Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Southern New Mexico wildfires bring potential for hundreds of millions in losses: Aon
21st June 2024
Aon, a professional services firm specialising in risk management and insurance solutions, has underscored in their weekly catastrophe report the significant economic impact of the ongoing wildfires in southern New Mexico, where potential losses could soar into the hundreds of millions of dollars. Recent wildfires have devastated southern New Mexico, particularly ... Read the full article
IUA launches London forum for mergers and acquisitions insurance focus
21st June 2024
A new London company market forum, operated by the International Underwriting Association (IUA), which represents London-based international and wholesale insurance and reinsurance companies, is centring its efforts on warranty and indemnity insurance. This type of insurance is crucial in mergers and acquisitions, helping to mitigate losses stemming from contractual warranties. Recently formed, ... Read the full article
ICEYE nat cat data being integrated into Guidewire
20th June 2024
Guidewire, a provider of software solutions to the insurance industry, and ICEYE, of satellite-powered disaster management solutions provider, have launched ICEYE's new Ready for Guidewire validated accelerator on the Guidewire Marketplace, now accessible to ClaimCenter users on Guidewire Cloud. ICEYE, a recent graduate of the Insurtech Vanguards programme and winner of ... Read the full article
Allstate’s May catastrophe load takes YTD losses to $2.62bn
20th June 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $1.4 billion ($1.1bn after-tax) for the month of May, taking total catastrophe losses for May year-to-date to $2.62 billion. At $1.4 billion, May 2024 catastrophe losses are up by $515 million, or 58% from the $885 million of May ... Read the full article
US lighting-related claims on the rise as insurers pay over $1.2bn to homeowners in 2023: Triple-I
20th June 2024
In 2023, over $1.2bn were paid out resulting from lightning-caused US homeowners insurance claims to more than 70,000 policyholders according to the Insurance Information Institute (Triple-I). After compiling national insurance claims data, Triple-I estimated that the total value of lightning-caused US homeowners insurance claims was up more than 30% in 2023, ... Read the full article
London market clarifies marine cyber clause to address aggregation risk
19th June 2024
The Joint Excess Loss Committee of the Lloyd's Market Association (LMA), an organisation that represents the interests of the Lloyd's underwriting community, and the International Underwriting Association (IUA), which represents international and wholesale insurance and reinsurance companies operating in the London Market, hosted a well-attended session at Lloyd’s Old Library. They ... Read the full article
Rising jury verdicts and insurance gaps a struggle for companies: Chubb
19th June 2024
As large jury verdicts increase in number and cost, many companies do not have adequate liability insurance to cover these losses effectively, a recent analysis by insurance company Chubb has revealed. According to Chubb's 16th annual Liability Limit Benchmark & Large Loss Profile by Industry Sector 2024, there is a widening ... Read the full article
AM Best downgrades Sun Re Ltd’s financial strength amid balance sheet challenges
19th June 2024
Credit rating agency AM Best has downgraded the financial strength rating of reinsurer Sun Re L from B+ (Good) to B (Fair) and lowered its Long-Term Issuer Credit Rating from “bbb-” (Good) to “bb” (Fair). These Credit Ratings are now under review with negative implications following Sun Re's request to withdraw ... Read the full article
Verisk pegs insured losses from southern Germany flooding at up to $3.9bn
19th June 2024
Verisk's Extreme Event Solutions business, a global provider of data analytics and technology, has estimated that insurance industry losses from recent flooding in southern Germany will fall between USD 2.6 billion and USD 3.9 billion (EUR 2.4 billion to EUR 3.6 billion). Between May 31st and June 3rd, up to 160 ... Read the full article
Insurers continue to face capital challenges: Aon
18th June 2024
Aon, a global insurance and reinsurance broking group, has released its latest capital poll, highlighting the capital challenges and growth prospects for insurers. The challenges faced in 2023 significantly reduced the financial buffers that many insurers previously benefitted, leading to a heightened focus on capital management and diverse funding sources. Despite robust ... Read the full article
Fitch upgrades German non-life insurance sector outlook to ‘improving’
18th June 2024
Fitch Ratings, a financial analysis firm operating out of Frankfurt and London, recently announced a notable change in its evaluation of the German non-life insurance sector. The outlook has been elevated from 'neutral' to 'improving,' driven by expectations of heightened profitability fuelled by robustly increasing premium rates. Despite some European counterparts, recent ... Read the full article
June US SCS flooding spurs anticipation of hundreds of millions in insured losses: Aon
17th June 2024
Aon, a professional services firm providing risk, retirement, and health solutions, has released a weekly catastrophe report showing that since June 11, Southern Florida has faced substantial financial losses due to prolonged and excessive rainfall and severe convective storms (SCS). This has led to significant flash flooding and expected economic and ... Read the full article
Arabian Gulf flooding to hit reinsurance programs as loss figures reach into billions: Gallagher Re
17th June 2024
With torrential rains and deadly flooding impacting many Arabian Gulf countries between April 13-17, Gallagher Re estimates the market loss for United Arab Emirates (UAE) property to be in the range of $1.8 billion to $2.3 billion, while UAE Motor will fall between $350 million and 650 million. Outlining the particulars ... Read the full article
Progressive records reinsurance recoverable in property business as May cat losses hit $722m
14th June 2024
Property and auto-focused insurance group, Progressive, has reported significant, net catastrophe losses of $722.1 million for the month of May, leading the firm to record a reinsurance recoverable of $95.1 million in its property segment under its per occurrence reinsurance arrangements. The more than $722 million of net catastrophe losses for ... Read the full article
Insured losses in Germany from Central Europe floods could hit $3.2bn: Moody’s RMS
14th June 2024
Estimated insured losses in Germany from the Central Europe Floods will likely fall within the range of €2 billion to €3 billion (US$2.1 billion to US$3.2 billion), Moody’s RMS Event Response has stated. Heavy and persistent rainfall fell across central European areas between May 28, and June 3, with major flooding ... Read the full article
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