Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Aon backs hurricane Ida as one of US mainland’s costliest yet
13th September 2021
With economic losses anticipated to reach well into the tens of billions of dollars, Aon expects Hurricane Ida to become one of the costliest US mainland hurricanes yet, both on a nominal and inflation-adjusted basis. Commenting during its monthly catastrophe report, the broker explained how despite a sizeable insured portion of ... Read the full article
Hurricane Ida drives full retention loss for United (UPC)
10th September 2021
Florida headquartered insurer, United Insurance Holdings (UPC Insurance), has announced estimated third-quarter 2021 catastrophe losses of $27 million pre-tax ($21mn after-tax), net of expected reinsurance recoveries. Included in the firm's estimated current year cat losses incurred in the quarter are losses from tropical storm Elsa, Hurricane Ida, and some other PCS ... Read the full article
Hurricane Ida’s Gulf region impact to drive insured losses of up to $35bn: RMS
7th September 2021
Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insured losses from the impacts of Hurricane Ida in the Gulf of Mexico will be between USD 25 billion and USD 35 billion. This estimate from RMS includes wind and storm surge losses of between USD 21 billion and USD ... Read the full article
2021 most expensive catastrophe year yet for German insurers, says GDV
3rd September 2021
The German Insurance Association (GDV) says that 2021 will likely be the most expensive year on record for natural hazard losses in Germany, with insurers in the country having already booked about €11.5 billion in costs. This figure includes insured storm damage to houses, household effects, businesses and vehicles, with the ... Read the full article
Ida Northeast floods will add double-digit billions to economic cost: Aon
3rd September 2021
Analysts at Aon believe that flood damage in the Mid-Atlantic and Northeast regions caused by the tail-end of Hurricane Ida will result in an additional double-digit billion dollar economic loss. Ida made landfall in Louisiana on Sunday as a Category 4 hurricane, battering the state with sustained wind speeds of up ... Read the full article
Ida’s insured property hit as much as $25bn, AIR estimates
3rd September 2021
Wind and storm surge damage inflicted by Hurricane Ida to insured onshore property has been estimated by AIR Worldwide to total between $17 billion and $25 billion. Ida’s first landfall was near Port Fourchon, roughly 60 miles south of New Orleans, hitting maximum sustained winds of 150 mph. It then collided southwest ... Read the full article
Flooding in New York & New Jersey could lift hurricane Ida re/insured loss: report
2nd September 2021
After battering Louisiana as a Category 4 hurricane, storm Ida has caused severe flooding in New York and New Jersey which could add to the insurance and reinsurance industry loss, although this is still expected to remain under $25 billion, say analysts at Keefe, Bruyette & Woods (KBW). After making two ... Read the full article
Hurricane Ida insured loss could reach $21 billion: CoreLogic
2nd September 2021
Analysis by catastrophe risk modeller CoreLogic estimates an overall loss from Hurricane Ida of between $27 billion and $40 billion, of which up to $21 billion could be covered by re/insurance protection. The economic loss range from CoreLogic is for losses from wind, storm surge and inland flooding damages to residential ... Read the full article
Ida losses “manageable” for diversified Louisiana insurers: AM Best
1st September 2021
Analysts at AM Best expect losses from Hurricane Ida to be “manageable” for Louisiana insurers, constituting more of an earnings event than a capital event. The rating agency notes that most of the insurers writing direct business in Louisiana are geographically well diversified, with only six having more than 75% of ... Read the full article
Hurricane Ida to drive insured losses of close to $18bn, says KCC
1st September 2021
Analysis by catastrophe risk modeller Karen Clark & Company (KCC) estimates that the insurance and reinsurance industry loss from Hurricane Ida will near $18 billion, the large majority of which is attributable to wind and storm surge losses in the U.S. This industry loss estimate from KCC includes privately insured damage ... Read the full article
AM Best stable on global reinsurance despite ongoing uncertainties
31st August 2021
Despite improved pricing trends across most business lines, AM Best says uncertainty and abundant capital has resulted in the issuance of stable outlook for the global reinsurance segment. Further compounding this were the unprecedented events of 2020, dominated by the COVID-19 pandemic and higher frequency of medium-sized catastrophe losses. AM Best believes ... Read the full article
Reinsurers could suffer meaningful losses from Hurricane Ida, warns Moody’s
31st August 2021
With the U.S. Gulf Coast being a peak catastrophe zone for reinsurance companies, analysts at Moody's have warned that the impact of Hurricane Ida could drive meaningful losses for those with exposure to Louisiana and surrounding states. Hurricane Ida hit Louisiana on Sunday as a Category 4 hurricane with 150 ... Read the full article
Hurricane Ida losses to shift more to reinsurers, but not expected to move rates
31st August 2021
Analysts have said that losses from Hurricane Ida could shift more to reinsurance as the heavy catastrophe load in the first half of 2021 saw primary insurers erode a significant amount of their catastrophe budgets. However, analysts don't expect the storm to have a meaningful impact on rates ahead of ... Read the full article
Hurricane Ida slams Louisiana as Cat 4 storm with 150mph winds
30th August 2021
Hurricane Ida roared ashore in Louisiana yesterday, with sustained winds of 150 mph and higher gusts after the hurricane rapidly intensified on approach to land. Ida remains a hurricane at this time and is now soaking the state, while still causing damage. Hurricane Ida's winds gained 65 mph in strength in ... Read the full article
Insured loss from flooding in Germany now estimated at €7 billion by the GDV
27th August 2021
Jörg Asmussen, General Manager of the German Insurance Association (GDV) has said that it is now expecting insurance and reinsurance industry losses of around €7 billion (USD 8.3 billion) for the July flooding that devastated parts of the country. The new estimate from the GDV comes as the extent of the ... Read the full article