Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
PERILS releases initial industry loss estimate of €1.9bn from storm Ciarán
15th December 2023
Zurich-domiciled catastrophe insurance data provider, PERILS, has disclosed an initial industry loss estimate for extratropical windstorm Ciarán, also known as Emir of €1.889 billion. The storm affected France, Belgium, the United Kingdom, and the Netherlands from the 1st-2nd November 2023, with damaging wind gusts. The resulting industry losses were typical for ... Read the full article
Insured losses will once again exceed $100bn in 2023: Swiss Re
7th December 2023
Analysis by Swiss Re, one of the world's largest reinsurers, reveals that natural catastrophes will once again break several loss records this year, as a high frequency of low single-digit billion-dollar loss events take insurance and reinsurance industry losses above the $100 billion mark for the fourth consecutive year. Economic losses ... Read the full article
PERILS estimates initial loss of €509m for Babet-Aline floods and storms
4th December 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed an initial industry loss estimate of €509 million for the Babet-Aline floods and storms over the British Isles and northwestern Europe in October 2023. In line with the PERILS coverage definition for Europe, this loss number covers the property line of business. The ... Read the full article
Moody’s RMS estimates Hurricane Otis insured losses at $2.5bn-$4.5bn
14th November 2023
Moody’s RMS has estimated that private market insured losses from Hurricane Otis will be between $2.5 billion and $4.5 billion. According to the firm, this estimate represents insured losses associated primarily with wind damage in the Category 5 hurricane that made landfall in Acapulco, Mexico. The figures reflect property damage and ... Read the full article
Moody’s RMS estimates Windstorm Ciarán insured losses of up to €1.5bn
13th November 2023
Moody’s RMS has released a report estimating that insured losses from Windstorm Ciarán, will likely fall between €0.9 billion and €1.5 billion. Windstorm Ciarán (also named Emir by the Free University of Berlin), struck Western Europe on November 1-2. According to Moody's RMS, France accounts for the majority of the loss estimate, ... Read the full article
Hannover Re ‘happy’ with experience so far in 2023, despite rising frequency losses: Althoff
9th November 2023
German reinsurance giant Hannover Re will continue to manage growth within US wind very carefully in order to improve diversification, and despite a rise in frequency outside of the US, is happy with the experience year-to-date, according to Sven Althoff, Member of the Executive Board, Property & Casualty (P&C). This morning, ... Read the full article
Verisk estimates industry insured losses from Ciarán between €800mn-€1.3bn
8th November 2023
Industry insured losses due to wind from Winter Storm Ciarán are expected to range between €800 million and €1.3 billion, the majority of which are expected in France, according to Verisk. Windstorm Ciarán (also named Emir by the Free University of Berlin), struck Western Europe on November 1-2, leaving a trail ... Read the full article
$100bn of insured catastrophe losses now reached in 2023: Gallagher Re
8th November 2023
The $100 billion insured loss threshold from natural catastrophes in 2023 has now been breached, marking the sixth year since 2017 that this has occurred, according to Gallagher Re’s Chief Science Officer, Steve Bowen. Bowen noted that Gallagher Re continues to "believe that $100 billion insured loss years is becoming the ... Read the full article
Verisk estimates $3bn-$6bn of industry insured losses from Hurricane Otis
1st November 2023
Global data analytics and technology provider Verisk, estimates industry insured losses to onshore property for Hurricane Otis, the strongest hurricane ever to hit Mexico, will likely fall from MXN 50 billion to MXN 110 billion (~USD 3 billion to 6 billion). The industry loss range, according to Verisk, includes insured estimates ... Read the full article
Billions of USD in economic losses anticipated for Hurricane Otis: Aon
31st October 2023
Hurricane Otis, the strongest hurricane ever to hit Mexico, has not only left a trail of destruction but is poised to deliver a staggering blow to the local economy, with initial expectations from independent experts suggesting total economic losses will likely reach into the billions of USD, according to a ... Read the full article
Hurricane Otis to cause multi-billion-dollar insured losses: Gallagher Re
30th October 2023
Gallagher Re has released a report noting that hurricane Otis insured losses will reach into the billions of dollars (USD) and will become one of the most expensive events (if not the highest) on record for the Mexican insurance market. As per Gallagher Re's report, Hurricane Otis rapidly intensified on October ... Read the full article
CoreLogic pegs Hurricane Otis insurable loss at $10bn to $15bn
27th October 2023
Catastrophe risk modeller CoreLogic has estimated that the insurable loss from wind damage caused by Hurricane Otis, which made landfall as a Category 5 storm over the greater Acapulco, Mexico area on Wednesday morning, is between $10 billion and $15 billion. At 1:25 am local time, Hurricane Otis made a direct ... Read the full article
9M 2023 global insured cat losses 17% higher than 21st century annual average: Aon
20th October 2023
Global re/insurance broker Aon, in its Q3 Global Catastrophe Recap report, has stated that global insured losses from natural disaster events had reached $88 billion by the end of Q3 2023, 17% higher than the 21st-century annual average, driven by so-called secondary perils. Aon highlights U.S. and Italian severe convective storms ... Read the full article
Generali sees nine month catastrophe losses exceed annual budget: Reuters
19th October 2023
Italian insurer Generali is set to report catastrophe losses of around $888 million (EUR 840 million) for the first nine months of 2023, exceeding its budget for the full year, according to a Reuters report. Reuters reports that during an event held today in Munich, the global insurer's Group Chief Financial ... Read the full article
Allstate estimates cat losses for September of $317m
19th October 2023
US primary insurer Allstate has announced estimated catastrophe losses for the month of September of $317 million and third quarter cat losses of $1.18 billion. The primary insurer’s September catastrophe losses include 17 events estimated at $357 million, with approximately 80% of the losses related to two wind and hail events, ... Read the full article
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