Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
PERILS estimates AU$1.4bn industry loss for Australia Christmas storms
14th February 2024
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its initial industry loss estimate for the Australia Christmas storms which affected the states of Victoria, New South Wales, and Queensland, pegging the total at AU$1.395 billion ($903 million). PERILS noted that this initial estimate is based on loss data collected from ... Read the full article
Japanese property insurers likely to withstand losses despite Noto Peninsula Earthquake: GlobalData
13th February 2024
Property insurers in Japan are expected to maintain profitability in 2024 despite the 7.6 magnitude earthquake that struck Noto Peninsula at the start of the year, and caused insured loss of around $6 billion, according to GlobalData. On January 1st, 2024, the Noto Peninsula earthquake shook the area resulting in ... Read the full article
PERILS and CyberAcuView’s US Cyber Industry Loss Index gains traction
12th February 2024
PERILS, the Zurich-domiciled catastrophe insurance data provider and CyberAcuView, an independent US-domiciled cyber insurance data provider, have announced the use of their US Cyber Industry Loss Index in the first cyber insurance risk transactions. The Index is used to produce an index value to determine the payouts of the protection under ... Read the full article
PERILS ups industry loss estimate for windstorm Ciarán to €1.94 billion
5th February 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed its second industry loss estimate for extratropical windstorm “Ciarán”, also known as “Emir”, upping the figure to €1,937 million. This updated estimate is based on claims data collected from affected insurance companies in France, Belgium, the United Kingdom, and the Netherlands, and Read the full article
PERILS final estimate for New Zealand North Island flood insured loss at NZ $2.23bn
2nd February 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed its fourth and final insurance market loss estimate for the severe flooding that impacted the North Island of New Zealand in late January 2023, pegging the total at NZ $2.23 billion. The latest figure compares to the third loss estimate of NZ ... Read the full article
Markel reports 79% dip in underwriting profit for 2023
1st February 2024
Global re/insurer Markel Group has announced 2023 underwriting profit of $132.7 million compared with $626.6 million in 2022, driven by declines in both its insurance and reinsurance segments on the back of adverse development on prior year loss reserves. For 2023, the Group recorded a 4% increase in the gross premiums ... Read the full article
Windstorms Isha and Jocelyn to cause hundreds of millions of EUR in losses across Europe: Aon
29th January 2024
Despite the storms' impacts being labeled as moderate compared to initial projections, the economic losses from Windstorms Isha and Jocelyn are anticipated to climb into the hundreds of millions of euros, according to Aon’s latest weekly cat report released on January 26, 2024. Following substantial wind-related losses caused by earlier storms ... Read the full article
ICA estimates insured loss from TC Jasper and recent storms to exceed $743m
24th January 2024
The Insurance Council of Australia (ICA) has disclosed its first insured loss estimate for ex-Tropical Cyclone Jasper and the Christmas and New Year storms, anticipating the costs from these events to exceed $743 million. Marking out the particulars, the ICA explained that Ex-TC Jasper impacted regions from Cape York Peninsula to ... Read the full article
Global insured losses from natural disasters hit $118bn in 2023: Aon
23rd January 2024
In its recently published 2024 Climate and Catastrophe Insight report, insurance and reinsurance broker Aon disclosed a huge $118 billion in global insured losses during the 12-month period under review. This marks the fourth consecutive year that insurance losses have exceeded the 21st-century average, reflecting the increasing impact of natural disasters ... Read the full article
PERILS ups industry loss estimate for Babet-Aline floods and storms to €683m
22nd January 2024
Zurich-based catastrophe insurance data provider PERILS has disclosed its second industry loss estimate for the floods and storms caused by Babet (Viktor) and Aline (Wolfgang) over the British Isles and northwestern Europe in October 2023, increasing the figure to €683 million. This compares to an initial loss estimate of 509 ... Read the full article
Allstate makes progress on profitability plan with substantial rate increases in 2023
18th January 2024
US primary insurer Allstate has reported that it continued to make progress on its plan to improve profitability in 2023, with rate increases in its auto insurance and homeowners insurance lines that resulted in premium impacts of 16.4% and 11.3%, respectively. “In 2023, rate increases for Allstate brand auto insurance resulted ... Read the full article
Insured nat cat losses hit $123bn in record-setting 2023: Gallagher Re
17th January 2024
The global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, as broker Gallagher Re reports an annual record of 34 individual billion-dollar insured loss events in the year. The reinsurance broker's 2023 Natural Catastrophe and ... Read the full article
Intact estimates CAD$200m cat losses in Q4
12th January 2024
Intact Financial Corporation, the Canadian property and casualty (P&C) insurer, has estimated total losses from catastrophe events in the fourth quarter of 2023 of approximately CAD $200 million, on a pre-tax basis and net of reinsurance, for it's continuing and exited lines of business. This compares to the $611 million ... Read the full article
Insured losses in Q4’23 below average, says JP Morgan
12th January 2024
JP Morgan's Love Actuary note on the fourth quarter of 2023 reveals a relatively optimistic outlook for the reinsurance industry, supported by a slightly below-average level of natural catastrophe losses during the period. The financial giant estimates global insured losses from nat cats for 4Q 2023 to be in the range ... Read the full article
Moody’s RMS puts Japan earthquake insured loss at $3bn – $6bn
12th January 2024
Catastrophe risk modeller Moody's RMS estimates that the total insurance industry loss from the magnitude 7.5 earthquake that struck Japan on New Year's Day will likely fall between $3 billion and $6 billion. This estimate from Moody's RMS is based on analysis of the devastating quake using the risk modellers Japan ... Read the full article
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