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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.

NSG estimates insured catastrophe losses from Sally and Delta

16th October 2020

The National Security Group (NSG) has released preliminary estimates of insured catastrophe losses from Hurricanes Sally and Delta. This comes along with updated estimates of catastrophe losses from Hurricane Laura incurred by property and casualty subsidiary National Security Fire & Casualty. When Hurricane Sally made landfall on Gulf shores, Alabama in ... Read the full article

Cincinnati estimates $266mn Q3 catastrophe hit

15th October 2020

Primary insurer Cincinnati’s third-quarter results are expected to include pretax catastrophe losses of approximately $266 million. This figure represents an impact on the company’s Q3 combined ratio of approximately 18.3%, based on estimated property casualty earned premiums. In August, a midwest derecho caused approximately $103 million of losses, after an estimated reinsurance ... Read the full article

September wildfires push Allstate’s Q3 cat bill to $990mn

15th October 2020

US primary insurer Allstate has revealed that it incurred estimated pre-tax catastrophe losses of $990 million over the third quarter of 2020, or $782 million after tax. The company put its September cat losses at $339 million ($268 million, after-tax), which added on to losses of $651 million ($514 million, after-tax) ... Read the full article

The Hanover estimates $66mn in Q3 cat losses

14th October 2020

The Hanover Insurance Group expects its third quarter catastrophe losses to total approximately $66 million. This pre-tax figure ($52 million after taxes) is driven primarily by hurricane Isaias and wildfires in California and Oregon. The estimate also includes roughly $10 million of favourable prior-year development on several events from recent accident years. The ... Read the full article

AXIS estimates Q3 cat losses at up to $255mn

14th October 2020

Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has estimated that it will incur catastrophe losses of between $225 million and $255 million during the third quarter of 2020. This figure is pre-tax, with the loss range decreasing to $190 million to $220 million after accounting for tax. Losses primarily relate to ... Read the full article

Hurricane Delta insured losses seen at up to $3bn by AIR

14th October 2020

Catastrophe risk modeller, AIR Worldwide, has estimated that insurance and reinsurance industry losses to onshore properties as a result of Hurricane Delta's winds and storm surge will range from $1 billion to $3 billion. AIR's estimates include losses to onshore residential, commercial, and industrial properties and automobiles, for their building, contents, ... Read the full article

Up to $210mn in Q3 cat losses for Arch

14th October 2020

Bermuda-based re/insurer Arch Capital Group is anticipating catastrophe losses in the third quarter to fall between $190 million and $210 million. Catastrophe that occurred during the period include hurricanes Isaias, Laura, and Sally, the Derecho Windstorm, California Wildfires and other minor global events. Arch's estimate relates to its property casualty re/insurance segments ... Read the full article

CoreLogic pegs onshore Delta wind, storm surge losses at up to $1.2bn

14th October 2020

Catastrophe risk modeller CoreLogic has pegged the insured wind losses for residential and commercial properties in Louisiana and Texas from hurricane Delta at between $0.5 billion and $0.9 billion. The analysis examined onshore losses for residential homes and commercial properties and incorporates contents and business interruption, but does not include broader economic ... Read the full article

RenRe warns of operating loss as cats drive $325mn negative impact in Q3

14th October 2020

Bermuda-based reinsurer, RenaissanceRe Holdings Ltd. (RenRe), expects to report an operating loss for the third-quarter of 2020 as estimated losses from catastrophe events in the period are projected to drive a net negative impact of roughly $325 million. The estimated net negative impact on its operations in Q3 is primarily driven ... Read the full article

Hurricane Delta insured loss to onshore properties will near $1.25bn, says KCC

13th October 2020

The insured loss to onshore properties from the impacts of Hurricane Delta, the 10th named storm of the season to make a US landfall, is expected to be close to $1.25 billion, according to catastrophe risk modeller, Karen Clark & Company (KCC). Hurricane Delta came ashore in the region of Creole, ... Read the full article

Iowa’s August derecho could drive $5bn insured loss: Holborn

13th October 2020

Analysts at US domiciled reinsurance broker Holborn Corporation have estimated that a major derecho event that impacted the state of Iowa in August could drive $5 billion of insured property losses. A derecho is a widespread, long-lived, straight-line wind storm that is associated with a fast-moving group of severe thunderstorms, and ... Read the full article

Hurricane Delta losses expected to fall within cat reinsurance limits

12th October 2020

Hurricane Delta came ashore in the region of Creole, Louisiana as a Category 2 storm at 18:00 local time on Friday October 9th, making it the 10th named storm to make US landfall so far in 2020. Following its impact on Mexico's Yucatan Peninsula early last week, hurricane Delta tracked into ... Read the full article

Hurricane Delta’s storm surge threat to US homes up to $63bn: CoreLogic

8th October 2020

Catastrophe risk modeller CoreLogic has released data analysis showing 293,685 homes with a reconstruction cost value of around $62.85 billion are at risk of storm surge damage from Hurricane Delta, based on its projected Category 2 status at landfall. The data includes single-family and multifamily homes across Louisiana and the US ... Read the full article

Kingstone estimates Q3 cat losses of up to $9 million

8th October 2020

Property & casualty insurer, Kingstone Companies, Inc., has announced its expectation to record estimated pre-tax catastrophe losses of between $8.5 million to $9 million, net of reinsurance, for the third-quarter of 2020. The company explains that these losses are from Hurricane Isaias and three other smaller PCS events that occurred during ... Read the full article

Palomar braced for $38mn Q3 nat cat hit

6th October 2020

California-based insurance holding company Palomar has estimated between $34 million and $38 million in pretax catastrophe losses for the third quarter of 2020. These estimates are net of reinsurance and include the impacts of hurricanes Hanna, Isaias, Laura and Sally. Palomar’s loss estimates are subject to change due to the complexity of ... Read the full article

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