Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Hurricane Beryl insured wind losses in Texas to be between $2.5bn and $3.5bn: CoreLogic
12th July 2024
Catastrophe risk modeller CoreLogic has updated its insurance industry loss estimate for the impacts of hurricane Beryl, putting the total for wind losses in Texas at between $2.5 billion and $3.5 billion. At the same time, CoreLogic has updated its estimate for insurable losses in the Caribbean, with $1 billion to ... Read the full article
Hurricane Beryl: $3.3bn in insured losses estimated by KCC
11th July 2024
Karen Clark & Company (KCC) has estimated that the privately insured loss from Hurricane Beryl will be close to $510 million in the Caribbean, $90 million in Mexico and $2.7 billion in the US. According to the firm, its US estimate includes the privately insured damage to residential, commercial, and industrial ... Read the full article
Hurricane Beryl losses to be very manageable for the re/insurance industry: Bowen, Gallagher Re
9th July 2024
Despite the possibility of hurricane Beryl being a billion-dollar economic loss for the United States, it is expected to be a very manageable storm for the re/insurance industry, Steve Bowen, Chief Science Officer at Gallagher Re has commented. Bowen has shared some thoughts on the potential loss impacts from Beryl in ... Read the full article
Hurricane Beryl makes Texas landfall as Cat 1, reinsurance impact likely limited
8th July 2024
After hammering Caribbean islands last week and battering Mexico’s Yucatán Peninsula, Hurricane Beryl strengthened again to a Category 1 storm and recently made landfall near Matagorda, Texas, although the impact to reinsurers is expected to be minimal. At one stage, Hurricane Beryl became the earliest Category 5 storm ever recorded, and ... Read the full article
Insurable losses from Beryl across Jamaica, Caymans & Mexico to be less than $2bn
8th July 2024
CoreLogic has estimated that total insurable losses from Hurricane Beryl across Jamaica and the Cayman Islands will be between $400 million and $700 million, while estimated insurable losses in Mexico’s Yucatan Peninsula are less than $1 billion. According to CoreLogic, the losses include wind-only damage to residential, commercial, industrial, and agricultural ... Read the full article
Aggregated losses from H1’24 billion-dollar cat events to be around long-term average: CRESTA
2nd July 2024
CRESTA, a provider of insurance industry loss data on non-US catastrophe events which have driven losses of above $1 billion, has released the Q2 2024 update of its CRESTA Industry Loss Index (CLIX), revealing that aggregate losses in the first half of 2024 are expected to be around the long-term ... Read the full article
PERILS raises industry loss for 2023 Australia Christmas storms to AU$1.6bn
1st July 2024
Zurich-based catastrophe insurance data provider PERILS AG, has provided a third update on the insured loss estimate for the Australia Christmas storms which impacted the states of Victoria, New South Wales, and Queensland during the period of 23 to 29 December 2023, lifting the figure to AU$1.563 billion (US$1.04 billion). Read the full article
Surge in cyber insurance market fuelled by regulatory shifts and global tensions: Morningstar DBRS
27th June 2024
Morningstar DBRS, a global credit rating agency, emphasises that cyber insurance is rapidly growing and essential in the digital age, projected to soar to $40 billion by decade's end amidst rising cyber threats and stringent data regulations. Morningstar DBRS highlights that Cyber insurance is a relatively new type of insurance designed ... Read the full article
Southern New Mexico wildfires bring potential for hundreds of millions in losses: Aon
21st June 2024
Aon, a professional services firm specialising in risk management and insurance solutions, has underscored in their weekly catastrophe report the significant economic impact of the ongoing wildfires in southern New Mexico, where potential losses could soar into the hundreds of millions of dollars. Recent wildfires have devastated southern New Mexico, particularly ... Read the full article
IUA launches London forum for mergers and acquisitions insurance focus
21st June 2024
A new London company market forum, operated by the International Underwriting Association (IUA), which represents London-based international and wholesale insurance and reinsurance companies, is centring its efforts on warranty and indemnity insurance. This type of insurance is crucial in mergers and acquisitions, helping to mitigate losses stemming from contractual warranties. Recently formed, ... Read the full article
ICEYE nat cat data being integrated into Guidewire
20th June 2024
Guidewire, a provider of software solutions to the insurance industry, and ICEYE, of satellite-powered disaster management solutions provider, have launched ICEYE's new Ready for Guidewire validated accelerator on the Guidewire Marketplace, now accessible to ClaimCenter users on Guidewire Cloud. ICEYE, a recent graduate of the Insurtech Vanguards programme and winner of ... Read the full article
Allstate’s May catastrophe load takes YTD losses to $2.62bn
20th June 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $1.4 billion ($1.1bn after-tax) for the month of May, taking total catastrophe losses for May year-to-date to $2.62 billion. At $1.4 billion, May 2024 catastrophe losses are up by $515 million, or 58% from the $885 million of May ... Read the full article
US lighting-related claims on the rise as insurers pay over $1.2bn to homeowners in 2023: Triple-I
20th June 2024
In 2023, over $1.2bn were paid out resulting from lightning-caused US homeowners insurance claims to more than 70,000 policyholders according to the Insurance Information Institute (Triple-I). After compiling national insurance claims data, Triple-I estimated that the total value of lightning-caused US homeowners insurance claims was up more than 30% in 2023, ... Read the full article
London market clarifies marine cyber clause to address aggregation risk
19th June 2024
The Joint Excess Loss Committee of the Lloyd's Market Association (LMA), an organisation that represents the interests of the Lloyd's underwriting community, and the International Underwriting Association (IUA), which represents international and wholesale insurance and reinsurance companies operating in the London Market, hosted a well-attended session at Lloyd’s Old Library. They ... Read the full article
Rising jury verdicts and insurance gaps a struggle for companies: Chubb
19th June 2024
As large jury verdicts increase in number and cost, many companies do not have adequate liability insurance to cover these losses effectively, a recent analysis by insurance company Chubb has revealed. According to Chubb's 16th annual Liability Limit Benchmark & Large Loss Profile by Industry Sector 2024, there is a widening ... Read the full article
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