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Reinsurance News


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

France & Italy brace for hundreds of millions in flood losses: Aon

29th November 2019

Flooding this week in parts of southeastern France and northwestern Italy along the Mediterranean coast is likely to drive economic losses in the hundreds of millions of euros range, if not higher, according to re/insurance broker Aon. Parts of France and Italy were hit with torrential rains between November 21 and ... Read the full article

AXIS announces Typhoon Hagibis loss of up to $110mn

26th November 2019

Bermudian insurer and reinsurer AXIS Capital Holdings Limited has announced a pre-tax loss estimate for Typhoon Hagibis of between $90 million and $110 million, net of recoveries from reinsurance and retrocession, and including the impact of reinstatement premiums. AXIS Capital states that its loss estimate is in line with industry insured ... Read the full article

Allstate estimates $237mn of catastrophe losses for October

21st November 2019

The Allstate Corporation has announced pre-tax catastrophe losses of $237 million ($187 million after-tax) for the month of October. The U.S. primary insurer states that catastrophe losses in the month of October comprised of 12 individual events. 60%, or $142.2 million of the pre-tax ($112.2 million after-tax) loss total for the month ... Read the full article

GIAJ puts Typhoon Faxai costs at $2.45bn, with Hagibis claims growing

20th November 2019

Claims payments from Typhoon Faxai have reached $2.45 billion, according to the General Insurance Association of Japan (GIAJ), as the amount of claims stemming from Hagibis also continues to grow. Recent estimates from catastrophe modeller RMS indicate that the eventual cost of Faxai will be between $5 billion and $9 ... Read the full article

Insurance claims at $115m as Australia bushfires continue

20th November 2019

As bushfires continue to rage across New South Wales and Queensland the Insurance Council of Australia has announced estimated industry losses of AU $115 million (US$78 million). Blazes across the two eastern states have so far destroyed more than 500 houses and blanketed Sydney in bushfire smoke, prompting dozens of calls ... Read the full article

Sunshine Coast hailstorm declared catastrophe, losses to be above $40mn: ICA

18th November 2019

The Insurance Council of Australia (ICA) has declared a catastrophe following severe hailstorms that hit the Sunshine Coast yesterday, causing extensive damage across south-eastern Queensland. Severe thunderstorm activity South of Rockhampton combined with numerous significant storm cells on Sunday November 17th, resulting in large to giant hail hitting parts of Brisbane ... Read the full article

Northern England flooding could drive up to £120m in claims: PwC

13th November 2019

Extreme weather in northern England which over recent weeks has caused widespread damage and flooding could see claims payouts of between £80 million and £120 million, according to PwC. Over 500 properties have been flooded and 1,200 households evacuated as certain parts of the region was hit with a month’s worth ... Read the full article

Insurance claims at $50mn as bushfire threat continues: ICA

13th November 2019

Insured losses from the bushfires currently burning through New South Wales (NSW) and Queensland are currently estimated to be around AU $50 million (US $34 million), according to the Insurance Council of Australia (ICA). The ICA reported that insurers had received 450 bushfire related claims from the regions so far, with ... Read the full article

Economic losses from Hagibis to exceed $10bn: Aon

8th November 2019

Economic losses caused by Typhoon Hagibis in Japan are likely to exceed US $10 billion, with insured losses minimally in the billions, according to the latest Global Catastrophe Recap report from re/insurance broker Aon. Aon estimates that more than 93,250 structures were damaged or destroyed by Hagibis, which made landfall along ... Read the full article

Irma loss creep continues to dent exposed insurers

1st November 2019

With third-quarter 2019 results season well underway, some Florida focused property and casualty (P&C) insurers have revealed impacts from additional loss creep from 2017's Hurricane Irma. After more than a decade without a major hurricane making landfall along the U.S. coastline, hurricane Irma was the second of three major landfalling storms ... Read the full article

RMS estimates Typhoon Hagibis industry loss at up to $11bn

1st November 2019

Global risk modelling and analytics firm RMS has estimated that insured losses stemming from Typhoon Hagibis in Japan will be between US $7 billion and $11 billion. The estimate includes property damage and business interruption caused by wind and flood to residential, commercial, industrial, marine, and automobile lines, and accounts for ... Read the full article

Longer-term, growing in Japan is the right call, says AXIS CEO

1st November 2019

Despite 2019 being a highly active year for Japanese typhoons, AXIS Capital's decision to take advantage of improved market conditions and expand in the region remains the right call, according to the Bermudian re/insurer's Chief Executive Officer (CEO), Albert Benchimol. The insurer and reinsurer revealed in its second-quarter 2019 earnings call ... Read the full article

Swiss Re’s net income up but catastrophes hit underwriting result

31st October 2019

Global reinsurance giant Swiss Re has reported group net income of $1.3 billion for the first nine months of the year, supported by growth in reinsurance. However, a $1.7 billion hit from natural catastrophes and man-made disasters resulted in a combined ratio of 101.4% in property and casualty reinsurance (P&C ... Read the full article

Hagibis impact on RenRe’s net income estimated 72% higher than Faxai

30th October 2019

Bermuda-based reinsurer RenaissanceRe (RenRe) has revealed that it expects Typhoon Hagibis to have a net negative impact on its net income of approximately $175 million on its fourth-quarter 2019 results. RenRe today announced its financial results for the third-quarter of 2019, announcing a decline in operating income, year-on-year, primarily as ... Read the full article

Arch sees Q3 income up despite re/insurance underwriting hit

30th October 2019

Bermuda-based re/insurance provider Arch Capital Group has reported $382.1 million of net income for the third quarter - up from $217 million in Q3 2018 - despite underwriting losses in its insurance and reinsurance segments. Meanwhile, pre-tax current accident year catastrophe losses, net of reinsurance and reinstatement premiums, have been pegged ... Read the full article

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