Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
European & London market re/insurers very well placed for an active hurricane season: BofA
19th July 2024
As hurricane forecasters anticipate an active 2024 hurricane season, analysts at BofA Securities have said that European and London market re/insurers are very well placed to deal with the potential fallout. While the majority of Atlantic hurricane activity typically occurs between mid-August and mid-October, insurers and reinsurers were put on high ... Read the full article
PERILS places insured losses from southern Germany floods at €1.6bn
18th July 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed an initial industry loss estimate of €1.568 billion (USD 1.74 billion) for the floods in southern Germany from 31st May to 6th June 2024. The estimate provided by PERILS is based on loss data collected from affected insurers, and in line with its ... Read the full article
Poll suggests AI threats will drive the biggest cyber losses for re/insurers
17th July 2024
A recent poll from Reinsurance News suggests that AI-powered threats will drive the biggest losses across the cyber re/insurance market over the next two years. Hundreds of people from across the insurance and reinsurance industry responded to the poll. Of this, nearly half of respondents (45%) said that they expect AI-powered threats ... Read the full article
Assurant expects $46m cat loss for Global Housing segment in Q2
17th July 2024
Assurant has revealed that it expects its Global Housing segment to record approximately $46 million pre-tax, or $36 million after-tax, of reportable catastrophes for Q2 of 2024. As per the firm, no single event is anticipated to exceed $15 million in pre-tax losses in Q2. Assurant explained that reportable catastrophe losses were ... Read the full article
US SCS activity drives $61bn insured nat cat total for H1’24: Gallagher Re
17th July 2024
Global insurance and reinsurance industry losses from natural catastrophes in the first half of 2024 reached at least $61 billion, coming in 25% higher than the first half decadal average on the back of the second costliest H1 on record for the US severe convective storm (SCS) peril, according to ... Read the full article
Hurricane Beryl US insured losses to fall between $2.5bn & $4.5bn: Moody’s RMS
16th July 2024
Moody’s RMS Event Response has estimated that U.S. insured losses from Hurricane Beryl will likely fall between $2.5 billion and $4.5 billion, encompassing damage from wind, storm surge, and precipitation-induced flooding. At the same time, according to the firm, losses to the National Flood Insurance Program (NFIP) from this event are ... Read the full article
Japan’s life insurance sector revives while China faces yield challenges: Swiss Re
15th July 2024
Japan's life insurance industry is seeing a resurgence as the economy overcomes its "lost decades," according to a recent report by global reinsurer Swiss Re. In contrast, China's life insurers are now dealing with the same "negative spread" problem. Since 2020, investment yields in China's life insurance sector have fallen by ... Read the full article
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
