Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
Thunderstorms in US and Europe “more destructive than ever” in 2023: Munich Re
9th January 2024
According to a new report from Munich Re, thunderstorms in North America and Europe in 2023 were "more destructive than ever before", driving overall losses of $76 billion, and insured losses of $58 billion. The reinsurer observed that such high thunderstorm losses have never been recorded in the USA or Europe. "Assets ... Read the full article
Insured losses from Japan earthquake estimated between $1.8-3.3bn: Verisk
9th January 2024
According to Verisk’s “Extreme Event Solutions” business unit, insured losses from the earthquake that struck near the Noto peninsula in Ishikawa prefecture, Japan, will be between approximately US $1.8 billion and $3.3 billion (JPY 260-480 billion). The United States Geological Survey (USGS) reported on January 1st, 2024, the M7.5 earthquake on ... Read the full article
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
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