserves owing to the substantial volume of claims from 2019's Hurricane Dorian, reports The Tribune. The devastating Category 5 storm hit the Bahamas over September 1st to 3rd, 2019 with sustained wind speeds ... Read the full article

Global insurance premiums to recover in 2021 after COVID-19-induced dip: Swiss Re

9th July 2020

Global insurance premiums are expected to recover in 2021 after contracting this year on the back of a COVID-19-induced economic recession, according to the latest Swiss Re Institute sigma report. While expected to be short-lived, Swiss Re warns that this year's recession is set to be the deepest since the Great ... Read the full article

Argo expecting $10-20mn Q2 virus loss

8th July 2020

Argo Group International Holdings, Ltd., the Bermuda based insurance and reinsurance company, has said that it is anticipating net losses of between $10 million and $20 million related to COVID-19 to be recorded in its second quarter earnings. The company fell to a net loss of $18.8 million in Q1 ... Read the full article

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