Reinsurance News

Losses

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

SCOR expects high double-digit EUR million impact from Ukraine conflict

18th April 2022

French reinsurance company SCOR warned that it anticipates booking a first-quarter charge in the "high double-digit EUR million range" for potential losses related to the Ukraine - Russia conflict and that its result for Q1 2022 may be a loss. SCOR is the first of the major global reinsurance firms to ... Read the full article

Ukraine conflict industry loss could exceed $20bn: PCS

18th April 2022

The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... Read the full article

Progressive reports elevated cat loss on thunderstorms, hail & tornadoes

14th April 2022

Property and auto-focused insurance group Progressive has suffered a relatively heavy catastrophe loss toll in March, as the impacts of US severe convective storms and tornadoes affected the company. The impact of the severe weather across the United States in March has driven Progressive to miss analysts loss ratio targets, with ... Read the full article

Catastrophe losses for insurers to top $14bn for Q1 2022

14th April 2022

Losses arising from catastrophes for private and public insurers will top at least $14bn in the first-quarter of 2022, says a new report from re/insurance broker Aon. The report, the Q1 Global Catastrophe Recap, states that total economic losses in Q1 2022 were $31bn around the world, with just under half ... Read the full article

KBW forecasts $10bn of Q1 re/insured nat cat losses

11th April 2022

Analysts at KBW are expecting insurers and reinsurers to post a combined $10 billion of global natural catastrophe losses across their first quarter results. These are likely to stem mostly from Australian and European floods, KBW says, as well as Japan’s March 16th earthquake and several US weather events. Analysts added that ... Read the full article

RBC assumes $2bn Russian aviation loss to industry

11th April 2022

Analysts at RBC Capital Markets are assuming industry aviation losses stemming from sanctions on Russia will total $2 billion, constituting only an earnings event for UK specialty P&C insurers. Looking ahead to Q1 trading updates, RBC foresees loss exposures to the Russia-Ukraine conflict as being the many focus for many companies. However, ... Read the full article

Political risk policies may cover business losses from Russia – Ukraine: Jones Day

1st April 2022

American international law firm Jones Day, has said that political risk insurance (PRI) policies may provide corporate policyholders experiencing business losses in Ukraine or Russia with coverage that is potentially excluded under traditional property insurance policies. In a press release, the firm said that corporate policyholders doing business in either Ukraine ... Read the full article

Q1 large losses to harden reinsurance renewals in 2022: S&P

1st April 2022

Rating agency, S&P Global Ratings has released a report that showcases how the large losses the industry has already witnessed in Q122 will further harden upcoming reinsurance renewals in 2022, and potentially even into 2023. The rating agency explained how 2021 was an active natural catastrophe year, the fourth-costliest on record ... Read the full article

PERILS lands on €3.3b insured loss from February storms in Europe

31st March 2022

Catastrophe loss aggregator PERILS has estimated that the series of windstorms that impacted the British Isles and continental Europe through February this year will drive insured property market losses of €3,289 million. The series consisted of three storms named Ylenia, Zeynep and Antonia in Europe and Dudley, Eunice and Franklin in ... Read the full article

Floods drive high losses in 2021 as global insured nat cat bill hits $111bn: Swiss Re

30th March 2022

Data from Swiss Re Institute's latest sigma report shows that floods accounted for 31% of global economic losses from natural catastrophes in 2021, yet just 25% of flood risk is covered by insurance. Global economic losses from floods reached $82 billion in 2021, yet insurance and reinsurance industry losses totalled just ... Read the full article

PERILS issues final AU$688mn insured loss estimate for 2021 Australia floods

25th March 2022

Catastrophe insurance data provider PERILS has released its fourth and final industry loss estimate of AUD 688 million, for the New South Wales and Queensland floods which occurred during the period of March 18–24 2021. This final figure sees PERILS’ estimate decrease from AUD 751 million, issued on 24 September, ... Read the full article

Final re/insurance claims “highly uncertain” from new Russia aircraft law

24th March 2022

A new report from Moody’s has stated that at this stage it is unclear whether insurers will have to pay all current claims for lessors, in regards to the new Russian aircraft law effectively preventing foreign lessors from repossessing their aircrafts. Under usual circumstances, lessors are insured for this risk, but ... Read the full article

Insured losses up to $4bn expected from Japan’s M7.3 quake: Verisk

24th March 2022

Analysts at Verisk Extreme Event Solutions (formerly AIR Worldwide), have estimated that insured losses to properties from the March 16th M7.3 earthquake that struck offshore from the island of Honshu, Japan, will be between JPY 240 billion (~USD 2 billion) and JPY 490 billion (~USD 4 billion). Of that figure, between ... Read the full article

Re/insurers could face $10bn in claims from stranded planes: Fitch

22nd March 2022

Analysts at Fitch Ratings have warned that insurers could face claims as high as $10 billion in a worst-case scenario due to the grounding of planes in Russia, with 30-40% likely to be passed on to reinsurers. More than 500 planes that are financed or owned by non-Russian lessors are stranded ... Read the full article

ICA welcomes $150mn Australian flood fund, as industry loss nears $2.3bn

18th March 2022

The Insurance Council of Australia (ICA) have announced that they have welcomed the Federal Government’s decision to draw down on its Emergency Response Fund, which will see $150 million being injected for communities devastated by the recent floods. Both the Queensland and New South Wales governments will receive $75 million each, ... Read the full article