Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Australian flood costs reach $1.45bn
8th March 2022
The current cost for the floods in South-East Queensland and New South Wales has reached $1.45bn, according to the Insurance Council of Australia (ICA). This latest release from the ICA means that the cost of the floods has risen from an initial estimate of $900m, to $1.3bn, to this ... Read the full article
Catastrophe risk has a home at Lloyd’s, but more realistic loss picks required
3rd March 2022
Executives from the Lloyd's insurance and reinsurance marketplace have called on certain managing agents to "have more realistic catastrophe loss picks" in their plans as actual results have significantly fallen short over the last five years. After another $100 billion+ of insured nat cat losses in 2021, it's clear that catastrophes ... Read the full article
RMS pegs industry loss from storms Dudley & Eunice at up to €4.5bn
28th February 2022
Catastrophe risk modeller RMS has estimated that insurance industry losses from windstorms Dudley (Ylenia) and Eunice (Zeynep), which battered parts of Europe in February, will be between €3 billion and €4.5 billion. Of this total, RMS expects storm Eunice to account for the large majority, or between €2.5 billion and €3.5 ... Read the full article
Verisk predicts Dudley and Eunice losses will fall between €3bn and €5bn
25th February 2022
The insured losses from Winter Storms Dudley/Ylenia and Eunice/Zeynep will fall somewhere between €3bn and €5bn, according to Verisk Extreme Event Solutions, with the majority of expected to be within Germany, the UK, and the Netherlands. According to the company, the industry loss estimates also reflect an adjustment to account for ... Read the full article
Swiss Re’s exposure to Russia’s invasion of Ukraine immaterial to modest: CFO Dacey
25th February 2022
John Dacey, the Group Chief Financial Officer (CFO) of global reinsurance giant Swiss Re, said this morning that while it's too early to tell whether there will be losses from Russia's invasion of Ukraine, the firm has immaterial exposure on the asset side of the balance sheet and does not ... Read the full article
Fitch predicts €5bn insured losses from recent Europe storms
24th February 2022
Analysts at Fitch Ratings are estimating that a series of recent storms that battered much of northern Europe will together cause gross insured losses of as much as €5 billion. Storms Dudley, Eunice and Franklin caused widespread wind and flood damage last week with particularly severe impacts in the Germany, the ... Read the full article
FedNat takes $8m catastrophe hit in Q4
23rd February 2022
Florida based primary insurer FedNat has estimated that catastrophe weather losses incurred during the fourth quarter of 2021 will reduce its net income for the period by approximately $8 million. This figure is net of reinsurance recoveries and other offsets including affiliated fees, on both a pre-tax and after-tax basis. Catastrophe weather ... Read the full article
Storms cause €500m+ insured loss across Netherlands
22nd February 2022
Storms Dudley, Eunice and Franklin have together caused at least €500 million of insured losses across the Netherlands, according to the Dutch Association of Insurers. The Association says insurers have recieved record numbers of damage reports over the last few days, with widespread damage to homes, cars and commercial buildings. The consecutive destructive ... Read the full article
Dudley & Eunice threaten multi-billion insured loss
21st February 2022
Storms Dudley and Eunice, also known as Ylenia and Zeynep, are looking set to drive insurance and reinsurance losses in the range of billions, according to industry analysts and risk modellers. The two storms battered the British Isles in quick succession last week before tracking onwards and causing widespread damage across ... Read the full article
Fire on board Felicity Ace a $155m exposure loss for car brands, says Russell
21st February 2022
The fire that emerged on the Felicity Ace cargo ship is believed to have driven expected losses of at least $155 million for car brands Volkswagen, Porsche, Audi, and Lamborghini, according to analysis by risk solutions firm, Russell Group. The Felicity Ace departed Emden, Germany (where Volkswagen has a large factory) ... Read the full article
Allianz grows aggregate reinsurance and lifts catastrophe budget for 2022
21st February 2022
Global insurance carrier Allianz has expanded its aggregate reinsurance protection for 2022 and also raised its catastrophe budget for the year, after the company experienced a particularly high burden from nat cat losses in 2021. Allianz's recently published full year 2021 financial results show that the insurer recorded net natural ... Read the full article
Burning car carrier Felicity Ace could be $500m cargo loss, says Skytek
18th February 2022
The fire that emerged on the Felicity Ace cargo ship, which was loaded with luxury cars as it departed Germany for the U.S. on February 9th, could result in a loss for the marine re/insurance market of as much as $500 million, reports Skytek. A fire broke out in one of ... Read the full article
Gallagher Re reveals major catastrophe losses topped $116bn in 2021
3rd February 2022
Gallagher Re has revealed that insured losses from major catastrophes in 2021 have so far reached $116bn, which the broker said was the third largest in ten years. The figure was also reported by the reinsurance broker to be 63% higher than the average annual loss since 2011. Like the peak ... Read the full article
Louisiana insurers have paid or reserved $10.5bn of Hurricane Ida claims
1st February 2022
Insurance carriers in Louisiana have paid or reserved $10.5 billion on all types of claims related to Hurricane Ida, which devastated the state on August 29th, 2021, as a Category 4 storm after making a prior landfall in the Caribbean. The $10.5 billion figure comes from Insurance Commissioner Jim Donelon, who ... Read the full article
Global insured losses topped $100bn again in 2021: Aon
25th January 2022
Global insured losses from weather and climate-related events reached roughly $130bn in 2021, according to Aon’s 2021 Weather, Climate and Catastrophe Insight. The report, which the insurer has just released, outlines how global insured losses topped more than $100bn for the fourth time in five years. This figure also managed to ... Read the full article