Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Arch Capital estimates $330m to $345m of losses from Q3 catastrophes
12th October 2021
Arch Capital Group, the Bermuda headquartered, globally active insurance and reinsurance company, has pre-announced an expectation of third-quarter natural catastrophe losses of between $330 million to $345 million. The high catastrophe estimate is given on a net of reinsurance or retrocession recoveries and pre-tax basis and affects Arch Capital's property casualty ... Read the full article
RLI announces Q3 cat losses of up to $35mn, net of reinsurance
7th October 2021
U.S. property and casualty insurance company, RLI Corp., has pre-announced estimated pre-tax catastrophe losses of between USD 30 million and USD 35 million for the third-quarter of 2021. RLI is scheduled to release its third-quarter 2021 financials after the market closes on October 20th. The insurer's loss range of USD 30 million ... Read the full article
Despite improvements, COVID-related BI & cat losses a challenge for reinsurers: DBRS
5th October 2021
In the first half of 2021, major property and casualty (P&C) reinsurers were on track for a record year, but despite the improved performance, analysts at DBRS warn of uncertainty around pandemic-related business interruption (BI) losses and the impacts of natural catastrophes. Estimated global insured catastrophe losses stood at $42 billion ... Read the full article
Horace Mann faces $40mn in Q3 cat losses, more than half from Ida
5th October 2021
Horace Mann Educators Corporation, an insurance and retirement solutions company for US educators and school employees, has estimated that its catastrophe losses for the third quarter of 2021 will be between $35 million and $40 million, pre-tax. Notably, $20 million to $25 million of this figure is expected to be driven ... Read the full article
Swiss Re pegs Hurricane Ida loss at $750mn
5th October 2021
Global reinsurance giant Swiss Re has announced that it expects an estimated impact of USD 750 million from Hurricane Ida, based on insurance and reinsurance industry losses of between USD 28 billion to USD 30 billion. Hurricane Ida made landfall as a Category 4 storm near Port Fourchon, Louisiana, about 60 ... Read the full article
Sasria counting on government aid with $386mn of riot claims paid
5th October 2021
South Africa’s state-owned insurer, Sasria, says it has paid around R5.8 billion (USD 386 million) of claims two months on from the unprecedented civil unrest and rioting in the country. The insurer also acknowledged there are “valid” concerns about its ability to honour claims, following warnings that the eventual bill Read the full article
Over-reserving sees PERILS drop Australia flood loss estimate to AU$751mn
24th September 2021
Catastrophe insurance data provider PERILS has cited over-reserving as the sole driver behind its significantly lower industry loss estimate from the New South Wales and Queensland flooding in March; what six weeks ago was AU$1.055 billion now stands at $751 million. Between March 18 and 24 the East Coast of Australia ... Read the full article
RMS says hurricane Nicholas insured loss could reach $2.2bn
24th September 2021
Hurricane Nicholas, which made landfall near Matagorda, Texas as a minimal Category 1 hurricane on September 14th, is expected to drive insurance industry losses in the U.S. of between USD 1.1 billion and USD 2.2 billion, according to analysis by RMS. This RMS estimate represents insured losses associated with wind, storm ... Read the full article
The Hanover Q3 cat losses could reach $165m, nearly half from Ida
22nd September 2021
Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has released a preliminary estimate of its catastrophe losses for the third quarter of 2021, which it says will be in the range of $150 million to $165 million, before tax. Estimated losses from Hurricane Ida alone are approximately $75 ... Read the full article
KCC pegs Nicholas’ industry cost at $950mn
20th September 2021
Based on its high-resolution US Hurricane Reference Model, KCC estimates that the insured loss from hurricane Nicholas will be close to $950 million. On September 9, a tropical wave formed over the western Caribbean Sea and moved toward the northwest steadily until it reached the southern Gulf of Mexico the following ... Read the full article
Heavy Ida losses to trigger Progressive’s reinsurance recoveries
17th September 2021
The Progressive Corporation has confirmed the triggering of its excess-of-loss reinsurance cover as a result of losses incurred by hurricane Ida. The insurer notes Ida has so-far driven reported and IBNR losses of $510 million across the US Gulf Coast and Northeast. Ida made landfall as a 150 mph Category 4 ... Read the full article
RMS raises hurricane Ida insured loss estimate to $31bn – $44bn
17th September 2021
Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insurance and reinsurance industry losses from Hurricane Ida will be between $31 billion and $44 billion, the majority of which relates to wind and surge impacts in the Gulf region. The latest estimate from RMS now includes inland flood and ... Read the full article
Reinsurers to take major share of Allstate’s $1.4bn hurricane Ida loss
16th September 2021
The Allstate Corporation has announced estimated gross losses of approximately USD 1.4 billion for the impacts of Hurricane Ida, with the company set to retain USD 631 million, pre-tax (USD 498mn after-tax) of this total thanks to its reinsurance protection. The U.S. primary insurer notes that Ida impacted 19 states with ... Read the full article
The Hartford to pay $787mn in new Boy Scouts of America deal
15th September 2021
The Hartford has entered into a new agreement-in-principle in the Boy Scouts of America (BSA) bankruptcy that will see the firm pay $787 million, before tax, for claims associated with policies mostly issued in the 1970s. In exchange for The Hartford’s payment, the BSA and its local councils will fully release ... Read the full article
Global insured catastrophe losses 101% above long-term average: Jefferies
15th September 2021
Global insured catastrophe losses are running 101% higher than the long-term average (2008-2020) and more than 87% above the 10-year average, as Hurricane Ida adds an estimated USD 32.2 billion to the load in August, reports Jefferies. Excluding Ida, analysis by Jefferies shows that year-to-date (Jan-Aug) losses are coming in 15% ... Read the full article