Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
The Hanover expects Q2 loss amid catastrophe losses of $262 million
21st July 2023
The Hanover Insurance Group, Inc. has announced a preliminary estimate for Q2 catastrophe losses of approximately $262 million, before taxes, with the firm expecting to report a Q2 2023 combined ratio of 111.3%. These losses were driven primarily by the 19 convective storms across multiple states, with hail damage representing the ... Read the full article
Allstate estimates total catastrophe losses for Q2 at $2.7bn
20th July 2023
The Allstate Corporation has estimated catastrophe losses for the month of June at $1.01 billion or $799 million, after-tax, bringing total catastrophe losses for Q2 to $2.7 billion, pre-tax. According to Allstate, the June month catastrophe losses included 18 events estimated at $1.13 billion, with approximately 60% of the losses related ... Read the full article
QBE lifts FY catastrophe budget amid $700m in losses for H1 2023
20th July 2023
Primary insurer QBE has raised its FY 2023 catastrophe budget to around $1.33 billion as the firm reports an elevated net cost of catastrophes of roughly $700 million for H1 2023. In a recent H1 2023 results updated, the insurer highlights additional pressure on catastrophe costs following the series of North ... Read the full article
Tower warns of potential full-year loss amid challenging claims environment in New Zealand
19th July 2023
New Zealand-based insurer Tower has revised its market guidance on underlying net profit after tax for the year ending 30 September 2023, from a profit of between $8 million and $13 million to a loss of $2 million and a profit of $3 million, driven by the ongoing challenging claims ... Read the full article
Above-average insured losses driven by SCS in H1 2023: Gallagher Re
18th July 2023
In the first six months of 2023, global insured losses from natural catastrophes reached $52 billion, exceeding the decadal average by 18% and the 21st Century average by 39%, according to global reinsurance broker Gallagher Re's . The dominant factor behind these losses was ... Read the full article
Marine loss from Russia-Ukraine conflict insignificant compared with aviation loss: Miller
18th July 2023
At around $400m, marine loss from the Russia-Ukraine war seems insignificant compared with the aviation loss, where more than 400 aircraft worth almost $10bn, have been stuck in Russia after lessees did not return the jets, according to Miller’s marine insurance market report. The marine insurance market expects to be impacted ... Read the full article
Severe convective storms in Europe anticipated to generate millions in losses: Aon
17th July 2023
The recent outbreaks of severe convective storms in Europe are likely to result in hundreds of millions of Euros in aggregated economic and insured losses, according to Aon’s Weekly Cat Report. Multiday storms affected a number of countries in Western and Central Europe on July 6-13. They generated very large hail, ... Read the full article
H1 2023 nat cat losses in line with historical averages: RBC
14th July 2023
At $35 billion, insured natural catastrophe losses in the first half of 2023 were roughly in line with historical averages, according to RBC Capital Markets. “We estimate a large loss tally of $37 billion at the half-year, of which $35 billion are nat cat events with convective storms in the US ... Read the full article
France riot total claims cost reaches €650 million: France Assureurs
12th July 2023
Ten days after the start of the unprecedented riots in France in late June, 11,300 claims were reported, amounting to a total cost of €650 million, according to France Assureurs. France Assureurs noted that claims on professional property account for 55% of this total cost, and claims on local authority property ... Read the full article
Intact Financial reports estimated catastrophe losses for Q2 2023 of $421m
11th July 2023
Intact Financial Corporation has announced the estimated catastrophe losses for Q2 2023 of approximately CAD421 million on a pre-tax basis, net of reinsurance. Catastrophe loss in personal lines total CAD252 million all of which relate to Canada. Meanwhile, commercial lines have seen a loss of CAD83 million in Canada, CAD62 million in ... Read the full article
Insured cat losses in Q223 estimated to reach ~$17bn: Goldman Sachs
10th July 2023
Insured losses from major natural catastrophes in the second quarter of 2023 are estimated to reach ~$17 billion, Goldman Sachs has revealed. This includes ~$13 billion from the US, driven by hail and severe convective storms over southern states and Texas. The ~$17 billion loss is modestly above the 10-year Q2 average, ... Read the full article
Riots in France expected to pose ‘manageable’ losses for insurance industry: DBRS Morningstar
6th July 2023
The total insured losses resulting from the riots in France are expected to remain manageable for the country's insurance industry, according to DBRS Morningstar. This assessment is based on two factors: the existence of reinsurance coverage and the partial liability of the French state for some of the losses. The report suggests ... Read the full article
PERILS places first industry loss estimate for Emilia-Romagna floods at €377m
5th July 2023
Catastrophe loss data aggregator PERILS AG has placed its initial industry loss estimate for the floods in the Emilia-Romagna region of Italy during the period of 2 to 22 May 2023 at €377m. According to PERILS, this estimate of the insurance loss is based on data collected from the majority of ... Read the full article
Property cat loss hit rates in Florida up 30-40% in mid-year renewal: Gallagher Re
3rd July 2023
Global reinsurance broker Gallagher Re released its latest 1st View renewals report, which highlights the trends and dynamics at the July 1 reinsurance renewals. Within the report, the broker highlighted the United States property market at the renewals. One notable figure was that catastrophe loss hit business in Florida increased 30-40%, ... Read the full article
Turkey earthquake industry insured loss estimated at $5bn: CRESTA
3rd July 2023
The Kahramanmaras Earthquake Sequence affecting Turkey and Syria which occurred on the 6th of February has been the largest international catastrophe insurance loss to date in 2023 outside of the US, with an industry loss of $5 billion, according to CRESTA. This information stems from CLIX, the CRESTA Industry Loss Index, ... Read the full article
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