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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.

Horace Mann anticipating $39mn hit from Camp Wildfire

7th December 2018

Horace Mann Educators Corporation, an insurance and retirement solutions company for U.S educators and school employees, has estimated that it will incur losses of between $38 million and $39 million (pre-tax) from the recent Camp Wildfire in California. The company said its estimate was net of anticipated reinsurance recoverables offset by ... Read the full article

AIR Worldwide puts insured Camp Wildfire losses at up to $9 billion

6th December 2018

Catastrophe risk modelling firm AIR Worldwide has estimated that insured losses from the Camp Wildfire, which burnt through California’s Butte County last month, will be in the range of $6 billion to $9 billion. The Camp Wildfire became the deadliest and most destructive wildfire in California’s history after devastating the town ... Read the full article

Beazley expects $40m wildfire hit, net of reinsurance

6th December 2018

Beazley, the specialist re/insurer with a focus on Lloyd's, has announced an estimate of its potential losses from the recent California wildfires, putting them at $40 million, after accounting for reinsurance. The wildfires are set to hit specialty underwriters like Beazley hard, given they could have exposure across a number of ... Read the full article

AIG’s aggregate reinsurance at risk on up to $800m Q4 cat loss

5th December 2018

Global insurer and reinsurer American International Group (AIG) has announced estimated catastrophe losses of between $750 million and $800 million for the fourth-quarter of 2018, according to the company's Chief Executive Officer (CEO), Brian Duperreault. Speaking at the Goldman Sachs U.S. Financial Services Conference held recently in New York, insurance and ... Read the full article

Munich Re estimates insured Michael losses at $10bn, Florence at $4bn

5th December 2018

Hurricanes Michael and Florence, which battered the east coast of the U.S earlier this year, are likely to have caused insured losses of $10 billion and $4 billion, respectively, according to new estimates from reinsurance giant Munich Re. Insured losses from Hurricane Michael represent 60% of a total economic loss of ... Read the full article

The Hartford estimates Q4 cat & wildfire losses of up to $365m

5th December 2018

Property and casualty insurer The Hartford is anticipating a post-tax, fourth quarter net catastrophe hit of between $350 million and $365 million, a figure which includes the Camp and Woolsey fires in California as well as hurricane Michael. In reaction to this loss announcement, equity analysts at Credit Suisse ... Read the full article

Chubb estimates Q4 wildfire losses at $225mn

4th December 2018

Global insurer and reinsurer Chubb has estimated that it will incur roughly $225 million pre-tax ($195 million after tax) of catastrophe losses attributable to the California wildfires over the fourth quarter of 2018. This estimate does not include losses from other global weather and catastrophe events over Q4, such as Hurricane ... Read the full article

Marriott data breach to be tracked as PCS Global Cyber loss

3rd December 2018

As details continue to emerge from last week’s announcement of a major cyber hack and resulting data breach of one of the Marriott hotel chain’s reservation systems, expectations of a significant cyber insurance and possibly reinsurance market loss has prompted Property Claim Services (PCS) to designate the event. Reinsurance News ... Read the full article

$2.5 billion industry hit from Woolsey wildfire: AIR

3rd December 2018

Catastrophe risk modeller AIR Worldwide has estimated the insured loss from the Woolsey fire, which tore through Southern California for 13 days last month, at $2.5 billion. This estimate is based on the assumption of nearly 100% take-up rates as damage from fire, including wildfire, is included in standard homeowners' policies ... Read the full article

AXA anticipating $70bn cat losses in 2018, says AXA XL CEO Hendrick

30th November 2018

AXA Group is expecting the global insurance industry to incur at least $70 billion of natural catastrophe losses over 2018, AXA XL's Chief Executive Officer (CEO) Greg Hendrick told attendees at the Group’s annual investor day on Wednesday. “That makes '17 and '18 together the single largest two-year period,” Hendrick noted. ... Read the full article

Market expects sizeable cyber loss from Marriott hotel chain data breach

30th November 2018

The insurance and reinsurance market is awaiting official notification for a sizeable cyber loss from the Marriott hotel chain, after a data breach exposed up to 500 million customer details, Reinsurance News understands. This cyber loss has literally just hit the mainstream press headlines in the last hour and involves around ... Read the full article

P&C re/insurers facing $15bn hit from California wildfires: Moody’s

30th November 2018

The current insured losses for property and casualty (P&C) re/insurers as a result of the Camp and Woolsey fires in Northern California's Butte County and Southern California’s Ventura County, respectively, have been estimated by Moody’s to stand at between $10 billion and $15 billion. On November 25, the California Department of ... Read the full article

Mercury General’s reinsurance to shoulder $216m of its wildfire losses

28th November 2018

Mercury General Corporation, a Los Angeles-based multi-line insurer, has announced that $216 million of losses inflicted by the Camp and Woolsey fires are expected to be shouldered by its reinsurance partners. The company states that pre-tax total gross losses, before reinsurance benefits, from the Camp fire in Northern California and the ... Read the full article

Significant losses expected as Sydney storm brings flash flooding

28th November 2018

Significant insured losses are expected to arise from a storm that hit the city of Sydney, Australia this morning, bringing gale force winds and torrential rain that caused flash flooding and severe disruption. More than 500 Australians have called for emergency assistance following the storm, which also damaged buildings and vehicles, ... Read the full article

Up to $19bn residential and commercial cost from Cali wildfires: CoreLogic

27th November 2018

As the scope of damage from the California wildfires Camp and Woolsey continues to be assessed, catastrophe risk modeller CoreLogic has updated its total residential and commercial loss estimate to between $15 billion and $19 billion. According to its new property data analysis, losses from the Camp Fire, the most destructive ... Read the full article

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