Reinsurance News


News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.

Projected asbestos industry losses up $10bn, reserves remain deficient: Fitch

18th July 2018

A Fitch Ratings report examining U.S. property and casualty re/insurers' asbestos liability exposures has led the agency to raise its projection for ultimate all-time industry incurred losses to $100 billion, up from $90 billion last year. Additionally, the U.S. industry's asbestos reserve deficiency is in the range of $8 billion - ... Read the full article

PERILS increases loss estimate for European windstorm Friederike by €46m

17th July 2018

Zurich-based catastrophe loss data aggregator PERILS has increased its third loss estimate for European windstorm Friederike, also known as David, by €46 million. Windstorm Friederike caused significant damage as it swept through the British Isles, Belgium, the Netherlands, and Germany over January 17 and 18, 2018. PERILS’ third estimate, based on loss ... Read the full article

Typhoon Maria drives economic losses of at least $432mn in China: Impact Forecasting

13th July 2018

Typhoon Maria has caused at least US $432 million in economic damages, primarily in the Fujian province of China, after making landfall as a Category 2 storm on July 11, according to Impact Forecasting, Aon’s catastrophe risk modeller. After reaching typhoon status on July 5, Maria tracked across the Western Pacific, ... Read the full article

Insured U.S weather losses totalled $3bn in June: Impact Forecasting

12th July 2018

The severe weather events that affected the eastern two-thirds of the U.S over June 2018 are estimated to have caused around US $4 billion of combined economic damage, $3 billion of which is expected to be covered by re/insurers, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s monthly Global ... Read the full article

Overall losses from disasters in H1 2018 lowest in over a decade: Munich Re

11th July 2018

A report by Munich Re has revealed fewer severe natural disasters across the first-half of 2018 saw overall losses fall to its lowest level since 2005, with insured losses down from 2017, while stressing that the later months may yet prove costly. The $33 billion total losses were roughly half those of ... Read the full article

Widespread destruction following historic Japan floods

9th July 2018

Japan has suffered some of the worst flooding in its history over the weekend, with more than 100 people confirmed dead and widespread damage to homes and businesses reported. "The record rainfalls in various parts of the country have caused rivers to burst their banks, and triggered large scale floods and ... Read the full article

PERILS increases storm Burglind (Eleanor) industry loss estimate to $840mn

3rd July 2018

Catastrophe loss data aggregator PERILS has reported its third loss estimate for Extratropical Cyclone Burglind, also known as Eleanor, at €724 million (US$840mn). The weather event hit between January 2nd and 3rd 2018, inflicting significant damage across Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland, and the United Kingdom. Gusts exceeded ... Read the full article

Storm-hit France receives €430mn worth of insurance claims in matter of weeks

26th June 2018

Extensive storms across much of France have seen approximately 214,000 claims totaling €430 million registered to the French Federation of Insurance (FFI) in the past few weeks. Bernard Spitz, President of the FFI has traveled to the southwestern regions of Pau and Salies-de-Béarn to meet with public authorities and local elected officials in response ... Read the full article

Allstate estimates catastrophe losses of $278mn for May

22nd June 2018

The Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that its catastrophe losses for the month of May 2018 were $278 million, pre tax ($220 million after-tax). The pre-tax figure consists of $224 million in losses from 12 catastrophe events over the month of May, in ... Read the full article

2017 losses unmasked broader reinsurance price inadequacy: KBW

20th June 2018

The major hurricane and catastrophe losses of 2017 while not sufficient to significantly boost property catastrophe reinsurance rates, have unmasked the inadequacy of pricing more broadly across the sector, according to analysts. Reinsurance pricing did respond to the losses of 2017, but increases seen at the key January reinsurance renewals ... Read the full article

Caribbean insurers well-capitalised despite 2017 hurricane losses, says A.M. Best

19th June 2018

A new report from A.M. Best points to the responsiveness of reinsurers as a driving factor behind Caribbean property and casualty (P/C) insurers’ ability to withstand the record-setting impact of 2017’s hurricane season, enabling them to quickly resolve and settle the high volume of claims. Despite the magnitude of catastrophe losses, ... Read the full article

Re/insurance industry losses from Irma surpass $9.7bn

18th June 2018

According to data from the Florida Office of Insurance Regulation, claims data filed from insurers as of June 12th, 2018, show that the total estimated insurance and reinsurance industry loss from hurricane Irma has increased to more than $9.7 billion. Artemis reported in April that data from the Florida regulator ... Read the full article

Damage from Australia’s Hobart storm reaches $50mn: Impact Forecasting

21st May 2018

Overall economic damage from the storm that hit the Australian city of Hobart, Tasmania over May 10-11 is currently estimated by local officials to have reached around AUD $50 million (USD $38 million), according to Impact Forecasting, Aon Benfield’s catastrophe risk modeller. A complex low-pressure system brought rain, wind, hail and ... Read the full article

Allstate estimates $211mn of catastrophe losses for April

18th May 2018

Following 10 events throughout April totalling a pre-tax estimated cost of $195 million and unfavorable reserve reestimates of prior reported cat losses, The Allstate Corporation (ALL) has announced an overall estimated catastrophe loss of $211 million for the month, pre-tax ($167mn after-tax). Accounting for approximately 60% of catastrophe losses for April ... Read the full article

Insured losses from Canada’s April ice storms reach $190mn, reports CatIQ

14th May 2018

The ice storms which ravaged Canada’s eastern provinces of Ontario and Quebec in mid-April will cost re/insurers around CAD $190 million (USD $149 million), according to Catastrophe Indices and Quantification (CatIQ), a loss index and estimates provider. Strong winds, flooding, heavy snow, and ice build-up affected the provinces’ southern regions over ... Read the full article

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