Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Arch sees Q3 2022 cat losses of up to $560 million
19th October 2022
Bermuda-based carrier Arch Capital Group Ltd. has announced pre-tax catastrophe losses of $530 million to $560 million in the third quarter of 2022, net of reinsurance and reinstatement premiums, across its property casualty (P&C) insurance and reinsurance arms. The re/insurer expects its Q3 2022 results to be negatively impacted by hurricane ... Read the full article
Reinsurers facing heavy losses from Hurricane Ian: Moody’s
18th October 2022
A new report from Moody’s says that reinsurers will face heavy losses arising from Hurricane Ian, which has battered the US state of Florida in recent weeks. The report says that, given the severity of losses, primary insurers will share a significant part of the loss burden with traditional reinsurers and ... Read the full article
Swiss Re expects Q3 net loss amid hurricane Ian claims of $1.3bn
18th October 2022
Global reinsurance giant Swiss Re expects to report a net loss of $500 million for the third quarter of 2022 on the back of hurricane Ian related claims of a huge $1.3 billion, net of reinsurance and before tax. Swiss Re is the first large, global reinsurer to announce its preliminary ... Read the full article
Fitch ups insured loss range for Hurricane Ian to $35-55bn
17th October 2022
Analysts at Fitch Ratings have increased their estimate for re/insurance industry losses from Hurricane Ian to a range of $35 billion to $55 billion. The new range represents an increase on the estimate of $25 billion to $40 billion previously released by Fitch, although the earlier figures did apply to ... Read the full article
Hurricane Ian a potential capital event for reinsurers, says KBRA
14th October 2022
Analysts at KBRA have said that Hurricane Ian could result in a capital impact to some reinsurers, depending on the ultimate magnitude of their losses from the event. The firm said that “all insurers with exposure” in the areas affected by Ian will experience "at least an earnings impact,” but stressed ... Read the full article
RLI estimates losses from Hurricane Ian to land between $38m and $42m
14th October 2022
Specialty insurer RLI is estimating its pre-tax catastrophic losses arising from Hurricane Ian will fall somewhere between $38m and $42m. This figure, the firm said in a statement, will be reflected in Q3 2022. It added that this range is net of reinsurance and subject to change due to the complexity ... Read the full article
Strong performance in 2023 critical after Ian losses, warns Jefferies
13th October 2022
Analysts at Jefferies have warned that it is “critical” that insurers and reinsurers exhibit a strong performance in 2023, following the huge impact of Hurricane Ian on the market. Jefferies notes that the investor reaction to Ian has been relatively benign, even as the re/insured loss forecasts have surged from an ... Read the full article
Progressive to retain only 14% of $1.4bn Ian property loss
13th October 2022
Property and auto-focused insurance group, The Progressive Corporation, has reported that it incurred $1.4 billion of property losses from Hurricane Ian, of which it is set to retain $200 million. This means that $1.2 billion, or 86%, of the company's gross loss will be absorbed by its reinsurance program. Progressive also reported ... Read the full article
Heritage reports $40m of Hurricane Ian losses, taps reinsurance
13th October 2022
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, has revealed that it expects to incur $40.0 million of net retained losses from Hurricane Ian. The company specified that this estimate is inclusive of reinstatement premiums and participation by its captive reinsurer, Osprey Re. It added that ultimate gross losses continue ... Read the full article
Munich Re & Swiss Re to bear largest market share of Ian losses: JP Morgan
13th October 2022
Basing its top-down view of Hurricane Ian losses on RMS’s $67bn estimate, JP Morgan has suggested that Munich Re and Swiss Re are likely to have the largest market share of Ian losses. JP Morgan observes that RMS gave a range of $53-74bn, with an additional $10bn in losses for the ... Read the full article
United (UPC) reports $36.4m Hurricane Ian loss for Q3
13th October 2022
Property and casualty insurer United Insurance Holdings Corp. (UPC Insurance) has disclosed that it expects to incur $36.4 million of losses from Hurricane Ian in the third quarter of the year. This figure is net of expected reinsurance recoveries, United specified, as it looks set to pass on the vast majority ... Read the full article
Ian to make FEMA’s 2023 NFIP reinsurance renewal more challenging & costly
12th October 2022
Prior to hurricane Ian's landfall in Florida, the U.S. Federal Emergency Management Agency (FEMA) had already started the process of renewing the National Flood Insurance Program's (NFIP) traditional reinsurance protection for the January 2023 renewals, a process which now looks set to be even more challenging. The severe and widespread flooding ... Read the full article
Universal pegs ultimate hurricane Ian loss at $1 billion
12th October 2022
Universal Insurance Holdings has so far received approximately 18,000 claims following the impacts of hurricane Ian and expects its overall gross ultimate loss from the storm to be $1 billion, which is below its $3 billion reinsurance tower. To date, Universal has received around half the number of claims as it ... Read the full article
Hurricane Ian insured loss & LAE ‘perhaps significantly’ over $75bn: Stonybrook Capital
11th October 2022
Analysts at Stonybrook Capital have warned that the market effects from hurricane Ian will be "profound and widespread," with all-in re/insured loss and loss adjustment expenses (LAE) having the potential to come in significantly above the $75 billion mark. According to Stonybrook, in nominal dollars, damage caused by hurricane Ian is ... Read the full article
HCI reports $78m loss from Ian, all reinsurance towers hit
10th October 2022
Paresh Patel, Chairman and CEO of HCI Group, Inc., has reported that his company is facing a total pre-tax net loss of $78 million from Hurricane Ian, with significant use of its reinsurance program to absorb costs. Speaking during a presentation this week, Patel said that HCI had received 10,000 claims ... Read the full article
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