Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Insured property losses from Lahaina Fire estimated at $3.2bn: KCC
16th August 2023
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured property losses from the Lahaina Fire will be around $3.2 billion, with more than 2,200 structures damaged or destroyed. KCC estimates that in total more than 3,000 structures were impacted by the fire, with approximately 2,170 acres burned, making ... Read the full article
Hawaii wildfires insured losses will be at least $1bn, says Moody’s
15th August 2023
Moody's estimates that insured losses for the Hawaii wildfires will be at least $1 billion and will primarily affect P&C insurers with significant homeowners and commercial property market share in Lahaina, a town on the island of Maui’s western coast. The Pacific Disaster Center and FEMA recently estimated that 2207 structures ... Read the full article
Hallmark anticipates Hawaii wildfires net loss exposure to be $7.5m
15th August 2023
"Due to the Maui, Hawaii wildfires on August 9, we preliminarily estimate our net loss exposure to be $7.5 million plus additional cost in the form of reinstatement premiums to restore any necessary reinsurance layers," Hallmark Financial has said amid its Q2 results. The wildfire outbreaks in Hawaii have caused mass ... Read the full article
Claims for China floods reach 260,600 as loss estimate hits $1.37bn
14th August 2023
China's insurance institutions have so far received 260,600 claims in the 16 regions affected by floods and geological disasters triggered by recent extreme rainfall, with the estimated losses set out in the claims totalling 9.78 billion yuan ($1.37 billion), according to the National Financial Regulatory Administration. In July, China was hit ... Read the full article
Severe convective storms account for 70% of all insured nat cat losses in H1: Swiss Re
9th August 2023
A series of severe convective storms struck the US and accounted for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils. Severe convective storms caused USD $35 billion, nearly 70%, in insured losses worldwide during H123. According to analysts from ... Read the full article
Nayms launches the world’s first crypto-denominated industry loss warranty
9th August 2023
The crypto-native insurance marketplace, Nayms SAC Ltd., has announced issuing the world's first crypto-denominated industry loss warranty (ILW) through the second segregated account within its marketplace. This type of instrument is index-based and used for providing retrocession reinsurance protection to property reinsurers. Through this program Nayms provides coverage for US named ... Read the full article
PERILS raises Turkey earthquakes insured loss estimate to $4.9bn
8th August 2023
Zurich-based catastrophe insurance data provider PERILS AG has updated its insured property market loss estimate for the Kahramanmaras Earthquake Sequence to TRY 92.8 billion, which is approximately $4.9bn at February 2023 exchange rates and $3.4bn at the current exchange rates. This new loss figure compares to the previous PERILS estimates of ... Read the full article
PERILS updates industry loss estimate for New Zealand floods to NZ $1.995bn
3rd August 2023
Zurich-based catastrophe insurance data provider PERILS AG has released its third industry loss estimate for the late January floods across the North Island of New Zealand, pegging the total at NZ $1.995 billion. According to PERILS, the updated industry loss figure is based on detailed loss data by postcode and property ... Read the full article
Conifer Holdings expecting Q2 loss due to recent storms
31st July 2023
Conifer Holdings, a specialty insurance holding company, has said that it expects pre-tax catastrophe losses of about $5.4 million in the second quarter of 2023. The firm stated that the losses stemmed predominantly from multiple convection storms that largely impacted Oklahoma and Texas in the quarter ended June 30. As a result, ... Read the full article
Convective storms across Southern US states, an “evolving situation” for reinsurers: AM Best
31st July 2023
The growing frequency and severity of convective storms across Southern US states has become an "evolving situation" for re/insurers, as these events are continently hindering insurers' ability to achieve effective diversification of their portfolios. In a new commentary from global ratings agency AM Best, the company highlights that re/insurers rely on ... Read the full article
Second-quarter SCS losses in the U.S. to approach $30bn: O’Donnell, RenRe CEO
26th July 2023
Kevin O’Donnell, the Chief Executive Officer (CEO) of Bermuda headquartered reinsurer RenaissanceRe, expects losses related to severe convective storms (SCS) in the U.S. during the second-quarter of 2023 to approach $30 billion. Speaking recently during the reinsurer's Q2 2023 earnings call, O'Donnell commented on the most active second-quarter of catastrophe ... Read the full article
Horace Mann reports preliminary Q2 cat losses of up to $43m
21st July 2023
Horace Mann Educators Corporation has announced preliminary Q2 catastrophe losses of between $41 million and $43 million pretax, driven by 19 events designated as catastrophes by Property Claims Services in the quarter. These events include multiple severe convective storms across the Midwest and Texas in June. Expected catastrophe losses will amount ... Read the full article
Insured losses from hurricanes have increased over the past 15 years: Triple-I
21st July 2023
US population growth in hurricane-prone states, as well as the increasingly heavy rainfall that accompanies these storms, has generated costlier insurance claim payouts for wind and flood-caused property damage, according to a new brief issued by the Insurance Information Institute (Triple-I) New research from Triple-I's latest Issues Brief shows that the ... Read the full article
Porch Group anticipates $18m catastrophe loss in Q2
21st July 2023
Porch Group anticipates a $18 million catastrophic weather impact in the second quarter of 2023, due to extreme weather events in June. According to Porch, Q2 is often the worst and riskiest weather quarter of the year for the firm. "The second quarter of 2023 was on track until extreme weather events ... Read the full article
Aon reports global insured cat losses of $53bn in H1 2023
21st July 2023
Insurance and reinsurance broker Aon has reported that global insured losses from natural disasters in H1 2023 totalled $53 billion, which is 46% above the 21st-century average. According to Aon's latest catastrophe report, economic losses for the period amount to an estimated $194 billion, and already constitute ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
