Reinsurance News
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
11th July 2019
A series of severe weather outbreaks that swept across Europe in June is expected to have generated over $2 billion in economic losses, most of which will be covered by insurers. The latest catastrophe report from global re/insurance brokerage Aon describes how multiple countries across Central Europe were hit with large ... Read the full article
1st July 2019
Deutsche Bank expects certain reinsurers’ natcat budgets to be almost fully utilised in the second quarter of 2019 due largely to further loss creep for Typhoon Jebi and the Sydney Hailstorms last year. This would depend on which line item reinsurers show loss additions for (either natcat or reserve strengthening). With Jebi ... Read the full article
12th June 2019
The insurance and reinsurance industry is anticipating a heavy loss following a severe hail storm in the Munich region of Germany this week, which actuaries estimate could cause a damages worth hundreds of millions of euros. Regions of Bavaria close to the main city areas of Munich were pummelled by torrential ... Read the full article
7th June 2019
Re/insured losses are expected to climb into the multi-billion dollar range as severe weather and storm activity in the U.S remained high for a second consecutive month in May, according to the latest Global Catastrophe Recap report from Aon. The broker recorded seven outbreaks of severe convective storms across the central ... Read the full article
7th June 2019
Catastrophe loss data aggregator PERILS has increased its initial €740 million loss estimate for windstorm Dragi-Eberhard to €798 million. Dragi-Eberhard consisted of two low pressure systems that affected areas of the British Isles, and Western and Central Europe on 9 and 10 March 2019. Given the storms affected similar regions across ... Read the full article
6th June 2019
The cyber attack that hit aluminium manufacturing giant Norsk Hydro in March could cost the company as much as $69 million over the first two quarters of 2019. Norsk Hydro had previously disclosed that it expected to lose between NOK400 million and NOK450 million (US$46 million and $52 million). According to ... Read the full article
31st May 2019
Aon expects economic losses to once again exceed $1 billion, after severe thunderstorms and flooding continued to impact Central and Eastern areas of the U.S through the week of May 24-30. The broker anticipates that insurers and reinsurers will cover the majority of wind and hail-related damage during this period. Losses will ... Read the full article
24th May 2019
The extensive outbreak of severe storms that hit the central and eastern parts of the U.S. from May 16th - May 23rd, is expected to result in economic losses of at least $1 billion, according to analysis from Impact Forecasting, the catastrophe risk modelling arm of insurance and reinsurance broker ... Read the full article
10th May 2019
Catastrophe loss data aggregator PERILS has updated its insured loss estimate to AUD $1.041 billion (USD $728.28 million) for the floods that hit the Australian city of Townsville, Queensland in February 2019. The update compares with PERILS’ initial loss estimate of AUD $957 million (USD $669 million), which was issued ... Read the full article
30th April 2019
Norwegian aluminium manufacturer Norsk Hydro has provided an updated loss estimate of NOK 400-450 million (USD $46-52 million) for the cyber attack in March that caused major disruption to its operations. Norsk Hydro had previously disclosed that it expected to lose 300-350 Norwegian crowns (USD $35-41 million) for the first ... Read the full article
25th April 2019
Property Claim Services (PCS) is investigating the potential insurance and reinsurance industry loss from the recent terrorist attacks in Sri Lanka, to identify whether the event should be designated under its PCS Global Terror product. PCS launched its Global Terror loss aggregation service in early 2018, since when no qualifying ... Read the full article
24th April 2019
The March 27th, 2019 hailstorm that hit the Brevard County, Florida, has resulted in $11 million of weather-related losses, net of quota share reinsurance, for FedNat Holding Company. Both FedNat Insurance Company and Monarch National Insurance Company have residential property market share above their state-wide averages. Combined with $0.9 million of adverse ... Read the full article
23rd April 2019
United Insurance Holdings Corp. (UPC Insurance), a property and casualty (P&C) insurance holding company, has announced that it is expecting to incur catastrophe losses of approximately $18 million for the first quarter ending March 31, 2019. The loss estimate is pre-tax (approximately $13 million after tax) and is net of expected ... Read the full article
23rd April 2019
Heritage Insurance Holdings, Inc. expects to incur net catastrophe losses of approximately $15.4 million for the first-quarter of 2019, with more than 66% a result of a severe March 2019 hailstorm in Brevard County, Florida. The March 2019 hailstorm is expected to result in net catastrophe losses of approximately $10.2 million ... Read the full article
18th April 2019
The Insurance Council of Australia (ICA) has increased its insured loss estimate to AUD $1.271 billion (USD $910 million) for the hailstorm that affected Sydney and New South Wales in December 2018. Almost 50% of the 136,424 insurance claims received after the hailstorm have already been resolved, according to the ICA. The ... Read the full article
