Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
US severe weather losses projected to be nearly $20bn by end of May, BMS’ Siffert
30th May 2024
A new severe weather update from BMS shows that insurance losses have soared, surpassing $10 billion, and are projected to reach nearly $20 billion by the end of May, warns Andrew Siffert, Senior Meteorologist at BMS. Last month, BMS issued a warning to the insurance industry, telling industry figures to ... Read the full article
P&C sector reports improved conditions in early 2024: McGriff
28th May 2024
The Property & Casualty (P&C) industry began 2024 in a stronger position compared to 2023, driven by 25 consecutive quarters of premium increases, improved investment returns for insurers, and a relatively mild hurricane season, highlights broker McGriff in a recent report. The broker highlights Fitch Ratings' prediction for modest underwriting improvements ... Read the full article
Insured losses from May Texas storms to exceed $1bn: Gallagher Re
23rd May 2024
Following the deadly thunderstorms that hit Houston, Texas on May 16th, economic and insured losses are each anticipated to exceed $1 billion, with the potential for total losses to be even higher, according to Gallagher Re. The storms, which killed at least seven people, are said to have generated exceptional wind ... Read the full article
Companies prepare for political risks during continued global turbulence: WTW
22nd May 2024
Against the backdrop of ongoing global instability, companies intensify their focus on risk management, adapting strategies to navigate evolving threats, reports insurance and reinsurance broker WTW. Following a year in which nearly a fifth of companies had to restate earnings due to geopolitical events, 2024 proved challenging as well, with 69 ... Read the full article
PERILS places final industry loss estimate for Emilia-Romagna floods at €495m
22nd May 2024
Zurich-based catastrophe insurance data provider PERILS AG has released its final insurance market loss estimate for the floods in the Emilia-Romagna region of Italy during May 2023, lowering the figure slightly to €495 million. This final figure compares to PERILS’ most recent loss estimates of €509 million, which was released ... Read the full article
Brazil floods: rising toll and mounting economic losses, says Aon
17th May 2024
Following recent floods in the Brazilian state of Rio Grande do Sul, the region grapples with escalating casualties and significant financial repercussions. According to insurance and reinsurance broker Aon's weekly cat report released on May 15, national authorities have confirmed that the total economic losses now surpass BRL9 billion ($1.75 billion). Meteorological ... Read the full article
Allstate estimates total catastrophe losses for April 2024 at $494m
16th May 2024
Allstate, a US primary insurer, has disclosed that its estimated catastrophe losses for April 2024 amounted to $494 million, or $390 million after-tax. According to Allstate, the losses in April 2024 resulted from 11 events valued at $491 million, with approximately 80% of these losses attributed to four wind, hail, or ... Read the full article
Extreme weather sweeps across US, billions in losses predicted by Aon
13th May 2024
Aon's latest weekly cat report, ending May 10, highlights ongoing severe weather across the United States, with predictions of significant economic losses in the billions, particularly affecting the Southern Convective States (SCS). From May 2 to May 5, Texas experienced heavy rainfall, worsening existing flooding problems. Some areas received over 20 ... Read the full article
US homeowners looking to boost profits as weather-related losses & inflation take toll, Moody’s
9th May 2024
US homeowners insurers are raising premiums and tightening policies to help offset weakening profitability from weather-related losses, as well as exposure to catastrophe-prone areas and inflation, according to a Moody's report. Firstly, it is important to note that the the profitability of the US homeowners lines has been volatile over the ... Read the full article
US SCS and tornado activity may drive billions in losses, says Aon
3rd May 2024
Severe convective storms, tornadoes, strong winds, hail and flooding struck central United States throughout the last week, which could potentially result in a loss that runs into the billions of dollars, on both an economic and insured basis, Aon has said. In the broker's weekly cat report, it reveals that the ... Read the full article
PERILS ups industry loss estimate for Windstorm Ciarán to €2.04bn
3rd May 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed its third industry loss estimate for Extratropical Windstorm “Ciarán”, increasing the figure to €2.04 billion. The windstorm, also known as “Emir”, affected France, the United Kingdom, Belgium, and the Netherlands from 1st-2nd November 2023. This new estimate compares to the €1.94 billion figure ... Read the full article
Q1’24 insured nat cat losses above average at $17bn at least: Aon
29th April 2024
Global losses from disaster events reached $45 billion in the first quarter of 2024, of which at least $17 billion was covered by insurance, with an estimated quarterly protection gap of 64%, according to insurance and reinsurance broker Aon. Insurance and reinsurance industry losses of at least $17 billion from disasters ... Read the full article
MOVEit & Change Healthcare attacks designated as cyber catastrophe loss events by PCS
29th April 2024
Verisk's Property Claim Services (PCS), a provider of industry loss estimates and loss data globally, has designated the MOVEit cyber attack and the Change Healthcare cyber attack as PCS Cyber Catastrophe Loss Events, as reported first by our sister publication, Artemis. For PCS to designate these cyber attacks as PCS Cyber ... Read the full article
Forecasts indicate that US severe weather losses could run on par with 2023, BMS’s Siffert
25th April 2024
Insurance industry losses from US severe weather events have already surpassed $10 billion for this year, with the toll for many events still being calculated. However, forecasts for the coming days and weeks could wind up taking the toll on par with last year, warns Andrew Siffert, Senior Meteorologist at ... Read the full article
Claims paid for New Year’s Day Japan earthquake rise to $492m: GIAJ
23rd April 2024
The General Insurance Association of Japan (GIAJ) has released new insurance claims data for the January 1st M7.5 earthquake that hit near the Noto Peninsula in Ishikawa prefecture, revealing that the claims paid total has risen by around 22% in a few weeks to approximately $492 million (JPY 74.44 billion). Read the full article
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