Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Central Europe floods expected to drive billions of EUR in total losses, says Aon
20th September 2024
The recent severe flooding that impacted Central Europe as a result of continuous rain from September 12-16 is expected to become one of the costliest events on record for the region, with billions of EUR in total losses, according to global re/insurance broking group Aon. Data disclosed by insurers and associations ... Read the full article
Allstate August cat load takes YTD losses to $3.67bn
19th September 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $272 million ($215 million after-tax) for the month of August, taking total catastrophe losses for August year-to-date to $3.67 billion ($2.90 billion, after-tax). Catastrophe losses for August include 15 events resulting in an estimated $306 million in losses. A significant ... Read the full article
Central Europe floods could cost up to $3.3bn in insured losses: Gallagher Re
18th September 2024
Global reinsurance broker Gallagher Re estimates that the insured losses from the severe floods in central Europe, which occurred mainly from September 12-15, are likely to range between EUR 2.0 to 3.0 billion (USD 2.2 to 3.3 billion). A slow-moving low-pressure system caused continuous rainfall across central Europe, leading to severe ... Read the full article
US private market insured losses from Francine to be under $2bn: Moody’s RMS
18th September 2024
Moody’s RMS Event Response has disclosed an estimate for US private market insured losses from Hurricane Francine, which made landfall in Terrebonne Parish, Louisiana, on September 11th, 2024, of less than $2 billion. This estimate includes onshore insured losses driven by wind, storm surge, and precipitation-induced flooding, and insured offshore energy ... Read the full article
P&C insurers to retain majority of losses from Hurricane Francine: Moody’s
17th September 2024
According to a recent Moody’s Ratings report, property and casualty (P&C) insurers are expected to absorb most of the losses from Hurricane Francine, which made landfall in Terrebonne Parish, Louisiana, on September 11, 2024. Hurricane Francine, a Category 2 storm with winds reaching 100 miles per hour, caused significant damage with ... Read the full article
KCC estimates Hurricane Francine privately insured loss at close to $1.5bn
16th September 2024
Privately insured losses from Hurricane Francine have been initially estimated as close to $1.5 billion, according to catastrophe risk modelling specialist Karen Clark & Company (KCC). Hurricane Francine, a Category 2 storm with sustained maximum winds of 100 miles per hour, made landfall near Terrebonne Parish, Louisiana on September 7th. Based on ... Read the full article
Reinsurers likely to absorb majority of Typhoon Yagi losses in Vietnam: AM Best
13th September 2024
According to AM Best, domestic and international reinsurers will bear the bulk of losses caused by Typhoon Yagi on Vietnam insurance companies, which can further result in reinsurers’ appetite for regional catastrophe risks being tested at the upcoming reinsurance renewals. Typhoon Yagi, which has been called Asia’s most powerful storm this ... Read the full article
Hurricane Francine to have minor impact on reinsurers, seen as very manageable for P&C space: RBC
13th September 2024
Analysts at RBC Capital Markets expect Hurricane Francine to be a highly manageable loss event for the P&C insurance industry, most likely in the very low billions, with a minimal impact to reinsurers. On September 11th, Francine made landfall in southern Louisiana, the parish of Terrebonne as a Category 2 storm ... Read the full article
CoreLogic puts Hurricane Francine insured wind and storm surge losses at up to $1.5bn
13th September 2024
Hurricane Francine, the sixth named storm of the Atlantic hurricane season, made landfall over coastal Louisiana on September 11th as a Category 2 storm, and is expected to drive insurance industry wind and storm surge losses of up to $1.5 billion, according to catastrophe risk modeller CoreLogic. The Cat 2 storm ... Read the full article
CelsiusPro and Tower launch IT platform for parametric cover in the Pacific
12th September 2024
Parametric insurtech CelsiusPro and Tower, a New Zealand and Pacific insurer, have successfully launched the previously announced IT platform for parametric insurance distribution for Tower, beginning with its Cyclone Response Cover in the Pacific Island countries of Fiji and Tonga. The product provides policyholders with rapid cash payouts when their ... Read the full article
Calgary hailstorm, 2nd costliest event in Canadian history causes insured losses of $2.8bn
12th September 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the Calgary hailstorm during early August has resulted in nearly $2.8 billion in insured losses, making it the second-costliest event in Canada's history, following the 2016 Fort McMurray wildfire. On August 5th, 2024, severe thunderstorms developed over southern Alberta and ... Read the full article
Climate-change induced rise in claims costs unlikely to lead to negative ratings: S&P
11th September 2024
Global ratings agency S&P Global has stated that for most rated rated primary insurers, a climate change-induced rise in claims costs is unlikely to lead to negative rating actions over the medium term, even if profitability was to become more volatile. 2023 marked the fourth consecutive year that insured losses from ... Read the full article
PERILS updates insured losses from southern Germany floods at €1.590m
6th September 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed its second industry loss estimate of €1.590 million for the floods in southern Germany from 31st May to 6th June 2024. This compares to the initial loss estimate of €1.568 million issued on 18th July 2024, six weeks after the event end ... Read the full article
Newly launched Zurich Climate Resilience Alliance to address the climate crisis
3rd September 2024
Zurich Insurance Group and its corporate foundation, the Z Zurich Foundation, have launched the Zurich Climate Resilience Alliance (the Alliance) to assess current levels of resilience within vulnerable communities and implement appropriate solutions to climate hazards. The Alliance evolved from the Zurich Flood Resilience Alliance launched in 2013, bringing together a ... Read the full article
Insurance industry should expect average annual cat losses of $151bn: Verisk
3rd September 2024
A combination of rapid exposure growth and inflationary pressures means that insurers should now be expecting average annual losses (AAL) from global natural catastrophes to reach a new high of $151 billion, according to a new study from Verisk Extreme Event Solutions. This figure, which is compiled through the firm's industry ... Read the full article
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