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Losses

News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.

KCC pegs total insured losses from Dorian at $5.2bn

10th September 2019

Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the total insured cost of Hurricane Dorian in both the Caribbean and the US will be $5.2 billion. The estimate reflects a $3.6 billion loss in the Caribbean and a $1.5 billion loss in the US, as well as losses ... Read the full article

Annual global cyber losses to reach $6 trillion by 2021

10th September 2019

With analysts suggesting that annual global cyber losses could reach US $6 trillion by 2021, Aon has gathered views from cyber-focused business leaders in the EMEA region on how to build more cyber-resilient organisations. This research, which was conducted by CyberSecurity Ventures, also forecast that cyber security spending is set to ... Read the full article

Dorian could drive industry loss of $6.5bn in the Caribbean, says RMS

10th September 2019

Hurricane Dorian is likely to drive an insured loss of between $3.5 billion and $6.5 billion in the Caribbean, according to estimates from risk modelling and analytics firm RMS. The estimate represents insured losses from wind and storm surge damage across the Caribbean, but most notably in the Bahamas, parts of ... Read the full article

Evolving risk landscape pivotal in shaping future of re/insurance: GC

8th September 2019

A recent report from Guy Carpenter has highlighted how players within the re/insurance industry are increasingly being forced to reassess their views of risk in light of loss accumulation from recent extreme weather events, uncertainty around climate change and higher loss cost trends in a number of long-tail business lines. Despite ... Read the full article

Re/insurers could face $3bn loss from Dorian in the Caribbean: AIR Worldwide

6th September 2019

Catastrophe risk modelling firm AIR Worldwide has estimated that industry insured losses resulting from Hurricane Dorian’s impact in the Caribbean will be between US $1.5 billion and $3 billion. Dorian is currently moving northeast away from the coast of North Carolina at 14 mph, having weakened considerably during its track along ... Read the full article

Carolinas brace for Dorian landfall, as Bahamas reels

5th September 2019

With Florida now largely out of danger, the Carolinas are bracing for dangerous storm surge and destructive winds from a newly strengthened Hurricane Dorian, which is threatening the states with a major landfall. The latest forecasts from the National Hurricane Center (NHC) show that Dorian has once again built up in ... Read the full article

Destructive winds & storm surge forecast as Dorian reaches Cat 4

30th August 2019

Updated, Sat Aug 31st: The latest update from the National Hurricane Center (NHC) warns of “life threatening storm surge and devastating hurricane-force winds” for parts of the Bahamas and Florida as Dorian continues to build in intensity, now reaching Category 4. Hurricane Dorian has now strengthened to maximum sustained wind speeds ... Read the full article

Market players must think differently following record cat losses: Aon

30th August 2019

While the overall re/insurance market remains resilient despite record losses throughout 2017 and 2018, industry players must adjust to a rapidly hardening market and think differently from the way they have in the last decade, according to a report by Aon. Wildfires, cyclones and severe thunderstorms caused $225 billion in economic ... Read the full article

Dorian set to become Category 4 hurricane, latest forecasts show

29th August 2019

The latest updates from the National Hurricane Center (NHC) forecast that Hurricane Dorian could now strengthen to a Category 4 storm as it approaches Florida, with maximum wind speeds of 115 knots, or 132mph. Dorian continues to track northwest across the Atlantic at roughly 13mph with wind speeds of 85mph, and ... Read the full article

Hurricane Dorian: Analysts point to $10bn+ industry loss potential

29th August 2019

Industry analysts are now predicting a potential insured loss scenario of $10 billion to $30 billion as Hurricane Dorian intensifies and continues on its path towards Florida. Dorian has now strengthened to wind speeds of 85mph, and looks set to make landfall on the east coast of Florida as a major ... Read the full article

Hurricane Dorian landfall in Florida could hurt reinsurers the most: KBW

28th August 2019

Analysts at Keefe, Bruyette & Woods (KBW) believe that Tropical Storm Dorian is likely to impact reinsurers more than primary carriers if it strengthens and makes landfall in Florida. Current forecasts suggest that Dorian could develop into a major hurricane, with Category 3 wind speeds of between 111-129mph, before making landfall ... Read the full article

Industrial cyber vulnerability could spell multi-billion dollar loss for re/insurers

23rd August 2019

Analysis by predictive cyber risk modelling firm Kovrr has warned of the potential for a multi-billion dollar loss to the re/insurance industry stemming from a recently discovered vulnerability in the IoT operating system of a major security company. Kovrr modelled two scenarios in which attackers exploit the URGENT/11 exposure in VxWorks, ... Read the full article

Jebi to account for over 15% of top reinsurers’ cat budgets: S&P

19th August 2019

S&P Global Ratings has highlighted the ongoing impact of 2018’s Typhoon Jebi on global insurers and reinsurers, as unfavourable loss development continues to affect earnings in 2019. The insured loss estimate of Jebi rose dramatically from $6 billion at the end of 2018 to around $15 billion by the first half ... Read the full article

Re/insurers adjusting risk appetite after Cali wildfires: S&P

16th August 2019

Re/insurers have reassessed their risk appetites following successive above-average catastrophe years, especially those from the California wildfires, according to S&P Global Ratings analysts. The California wildfires of 2017 and 2018 caused roughly $33 billion in insured losses, surprising re/insurers as losses were outside of the market understanding of the risk and ... Read the full article

Allstate expecting $235m pre-tax catastrophe loss for July

15th August 2019

US primary insurer Allstate Corporation has reported an estimated $235 million pre-tax catastrophe loss for the month of July ($186 million, after-tax). The figure represents a drop from the $311 million pre-tax figure reported for June, when the company was hit by losses from 16 events, including four severe wind ... Read the full article

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