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Losses

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

Flood most significant under-modelled peril for Asia Pacific: Guy Carpenter

2nd November 2018

Flood is the most significant under-modelled peril and of particular concern for the Asia Pacific region, where in excess of $500 billion of GDP is exposed to flood risk every year - the majority of which is not insured - according to a new report by reinsurance broker Guy Carpenter. Furthermore, ... Read the full article

Still negative, but AIG’s Q3 underwriting result improves with reinsurance

1st November 2018

Insurance giant American International Group (AIG) has reported a net, albeit smaller loss in the third-quarter of 2018, of $1.3 billion as a result of significant catastrophe losses. However, the insurer's underwriting loss did narrow year-on-year thanks to reinsurance. AIG's $1.3 billion net loss compares to a $1.7 billion net loss ... Read the full article

Irma loss creep and Q3 cats push Blue Capital Re to net loss

30th October 2018

Bermuda headquartered Blue Capital Reinsurance Holdings Ltd. fell to a net loss of $6.7 million in the third-quarter of 2018, as price increases achieved through renewals failed to sufficiently offset catastrophe losses. The Bermuda-based holding company today announced its results for the third-quarter and first nine months of 2018, recorded a ... Read the full article

Insurance claims from Kerala, India floods surpass US$273 million

26th October 2018

Insurance claims from the severe flooding in the Kerala region of India in July and August, which is expected to result in economic losses of at least $3 billion, have approached Rs 2,000 crore (approximately $273.2 million), with industry sources suggesting that the payouts are more likely to hit ... Read the full article

Mexico insurers will comfortably absorb Hurricane Willa losses: A.M. Best

25th October 2018

Mexico’s insurance industry is sufficiently well capitalised and reinsured to comfortably absorb the financial impact of Hurricane Willa, which made landfall on Mexico’s Pacific Coast this week as a strong Category 3 storm, according to A.M. Best. Willa brought heavy rainfall, flash floods and landslides to the coastal states of Jalisco, ... Read the full article

Lower-than-expected cat losses benefit AXIS in Q3: Analysts

25th October 2018

AXIS Capital Holdings has announced its results for the third-quarter of 2018, posting net income of $43 million compared with a net loss of $468 million a year earlier. According to analysts, the firm's performance in the third-quarter benefited from lower-than-expected catastrophe losses. The Bermuda-based re/insurer's financial results for the third-quarter ... Read the full article

CCRIF completes $5.8m Kirk payout to Barbados government

25th October 2018

CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, has completed the previously-announced $5.8 million payout to the government of Barbados, triggered by heavy rainfall that occurred during the passage of tropical storm Kirk, within 14 days of the event. The payout is CCRIF’s first of ... Read the full article

Cat losses hit Chubb in Q3 but operating profit up year-on-year

24th October 2018

Global insurer Chubb has reported pre-tax catastrophe losses of $450 million ($372 million after-tax) for the third-quarter of 2018, and a core operating profit of $1.1 billion, compared with a $60 million loss a year earlier. Chubb announced previously that it expected Q3 2018 catastrophe losses to amount to $450 ... Read the full article

AIG cat losses a “concern” with Q4 still looming: Goldman Sachs

24th October 2018

American International Group’s consolidated year-to-date (YTD) catastrophe losses are already 81% higher than its full year expected average annual loss (AAL), raising concerns over the efficacy of the company's reinsurance program, according to Goldman Sachs. AIG expects between $1.5 billion and $1.7 billion in cat losses for the third quarter (double ... Read the full article

Maria loss-creep exhausts Assurant’s per-event Caribbean reinsurance program

23rd October 2018

Assurant, Inc. has posted catastrophe losses of between $82 million and $89 million pre-tax ($65-70 million after tax) for the third quarter of 2018, of which $16-19 million was due to loss creep from 2017’s Hurricane Maria. The company said that the additional Q3 2018 losses for Hurricane Maria are above ... Read the full article

HCI Group estimates up to $18m hurricane Michael losses

23rd October 2018

Florida-headquartered re/insurance focused holding company HCI Group has issued an initial loss estimate from hurricane Michael of between $6 million and $18 million. Michael struck the Florida panhandle on 10 October, coming ashore as a major Category 4 storm with wind speeds of up to 155mph. This made the hurricane one of ... Read the full article

Hurricane Michael insured loss up to $10bn: RMS

22nd October 2018

The insurance industry loss from hurricane Michael is estimated to be between $6.8 billion and $10 billion, according to catastrophe risk modeller RMS. The estimate from RMS consists of insured losses from hurricane Michael's wind and storm surge damage across Florida, Georgia, as well as other areas of the Southeast and ... Read the full article

National Security expecting $4m hit from hurricane Michael

19th October 2018

Insurance holding company The National Security Group is expecting to be hit with $4 million pre-tax, net of reinsurance losses as a result of hurricane Michael. Based on analysis of historical reporting patterns, preliminary post-event model output and assessment of early reports of claims to date, the group estimates its ultimate ... Read the full article

$25m Q3 catastrophe losses expected by Argo Group

19th October 2018

International underwriter of specialty re/insurance products Argo Group International Holdings has announced a preliminary pre-tax catastrophe loss estimate for Q3 2018 of approximately $25 million. Hurricane Florence, typhoon Jebi and other cat and weather-related events in Q3 are all included in the estimate. Also included are claims costs net of ceded reinsurance ... Read the full article

Munich Re’s Q3 catastrophe losses said to be within budget

19th October 2018

German reinsurance giant Munich Re was hit by large natural catastrophe losses during the third quarter of 2018, although claims are likely to remain within the company’s budget, according to sources at Reuters. The company also saw some losses related to claims from the Genoa bridge collapse in Italy, although these ... Read the full article

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