Reinsurance News
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
16th January 2019
Massachusetts-based property and casualty insurer The Hanover Insurance Group (THG) is expecting a $50 million pre-tax hit to its fourth quarter operating results due to catastrophe activity. This figure represents 4.6% of net premiums earned, an increase from THG’s Q418 assumption of 3.6%. Cat losses in the final quarter of 2018 are ... Read the full article
15th January 2019
Reinsurance firm Swiss Re said this morning that it expects to be hit with an estimated $1.3 billion of natural catastrophe and man-made losses from the fourth-quarter of 2018. Natural catastrophe losses are expected to cost the reinsurer $1 billion, after retrocession and before tax. Man-made losses are expected to cost ... Read the full article
14th January 2019
U.S insurer Kemper Corporation has estimated that its fourth quarter 2018 results will include pre-tax catastrophe losses of $25 million to $30 million, net of reinsurance. Kemper's catastrophe aggregate reinsurance program is expected to absorb between $30 million to $35 million of the company's losses for the quarter. 2018 was the first ... Read the full article
11th January 2019
Total re/insured losses resulting from Hurricane Michael in Florida are estimated to be approximately $4.9 billion, according to data compiled by the Florida Office of Insurance Regulation (FLOIR). The state regulator’s estimate is based on information from claims data filed by insurers, and shows that a total of 136,873 claims have ... Read the full article
11th January 2019
Bermuda-based re/insurer Arch Capital Group has revealed pre-tax catastrophe losses for Q4 2018 of between $110 million and $130 million; a figure which takes into consideration the firm’s reinsurance recoveries and reinstatement premiums. However, Arch states there are significant uncertainties surrounding the number of claims and scope of damage for these ... Read the full article
10th January 2019
The recent tsunami to hit Indonesia following the Anak Krakatau volcanic eruption in the closing days of 2018 is not likely to affect the financial stability of the country’s insurers due to comprehensive catastrophe risk management and strong capital buffers, according to Fitch Ratings. It’s also likely that specialist reinsurers in ... Read the full article
8th January 2019
Global reinsurance giant Munich Re has revealed an $80 billion industry loss from 2018’s natural catastrophes, a figure which, despite falling well short of the $350 billion inflicted in 2017, represents a near doubling of the $41 billion 30-year average. This estimate by Munich Re mirrors Swiss Re's prediction last ... Read the full article
3rd January 2019
Catastrophe loss data aggregator PERILS has released its final re/insured loss estimate for Extratropical Cyclone Burglind, also known as Eleanor, putting the total at €756 million (US $860 million). In keeping with PERILS’ reporting schedule, the final loss figure was released 12 months after the original event, and represents a 4.4% ... Read the full article
3rd January 2019
Suncorp Group, the Australian primary insurer, has announced that its losses from the recent severe hail storm that struck the Sydney area of the country will surpass its retention and trigger a reinsurance claim. Previously, Suncorp had said it was too early to accurately estimate the number of claims it would ... Read the full article
2nd January 2019
Insurance claims resulting from cyclone Mekunu, the most intense tropical cyclone to make landfall in the Arabian Peninsula in recorded history, currently stands at $403.7 million, according to new data by Oman’s Capital Market Authority (CMA). Mekunu caused widespread flooding and wind damage as it tracked over Oman in late May, ... Read the full article
27th December 2018
Insurers may have to pay out as much as $1.1 billion in claims following the devastating tsunami which hit the Lampung and Banten provinces of Indonesia last week, according to insurance firms PT Maskapai Reasuransi Indonesia (REI) and PT Asuransi Maipark Indonesia. The two companies have estimated a minimum of 191 ... Read the full article
24th December 2018
Following the major cyber attack and resulting data breach of one of the Marriott hotel chain’s reservation systems, Reinsurance News spoke with the Co-Head of Property Claim Services (PCS), Tom Johansmeyer, about the nature of the event and expected industry loss. The breach, announced on November 30th, led the insurance ... Read the full article
24th December 2018
Reinsurers look set to shoulder another quarter of “extraordinary” natural catastrophe losses following increases in industry estimates for the California wildfires and hurricane Michael, leading to hardening rates in 2019, according to analysts at Barclays. They expect a 1-3% increase for large players and believe this year’s industry losses may reach ... Read the full article
21st December 2018
A widespread and destructive hail storm has swept through Sydney resulting in over 25,000 filed claims and pushing insured losses high enough for two of Australia’s largest insurers to trigger their reinsurance. The hail, which caused extensive damage to property and motor vehicles across Sydney and the Central Coast on Thursday ... Read the full article
20th December 2018
While the gross property and casualty (P&C) insured loss from the California wildfires have been significant, a considerable amount is expected to have been ceded to various global reinsurance markets, reducing the net exposure of the domestic primary market, according to Fitch Ratings. Fitch maintains stable outlooks on both the U.S ... Read the full article
