Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Industry needs to acknowledge new frequency & severity of events: AIG’s Zaffino
8th November 2021
Peter Zaffino, President and Chief Executive Officer (CEO) of global insurer AIG, expects any fourth quarter catastrophe losses to be limited by the company's reinsurance protection, but warns that overall, the industry needs to acknowledge the dramatic shift in the frequency and severity of events. Last week, AIG announced an ... Read the full article
Berkshire Hathaway announces $1.5bn Q3 reinsurance cat hit
8th November 2021
The reinsurance business of Warren Buffet-owned holding company Berkshire Hathaway has announced $1.5 billion in catastrophe-driven losses and loss provisions for 2021's third quarter, a figure that rises the firm’s overall losses and loss adjustment expenses by $442 million against the prior year quarter. Overall 9M cat losses of $1.9 billion ... Read the full article
Illogical to decline potential cat opportunity: Lancashire CEO Maloney
5th November 2021
Alex Maloney, Chief Executive Officer (CEO) of Lancashire Holdings, confirmed yesterday that the specialty re/insurer intends to maintain its catastrophe footprint for 2022, stating that it would be "counter to our DNA" to retreat from an improved underwriting opportunity. In announcing its results for the first nine months of the ... Read the full article
$196mn Q3 net loss for Enstar despite robust 9M
4th November 2021
Enstar Group has reported a consolidated net loss totalling $196 million for 2021’s third quarter, driven by a $285.2 million hit attributable to InRe Fund, a consolidated variable interest entity impacted by “significant” volatility in Chinese and other global equity markets Performance across the first nine months of 2021 is more ... Read the full article
Suncorp announces AU$250mn cost of late October hail, wind event
4th November 2021
Australian insurer Suncorp has provided an update to the recent hail and wind event which swept South Australia, Victoria and Tasmania in late October. The number of home and motor claims from the event, as of November 3, totals 12,000. While the full extent of this event’s damage is still being realised, ... Read the full article
Palomar revises Q3 cat loss estimate to $17.5mn
3rd November 2021
Specialty property insurer Palomar Holdings has revised its Q3 pre-tax catastrophe loss estimate, net of reinsurance and prior period development, to $17.5 million. The firm had previously stated an expected loss estimate of between $14.5 million and $15.5 million. It was estimated that 70-75% of its gross losses from these two ... Read the full article
October storms cause IAG to tap reinsurance, raise FY loss forecast
2nd November 2021
Severe storm and hail activity over the course of October has caused Australian primary insurer IAG to tap its reinsurance coverage and raise its expectation for full-year 2022 catastrophe losses. IAG anticipates that the most recent storm event, which impacted South Australia and Victoria between 27th and 29th October and SE ... Read the full article
Ontario storms claims total $105mn: IBC
28th October 2021
Storms that hit southern Ontario in September have caused $105 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification. Both storms included heavy rain, wind and tornadoes that caused structural damage to many properties. Downed trees left 30,000 properties without power for hours. The storm which took place ... Read the full article
Arch’s Q3 reinsurance underwriting income falls 807% to $38mn loss
28th October 2021
The reinsurance segment of Arch Capital saw its underwriting income fall 807% to a $38,948 million loss in the third quarter. The segment's combined ratio also rose to 106.2% from 99.0%, reflecting 34.6 points of current year catastrophic activity, primarily related to Hurricane Ida, European floods. Estimated net favourable development of prior ... Read the full article
Suncorp’s nat cat bill reaches AU$492mn, closing in on full year budget
26th October 2021
Suncorp is expecting a financial hit of between $382 million and $492 million due to natural hazard claims incurred since July 1. Suncorp’s full year natural hazard allowance of $980 million is divided equally between the first and second halves of the financial year. The company’s maximum event retention on the main catastrophe ... Read the full article
Re/insurers should expect global annual nat cat losses of $100bn+, says AIR
25th October 2021
The insurance and reinsurance industry should anticipate a long-run annual average bill of approximately $106 billion from global catastrophe events, according to analysis by catastrophe risk modeller, AIR Worldwide. Verisk's AIR Worldwide has released its 2021 Global Modeled Catastrophe Losses report, which shows that recent years of natural catastrophe losses are ... Read the full article
UPC Insurance ups Q3 nat cat loss estimate to $37mn
25th October 2021
Property and casualty insurance holding company UPC has announced estimated pre-tax catastrophe losses incurred for the third quarter of 2021 of approximately $37 million; roughly $29 million after tax. This compares to the original third-quarter 2021 pre-tax catastrophe loss estimate of $27 million ($21 million after-tax). The company’s estimated net cat losses ... Read the full article
Allianz raises European flood loss to €1.1 billion
25th October 2021
Global insurer Allianz is now expecting gross losses of approximately €1.1 billion from the impacts of storm Bernd across Germany, Belgium, and the Netherlands in July. In early August, Allianz pegged its losses from the July flooding across parts of Europe at €900 million, of which it said roughly €500 ... Read the full article
Heritage to incur $51.4m of Q3 cat & weather losses
21st October 2021
Super-regional property and casualty insurance holding company has estimated that it will incur a total of $51.4 million catastrophe and weather losses for the third quarter of 2021. This figure includes approximately $16.0 million of catastrophe losses stemming from Hurricanes Elsa, Fred, Henri and Ida. It also includes $35.5 million of other ... Read the full article
Allstate reports Q3 cat losses of $1.3bn
21st October 2021
US primary insurer Allstate has recorded total catastrophe losses of $1.3 billion for the third quarter of 2021, pre-tax, after taking $165 million in the month of September. Catastrophe losses in September were estimated at $103 million, plus reinsurance reinstatement premium and modest unfavorable reserve re-estimates. Two large wind/hail events, primarily impacting ... Read the full article