Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Taiwan quake to impact local insurance industry due to high take-up rates
5th April 2024
According to Aon, the deadly magnitude-7.4 earthquake that struck eastern Taiwan on April 3 is likely to result in a notable event for the local insurance industry due to relatively high take-up rates. The quake is reportedly the island's largest in 25 years, with officials having reported at least 10 fatalities ... Read the full article
PERILS raises industry loss for Australia Christmas storms to AU$1.55bn
3rd April 2024
Zurich-based catastrophe insurance data provider PERILS AG has provided a second update on the insured loss estimate for the Australia Christmas Storms, which affected the states of Victoria, New South Wales, and Queensland, lifting the figure by 11% to AU$1.547 billion (USD 1bn). In February, PERILS disclosed its initial industry ... Read the full article
Taiwan’s strongest earthquake in 25 years could drive meaningful loss for local insurance industry
3rd April 2024
A 7.2 magnitude earthquake struck 18km south of Taiwan's Hualien city at 8am local time today, driving the strongest tremors to have hit the country in the last 25 years, and given the region's relatively high levels of insurance penetration it could be a meaningful loss for the local insurance ... Read the full article
Baltimore bridge collapse a major but manageable marine loss event: S&P
2nd April 2024
S&P Global Ratings has said that although the Francis Scott Key Bridge collapse in Baltimore could cause the largest marine insurance losses recorded since Costa Concordia in 2012, it will be a manageable earnings event for the global reinsurance sector. The ratings agency states that if the International Group of P&I ... Read the full article
Nat cats cause $65bn economic loss across Asia Pacific in 2023, says Aon
2nd April 2024
Natural catastrophes caused US $65 billion economic losses in the Asia Pacific region in 2023, according to global professional services firm, Aon. In their recently published 2024 Climate and Catastrophe Report, Aon highlighted how there were 398 natural disaster events that took place globally in 2023, ultimately resulting in a $380 ... Read the full article
Noto Peninsula Earthquake stands as only intl. industry loss above $1bn in Q124: CRESTA
2nd April 2024
As per the CRESTA Industry Loss Index (CLIX), which provides data on non-US cat events that have generated industry losses above USD $1 billion, the Noto Peninsula Earthquake that struck Japan on January 1, 2024, is the only event that was added to the firm's loss database during Q124. The initial ... Read the full article
Baltimore bridge an opportunity for us to show the value of insurance: Lloyd’s CEO
28th March 2024
John Neal, Chief Executive Officer (CEO) of the specialist Lloyd's insurance and reinsurance marketplace, said this afternoon that the Baltimore bridge event provides an opportunity for the industry to show the value of insurance. "I've been saying in different conversations this morning that actually the good news there is we are ... Read the full article
Baltimore bridge insured losses could total as much as $4bn, says Morningstar DBRS
28th March 2024
Depending just how long the Port of Baltimore is blocked for after the collapse of the Francis Scott Key Bridge, and the nature of the Port's business interruption coverage, insured losses could land between $2 billion and $4 billion, according to analysts at Morningstar DBRS. Even at the low-end of the ... Read the full article
Baltimore bridge may be largest example of port blockage seen by insurers in years: Horn, McGill and Partners
27th March 2024
Exactly how long the Port of Baltimore is closed to ships after yesterday's collision and the subsequent collapse of the Francis Scott Key Bridge is unclear, but according to Julien Horn, Partner - Ports & Terminals and Logistics at broker McGill and Partners, "this may be the largest example of ... Read the full article
Reinsurers to bear the bulk of insured cost of Baltimore bridge collapse, says AM Best
27th March 2024
The collapse of the Francis Scott Key Bridge near the Port of Baltimore, Maryland yesterday is expected to drive billions of dollars in insured losses, with reinsurers set to bear the bulk of the claim amid concerns it could become the largest ever marine loss. Around 1:30am local time, container ship ... Read the full article
2023 global insured losses exceed $100bn for fourth consecutive year: Swiss Re
26th March 2024
The Swiss Re Institute has revealed that global insured losses from natural catastrophes exceeded $100 billion for the fourth consecutive year in 2023, with the earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods acting as the main drivers. Total global insured losses hit $117 billion in ... Read the full article
US P&C industry records $21.2bn net underwriting loss in 2023: AM Best
25th March 2024
According to global credit rating agency AM Best, the US property & casualty (P&C) industry recorded a $21.2 billion net underwriting loss in 2023, which slightly improves upon the $24.9 billion loss recorded in the prior year. These preliminary results are detailed in a recent report released by Best. From what we ... Read the full article
New Year’s Day Japan earthquake claims paid approach $415m: GIAJ
22nd March 2024
As of March 8th, 2024, the General Insurance Association of Japan (GIAJ) reports that more than JPY 61 billion (USD 414m as of March 8th or USD 403m at today's exchange rate) in payments from over 67,000 claims from the New Year's Day Noto Peninsula earthquake have been made. The M7.5 ... Read the full article
Allstate’s February 2024 cat losses below $150m reporting threshold
21st March 2024
US primary insurer Allstate has announced that its estimated catastrophe losses for February 2024 were under the $150 million reporting threshold, which is down on the $241 million of cat losses seen in February of last year. Last month, Allstate announced estimated catastrophe losses of $325 million for January 2024, ... Read the full article
2024 severe convective storm season picking up where last year left off: CoreLogic
20th March 2024
Analysis by CoreLogic estimates that 1-inch or greater hail fell on over 660,000 homes between March 13th and 14th in the central United States, causing material and destructive property damage. Dozens of severe convective storms (SCS) formed across the central U.S. over March 13th and 14th, and according to CoreLogic, ensured ... Read the full article
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