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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.

Munich Re pegs industry cat losses at $15bn in H1

30th July 2019

Munich Re has estimated that insured losses resulting from natural catastrophes totalled $15 billion in the first half of 2019, slightly below the long-term average of $18 billion. The reinsurer recorded 370 loss events over the first six months of the year, which it believes produced an overall economic loss of ... Read the full article

Argo warns of $32.5m casualty reserve impact & accident year losses

26th July 2019

Global specialty re/insurer Argo Group International Holdings Ltd. has revealed an expected $32.5 million hit to its second-quarter results, largely driven by reserve increases for its casualty business, as well as some current accident year losses as well. Argo warned that its second quarter of 2019 results will be impacted by ... Read the full article

Boeing recovered $500mn from insurers due to fleet suspension

25th July 2019

US aircraft manufacturer Boeing has disclosed that it recovered $500 million from its re/insurance program during the second quarter of 2019 for losses related to the grounding of its 737 MAX fleet. As part of its Q2 results, Boeing said that it had recorded an earnings charge of $5.6 billion, ... Read the full article

H1 insured cat losses hit 12-year low at $20bn: Aon

25th July 2019

Insured catastrophe losses totalled just $20 billion during the first half of 2019, marking the lowest level of average losses since 2006, according to re/insurance broker Aon. Industry losses were 45% below the 10-year average of $28 billion and 26% lower than the 21st Century average of $25 million, but still ... Read the full article

Norsk Hydro puts H1 cyber-attack impact at up to $75 million

23rd July 2019

The cyber-attack that hit aluminium manufacturing giant Norsk Hydro in March is expected to result in an overall financial impact of up to $75 million (NOK 650 million), with the majority of the impact being felt in its Extruded Solutions business. For Q1, Norsk Hydro puts the overall impact at between ... Read the full article

UPC Insurance expects $31mn Q2 hit from cat losses and 2018 creep

22nd July 2019

Property and casualty (P&C) insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has announced that it expects net retained catastrophe losses of $16 million for the second-quarter of 2019. The $16 million of net retained catastrophe losses is primarily a result of wind and hail events in Texas and Louisiana ... Read the full article

CoreLogic puts private market Barry losses at up to $600mn, NFIP at $200mn

19th July 2019

Catastrophe risk modeller CoreLogic has estimated that insured wind and flood losses resulting from Hurricane Barry are between $300-600 million, with National Flood Insurance Program (NFIP) losses representing a further $100-200 million. Uninsured flood losses are also expected to reach $100 million, putting CoreLogic’s total loss estimate at $500-900 million. CoreLogic’s estimates ... Read the full article

Heritage expects weather-related losses of $21.5m in Q2

19th July 2019

Florida domiciled property and casualty (P&C) insurer, Heritage Insurance Holdings, Inc., has announced that it expects to incur approximately $21.5 million of net weather-related losses in the second-quarter of 2019. The company announced earlier in the year a catastrophe hit of $15.4 million in the first-quarter of 2019, which, combined ... Read the full article

Boeing faces $4.9bn in costs due to 737 fleet suspension

19th July 2019

Boeing has announced that it will record an estimated $4.9 billion charge to cover costs related to the worldwide suspension of its 737 MAX fleet. The fleet was grounded following the Ethiopian Airlines crash in March, which experts believe was caused by a fault in the aircraft’s automated anti-stall system. Boeing said ... Read the full article

Hurricane Barry insured losses will not exceed $500mn: RMS

19th July 2019

Insurance and reinsurance industry losses from Hurricane Barry, which made landfall in Louisiana on Saturday, will not exceed $500 million, according to estimates from catastrophe risk modeller RMS. The estimate represents losses associated with wind, storm surge, and inland flood damage, including losses to the National Flood Insurance Program (NFIP). Read the full article

Munich Re expects €1bn Q2 result on lower losses, reserve releases

18th July 2019

Global reinsurance giant Munich Re has announced that it expects to report a consolidated result of approximately €1 billion for the second-quarter of 2019. The reinsurer states that this figure is mainly a result of low major-loss expenditure and high reserve releases for basic losses in reinsurance from prior years. Munich Re ... Read the full article

Allstate estimates Q2 catastrophe loss at $1.07bn, pre-tax

18th July 2019

The Allstate Corporation has estimated that its catastrophe losses for the month of June were $309 million, pre-tax ($244 million, after-tax), putting the insurer’s total Q2 catastrophe losses at $1.07 billion, pre-tax ($847 million, after-tax). Catastrophe losses in June comprised 16 events at an estimated cost of $311 million, pre-tax ($246 ... Read the full article

FedNat expects Q2 cat losses to reduce income by $9.3 million

18th July 2019

Florida-based FedNat Holding Company has estimated that catastrophe losses incurred during the second quarter of 2019 will reduce its pre-tax income by $9.3 million. The company also revealed that it gross catastrophe losses for Q2 amounted to $17.0 million, including $15.5 million from its non-Florida property business. FedNat is not currently anticipating ... Read the full article

Hurricane Barry private market loss at almost $300mn: KCC

16th July 2019

Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that Hurricane Barry will drive an insurance industry loss of close to $300 million, excluding National Flood Insurance Program (NFIP) losses. Barry made landfall 160 miles west of New Orleans on Sunday as a Category 1 hurricane, reaching maximum sustained winds ... Read the full article

Hiscox’s hurricane Michael loss creep flowed to aggregate reinsurance in Q2

15th July 2019

Loss creep from 2018's hurricane Michael was largely passed on to the reinsurance providers or retrocessionaires backing Hiscox's aggregate protection in the second-quarter of the year, the company confirmed to us today. Hiscox revealed in a trading update on Friday that its catastrophe losses had continued to creep in the ... Read the full article

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