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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.

Hurricane Sally’s onshore industry loss could reach $3bn: AIR Worldwide

21st September 2020

Catastrophe risk modelling firm AIR Worldwide (AIR) has estimated that the insured cost of onshore property damages resulting from Hurricane Sally will be between $1 billion and $3 billion. Losses were caused by wind, storm and inland flood, with wind representing the majority of the onshore loss. Although Sally included a major ... Read the full article

Progressive recovers $80mn from reinsurance in August

18th September 2020

Property and auto-focused insurance group Progressive recovered a total of $80 million from its reinsurance during August. $70 million was recovered after its 2020 cat losses and associated allocated loss adjustment expenses (ALAE) in its property business exceeded the $375 million annual retention threshold. An additional $10 million was recovered because the Property ... Read the full article

Hurricane Sally losses will largely fall to NFIP: AM Best

18th September 2020

Analysts at AM Best do not expect Hurricane Sally to constitute a major insurance industry loss due to its large flood component, which will mainly be covered by the US National Flood Insurance Program (NFIP). Hurricane Sally made landfall on the US Gulf Coast early on Wednesday morning, dropping massive amounts ... Read the full article

Allstate pegs August cat losses at $985mn

18th September 2020

US primary insurer Allstate has estimated its catastrophe losses for the month of August at $985 million, pre-tax. Losses during the period consisted of 11 events at an estimated cost of $969 million, pre-tax, plus unfavorable prior period reserve reestimates. Estimated catastrophe losses for the month include a $430 million impact of ... Read the full article

Aon tallies cost of August storms

11th September 2020

Re/insurance broker Aon has estimated that the combined cost of the nine tropical cyclones that made landfall around the globe in August will be nearly $20 billion. The most significant event during the month was Hurricane Laura, which made landfall as a high-end Category 4 storm in Louisiana with sustained over-water ... Read the full article

Lloyd’s sticks by $107bn COVID-19 industry loss estimate

11th September 2020

Lloyd's of London has confirmed that it is sticking to the estimated loss of $107bn as a result of the COVID-19 pandemic. In a recent webinar hosted by John Neal, CEO of Lloyd's of London, he was asked if he could confirm this amount to be an accurate estimate. Neal commented: “The ... Read the full article

“Undisputed” re/insurance market hardening to persist: Jeworrek, Munich Re

7th September 2020

Re/insurance market hardening, in relation to price increases and renewed discussions around terms and conditions (T&Cs), is expected for "probably the next two years, or even a bit longer," according to Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance at Munich Re. With the annual, September meeting of the reinsurance industry ... Read the full article

Munich Re updates loss estimates for 2020 events

7th September 2020

Reinsurer Munich Re has released updated loss estimates for some of the major loss events of the year, including for the major hurricanes this summer, the coronavirus pandemic, and the Beirut explosion. The company is anticipating a low triple-digit-million euro amount in claims expenditure for the damage caused by hurricanes Hanna, ... Read the full article

Typhoon Haishen threatens Korean Peninsula days after Maysak landfall

4th September 2020

As Typhoon Haishen continues to track toward the Korean Peninsula, forecast to reach Category 4 status as it approaches southern Japan's Kyushu island, there's potential for a relatively significant insurance and reinsurance industry loss. For a peninsula that typically experiences just one landfalling typhoon a year, Haishen threatens to be the ... Read the full article

RMS puts Hurricane Laura’s onshore insured loss at up to $13bn

4th September 2020

Catastrophe risk modeller RMS has estimated that total onshore US insured losses from Hurricane Laura will be between $9.0 billion and $13.0 billion. This includes wind and storm surge losses of between $8.5 billion and $12 billion, inland flood losses of $100 million to $400 million, and NFIP losses of $400 ... Read the full article

PERILS puts insured property loss for Feb UK floods at £375m

1st September 2020

Zurich-based insurance data company, PERILS, has released an updated industry loss footprint for the floods in the United Kingdom in February 2020. The floods mainly affected Wales, the Midlands and Yorkshire from 9 to 29 February 2020. In total, an estimated 4,800 properties were flooded, although many more buildings were successfully ... Read the full article

Hurricane Laura onshore insured property loss close to $9bn: KCC

31st August 2020

Onshore property insurance market losses in the United States and Caribbean will be close to $9 billion, according to an estimate from Karen Clark & Company (KCC). Karen Clark & Company's industry loss estimate includes $8.7 billion of insured losses in the U.S., driven by hurricane Laura's wind and storm surge ... Read the full article

Hurricane Laura onshore insured losses estimated up to $8bn by AIR

31st August 2020

Catastrophe risk modelling specialist AIR Worldwide has estimated that onshore insured property losses from recent hurricane Laura will fall between $4 billion and $8 billion. The estimate, which is the first of the official post-landfall figures from a catastrophe risk modeller, is based only on industry insured losses to onshore property ... Read the full article

Hurricane Laura insured wind & surge losses seen at up to $12bn: CoreLogic

28th August 2020

Catastrophe risk modeller, CoreLogic, has released an estimate range of between $8 billion and $12 billion for insured wind and storm surge losses for residential and commercial properties in Louisiana and Texas, as a result of the devastating impacts of Hurricane Laura. The fourth hurricane and first major hurricane of ... Read the full article

Australia’s natural disaster payouts reach $3.85bn: ICA

27th August 2020

According to data from the Insurance Council of Australia (ICA), re/insurers have already paid out AU $3.85 billion (US $2.79 billion) to customers affected by last summer’s bushfires, floods and hailstorms. ICA CEO Rob Whelan said the industry was well ahead of its normal natural disaster response, with more than 83% ... Read the full article

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