Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
CoreLogic pegs Japan quake insured losses at less than $5bn
5th January 2024
Catastrophe risk modeller CoreLogic's modelled insured loss estimate for the devastating, shallow magnitude 7.5 earthquake, which hit western Japan on New Year's Day, includes damage from ground shaking, fires following, tsunamis, and liquefaction. CoreLogic estimates that insured losses in the country from the quake could be between $1 billion and $5 ... Read the full article
Total insured losses from Japan earthquake set to reach $6.4bn: KCC
5th January 2024
According to Karen Clark & Company (KCC), the total insured losses from the magnitude 7.5 earthquake which struck off the west coast of the island of Honshu in Japan will reach $6.4 billion, with residential losses accounting for over two-thirds of the total. Outlining the particulars of the event, the risk ... Read the full article
Japan Airlines expects $105m loss from collision as AIG reported as lead insurer on aviation policy
4th January 2024
Insurance industry sources have told Reuters that AIG is the lead insurer on a $130 million "all-risks" policy for the Japan Airlines airbus 350 that was destroyed in a collision with a Japan Coast Guard plane at Tokyo's Haneda airport on Tuesday. Japan Airlines (JAL) said today that it expects losses ... Read the full article
Non-US catastrophe loss tally reaches $16.7bn in 2023: CRESTA
2nd January 2024
As per the CRESTA Industry Loss Index (CLIX), which provides data on non-US cat events that have generated industry losses above $1bn, the international loss tally for 2023 amounted to $16.7bn, marginally below the annual average of $17.1bn for the last 23 years. According to CRESTA, there were 7 non-US events ... Read the full article
GDV reports €4.9bn of insured losses from extreme weather in Germany in 2023
29th December 2023
The General Association of the German Insurance Industry (GDV) has reported that damage caused by extreme weather events in the country, such as floods and storms in 2023 total €4.9 billion. Jörg Asmussen, General Manager of the GDV, commented: “The insured damage to houses, household goods, businesses and motor vehicles is ... Read the full article
Worldwide insurance industry losses for 2023 should be below $133bn: BMS
29th December 2023
Reflecting on the overall insurance industry losses for the year, BMS Group has revealed that worldwide insurance industry losses for 2023 should end up below the modeled average annual loss suggested by Verisk Annual Global Modeled Catastrophe Losses of $133 billion. While there is still some loss development from recent severe ... Read the full article
ICA reports significant rise in claims for Australian Christmas storms
29th December 2023
Insurance companies have received 18,174 claims related to the recent storms across Queensland, New South Wales and Victoria, with the Insurance Council of Australia (ICA) highlighting escalating severity and threat of further extreme weather events over the coming days. Earlier this week, the ICA declared a ‘Significant Event’ for the ... Read the full article
Storm ZOLTAN €200m insured damage “not likely” to burden reinsurers: MSK
28th December 2023
Storm ZOLTAN is expected to result in insured property damage totalling €200 million, bringing insured losses from natural hazards for 2023 in Germany to almost €4 billion, according to Onnen Siems, Managing Director of actuarial consultancy firm Meyerthole Siems Kohlruss (MSK). Storm ZOLTAN, which hit Germany last week, reportedly caused property ... Read the full article
PERILS releases initial industry loss estimate of €1.9bn from storm Ciarán
15th December 2023
Zurich-domiciled catastrophe insurance data provider, PERILS, has disclosed an initial industry loss estimate for extratropical windstorm Ciarán, also known as Emir of €1.889 billion. The storm affected France, Belgium, the United Kingdom, and the Netherlands from the 1st-2nd November 2023, with damaging wind gusts. The resulting industry losses were typical for ... Read the full article
Insured losses will once again exceed $100bn in 2023: Swiss Re
7th December 2023
Analysis by Swiss Re, one of the world's largest reinsurers, reveals that natural catastrophes will once again break several loss records this year, as a high frequency of low single-digit billion-dollar loss events take insurance and reinsurance industry losses above the $100 billion mark for the fourth consecutive year. Economic losses ... Read the full article
PERILS estimates initial loss of €509m for Babet-Aline floods and storms
4th December 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed an initial industry loss estimate of €509 million for the Babet-Aline floods and storms over the British Isles and northwestern Europe in October 2023. In line with the PERILS coverage definition for Europe, this loss number covers the property line of business. The ... Read the full article
Moody’s RMS estimates Hurricane Otis insured losses at $2.5bn-$4.5bn
14th November 2023
Moody’s RMS has estimated that private market insured losses from Hurricane Otis will be between $2.5 billion and $4.5 billion. According to the firm, this estimate represents insured losses associated primarily with wind damage in the Category 5 hurricane that made landfall in Acapulco, Mexico. The figures reflect property damage and ... Read the full article
Moody’s RMS estimates Windstorm Ciarán insured losses of up to €1.5bn
13th November 2023
Moody’s RMS has released a report estimating that insured losses from Windstorm Ciarán, will likely fall between €0.9 billion and €1.5 billion. Windstorm Ciarán (also named Emir by the Free University of Berlin), struck Western Europe on November 1-2. According to Moody's RMS, France accounts for the majority of the loss estimate, ... Read the full article
Hannover Re ‘happy’ with experience so far in 2023, despite rising frequency losses: Althoff
9th November 2023
German reinsurance giant Hannover Re will continue to manage growth within US wind very carefully in order to improve diversification, and despite a rise in frequency outside of the US, is happy with the experience year-to-date, according to Sven Althoff, Member of the Executive Board, Property & Casualty (P&C). This morning, ... Read the full article
Verisk estimates industry insured losses from Ciarán between €800mn-€1.3bn
8th November 2023
Industry insured losses due to wind from Winter Storm Ciarán are expected to range between €800 million and €1.3 billion, the majority of which are expected in France, according to Verisk. Windstorm Ciarán (also named Emir by the Free University of Berlin), struck Western Europe on November 1-2, leaving a trail ... Read the full article
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