Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Insurers exiting high-risk areas as climate losses rise 360%: Bloomberg
14th March 2024
Bloomberg Intelligence (BI) has said that a 360% rise in insured losses in the past three decades from the increased frequency and intensity of natural disasters is causing insurers to "hike premiums and exit high-risk areas,". At the same time, transition risk associated with the assets backing these liabilities is said ... Read the full article
Australia’s Valentine’s Day storms estimated industry cost hits $104m: ICA
8th March 2024
The Insurance Council of Australia (ICA) has revealed that claims for the severe thunderstorms that impacted Victoria on Valentine’s Day have risen to 19,932, with an estimated cost to the industry so far of $104 million. According to the ICA, around 85% of claims are related to home and contents damage, ... Read the full article
500+ structures destroyed by Smokehouse Creek fire
4th March 2024
Having already burned more than a million acres, the record-breaking Texas Smokehouse Creek fire is set for further expansion, with officials noting more than 500 structures have been destroyed. Hot and windy conditions have facilitated and accelerated wildfire growth in the southern United States since February 26, leading to several destructive ... Read the full article
Australian summer insured cat losses reach $1.2bn: ICA
4th March 2024
The Insurance Council of Australia (ICA) has revealed that losses from declared insurance catastrophes over the summer have now reached $1.2 billion. According to the ICA, the two major events in this period were Ex-Tropical Cyclone Jasper, which impacted regions from Cape York Peninsula to Townsville from 10 to 16 December, ... Read the full article
Record-breaking Texas fires to drive losses in hundreds of millions USD
1st March 2024
According to Aon, the Smokehouse Creek Fire in Texas has already burned more than a million acres, becoming one of the largest fires in recorded state history and potentially contributing to total aggregate losses in the hundreds of millions USD. Aon's weekly cat report explained that hot and windy conditions have ... Read the full article
PERILS estimates final industry loss of NZ $2.174bn from Cyclone Gabrielle
19th February 2024
PERILS, the independent Zurich-domiciled catastrophe insurance data provider, has disclosed its fourth and final insurance industry loss estimate for Cyclone Gabrielle of NZ $2.174 billion. Cyclone Gabrielle impacted the North Island of New Zealand during the period of 11-17th February 2023. The final estimate compares to the third loss estimate of ... Read the full article
Allstate estimates $325 million cat losses for January
15th February 2024
The Allstate Corporation has announced estimated catastrophe losses of $325 million for the month of January 2024, primarily driven by two events that comprised approximately 80% of the losses. The U.S. primary insurer stated that these losses drop down to pre-tax cat losses of $276 million ($218 million after-tax) for the ... Read the full article
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
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