Reinsurance News

Losses

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

“Japan earthquake losses likely to go into the billions” – Aon

18th March 2022

The economic toll of the earthquake that struck off the coast of Tokyo this week is likely to be in the billions, says Aon. Harkening back to a $2bn+ industry loss from 2021, Aon said that recent historical performances of similar earthquakes had resulted in billion-dollar economic losses. Back then, the magnitude ... Read the full article

Large losses accumulate in Q1, with Japan quake the latest

17th March 2022

After another year of $100 billion+ catastrophe losses in 2021, reinsurers and London Market insurers are facing an accumulation of losses in the first quarter of this year, raising the likelihood that large losses exceed budget for the period, according to Bank of America. Analysts warn of heightened loss accumulation as ... Read the full article

Insured losses from Storm Nadia estimated at €272m

16th March 2022

Independent catastrophe risk modeller PERILS has released its first loss estimate for the insurance industry from the European windstorm Nadia (Malik) currently settling on a figure around €272 million. The estimate is based on claims data that was collected from the majority of the affected insurance companies. Storm Nadia took place from ... Read the full article

ICA says flood costs at $2.11b, Cyclone Seroja at $346.7m

15th March 2022

The latest reports from the Insurance Council of Australia (ICA) suggest that insured costs from flooding in Australia’s Queensland and New South Wales areas have risen further, with industry losses now estimated at $2.11 billion. At the same time, the ICA has released an industry loss estimate of $346.7 million for ... Read the full article

Insured losses from Australia floods now above $2bn, says ICA

14th March 2022

Insurers in Australia have now received more than 135,000 claims related to the severe flooding in Southeast Queensland and New South Wales, taking the insurance and reinsurance industry loss estimate above the $2 billion mark. The latest figures from the Insurance Council of Australia (ICA) show an increase in total ... Read the full article

Australia flood costs creep higher, $2bn+ bill expected

11th March 2022

The latest reports from the Insurance Council of Australia (ICA) suggest that insured costs from flooding in Australia’s Queensland and New South Wales areas have continued to creep higher, with industry losses now estimated at $1.89 billion. According to ICA data, the number of insurance claims linked to the floods rose ... Read the full article

Australia flood costs rise again, to $1.77bn

10th March 2022

The costs from flooding in Australia’s Queensland and New South Wales areas have risen to an estimated $1.77bn, according to the Insurance Council of Australia (ICA). The ICA, which has been releasing regular updates on figures, said that the costs originally estimated at $900m were still rising, with the larger ... Read the full article

Australian flood costs reach $1.45bn

8th March 2022

The current cost for the floods in South-East Queensland and New South Wales has reached $1.45bn, according to the Insurance Council of Australia (ICA). This latest release from the ICA means that the cost of the floods has risen from an initial estimate of $900m, to $1.3bn, to this ... Read the full article

Catastrophe risk has a home at Lloyd’s, but more realistic loss picks required

3rd March 2022

Executives from the Lloyd's insurance and reinsurance marketplace have called on certain managing agents to "have more realistic catastrophe loss picks" in their plans as actual results have significantly fallen short over the last five years. After another $100 billion+ of insured nat cat losses in 2021, it's clear that catastrophes ... Read the full article

RMS pegs industry loss from storms Dudley & Eunice at up to €4.5bn

28th February 2022

Catastrophe risk modeller RMS has estimated that insurance industry losses from windstorms Dudley (Ylenia) and Eunice (Zeynep), which battered parts of Europe in February, will be between €3 billion and €4.5 billion. Of this total, RMS expects storm Eunice to account for the large majority, or between €2.5 billion and €3.5 ... Read the full article

Verisk predicts Dudley and Eunice losses will fall between €3bn and €5bn

25th February 2022

The insured losses from Winter Storms Dudley/Ylenia and Eunice/Zeynep will fall somewhere between €3bn and €5bn, according to Verisk Extreme Event Solutions, with the majority of expected to be within Germany, the UK, and the Netherlands. According to the company, the industry loss estimates also reflect an adjustment to account for ... Read the full article

Swiss Re’s exposure to Russia’s invasion of Ukraine immaterial to modest: CFO Dacey

25th February 2022

John Dacey, the Group Chief Financial Officer (CFO) of global reinsurance giant Swiss Re, said this morning that while it's too early to tell whether there will be losses from Russia's invasion of Ukraine, the firm has immaterial exposure on the asset side of the balance sheet and does not ... Read the full article

Fitch predicts €5bn insured losses from recent Europe storms

24th February 2022

Analysts at Fitch Ratings are estimating that a series of recent storms that battered much of northern Europe will together cause gross insured losses of as much as €5 billion. Storms Dudley, Eunice and Franklin caused widespread wind and flood damage last week with particularly severe impacts in the Germany, the ... Read the full article

FedNat takes $8m catastrophe hit in Q4

23rd February 2022

Florida based primary insurer FedNat has estimated that catastrophe weather losses incurred during the fourth quarter of 2021 will reduce its net income for the period by approximately $8 million. This figure is net of reinsurance recoveries and other offsets including affiliated fees, on both a pre-tax and after-tax basis. Catastrophe weather ... Read the full article

Storms cause €500m+ insured loss across Netherlands

22nd February 2022

Storms Dudley, Eunice and Franklin have together caused at least €500 million of insured losses across the Netherlands, according to the Dutch Association of Insurers. The Association says insurers have recieved record numbers of damage reports over the last few days, with widespread damage to homes, cars and commercial buildings. The consecutive destructive ... Read the full article