Reinsurance News

Losses

News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.

Assurant reveals Hurricane Ian loss has eroded two layers of its cat reinsurance tower

26th October 2022

US specialty insurer Assurant, Inc. has announced expected pre-tax catastrophe losses of $124 million for the third quarter of 2022 primarily related to Hurricane Ian, which includes the $80 million per-event retention and $35 million of reinstatement premiums to restore up to the third layer of its U.S. catastrophe reinsurance ... Read the full article

Boeing fleet suspension a historic loss for reinsurers: analysts

25th October 2022

The suspension of Boeing’s 737 MAX fleet following two crashes in 2018 and 2019 is now thought to be one of the single biggest aviation insurance claims in history, according to analysts at AviationSource, with reinsurers and retrocession underwriters hit hardest. At around $3 billion, AviationSource notes that the Boeing ... Read the full article

Kin says Hurricane Ian loss to remain within reinsurance tower

21st October 2022

Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has reported that its gross loss from Hurricane Ian will remain “well below” the top of its $800 million overall reinsurance tower. To date, Kin has received approximately 6,800 claims related to Hurricane Ian. But thanks to ... Read the full article

Munich Re sees Ian losses of €1.6bn, says 2022 profit target “significantly more challenging” to meet

21st October 2022

Global reinsurance giant Munich Re has reported losses related to Hurricane Ian within its property and casualty reinsurance business of roughly €1.6 billion after retrocession, based on an insurance industry market loss of around $60 billion (excluding the NFIP). The reinsurer notes that, in the third quarter of 2022, it recorded ... Read the full article

Palomar utilises reinsurance to offset Hurricane Ian loss

21st October 2022

Palomar has said that it is to use its reinsurance cover to offset losses arising from Hurricane Ian in Q3 2022. The firm said that it was looking at estimated pre-tax catastrophe losses of $12.5m, net of reinsurance, for the third quarter of 2022. This is a full-retention loss for Palomar, ... Read the full article

AXIS pegs Hurricane Ian loss at $160m

21st October 2022

Bermuda-based re/insurer AXIS Capital has announced pre-tax catastrophe and weather-related losses of $212 million for the third quarter of 2022, of which $160 million relates to Hurricane Ian. AXIS says that its net loss estimate for Ian is consistent with industry insured losses of roughly $60 billion, excluding the National Flood ... Read the full article

The Hanover announces cat losses of $90m for Q3

20th October 2022

Property and casualty insurance company The Hanover Insurance Group has announced a preliminary estimate for third quarter catastrophe losses of approximately $90m, before taxes, or 6.8 points of net earned premiums. In a statement, the firm said that the estimate is approximately $22m above the company's pre-tax third quarter catastrophe assumption, ... Read the full article

Bleak outlook for Europe as inflation to remain high in 2023: Munich Re

20th October 2022

According to a report from Munich Re, inflation is set to remain high in 2023, leading to a bleaker economic outlook for Europe as mixed crises are causing unprecedented levels of complexity in the business environment for re/insurers worldwide. Thomas Blunck, a Member of the Board of Management, commented, "The outlook ... Read the full article

Allstate to recover 45% of $671m Hurricane Ian loss from reinsurers

20th October 2022

US primary insurer Allstate has announced that it expects to incur a net loss between $675 million and $725 million for the third quarter of 2022, largely due to the impacts of Hurricane Ian. Catastrophe losses for the third quarter, net of reinsurance, are estimated to be $763 million, pre-tax. Gross catastrophe ... Read the full article

RenRe pegs hurricane Ian loss at $540m, expects Q3 net loss

20th October 2022

Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced estimated catastrophe losses of $650 million for the third quarter of 2022, of which the majority, or $540 million relates to hurricane Ian. Alongside Ian, losses from other catastrophe events in the quarter, as well as the aggregated losses associated with these and other ... Read the full article

Everest Re estimates $730m of Q3 catastrophe losses, $600m from Ian

20th October 2022

Global insurance and reinsurance group Everest Re has pre-announced an estimated $730 million of catastrophe losses for the third-quarter of 2022, $600 million of which are related to hurricane Ian. For hurricane Ian, Everest Re said that its loss estimate is based on an insurance industry-wide loss pick of approximately $55 ... Read the full article

Hurricane Ian erodes more of Travelers’ aggregate reinsurance retention

19th October 2022

U.S primary insurer Travelers has now accumulated $1.4 billion of qualifying losses for the retention of $2 billion on its property aggregate catastrophe excess of loss treaty, as the carrier booked losses of $326 million related to hurricane Ian in the third quarter. This morning, Travelers reported a strong set ... Read the full article

Hurricane Fiona insured damages at $660m, says CatIQ

19th October 2022

Hurricane Fiona is estimated to have caused $660 million in insured damages, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), making it the costliest extreme weather event ever recorded in Atlantic Canada. Landfalling on September 24th, Fiona also represents the tenth largest event in Canada in terms of ... Read the full article

Unrealised losses on fixed maturities caused by rising interest rates: AM Best

19th October 2022

According to a report from AM Best, publicly traded insurers have reported more than $200bn of unrealised losses on their fixed-income portfolios through the second quarter of 2022, as rising interest rates have diminished bond values. The report states that over a quarter of publicly traded insurers have lost more than ... Read the full article

Insured cat losses nearly at $100bn already in 2022: Aon

19th October 2022

Re/insurance broker Aon has reported that year-to-date economic losses, including preliminary estimates for Hurricane Ian, are already at $277 billion year-to-date, of which $99 billion is expected to be covered by public and private insurers. The firm’s latest Global Catastrophe Recap shows that global natural disaster losses by the end of ... Read the full article