Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Insured catastrophe losses in Q2 2023 should be less than $10bn: JP Morgan
30th June 2023
Insured losses from major natural catastrophes in the second quarter of 2023, driven by storms in the US, are estimated to be less than $10 billion, JP Morgan has revealed. This includes ~$7 billion from the US storms during the month of June, which analysts estimate to be the largest contributor ... Read the full article
86% of catastrophe and natural disaster losses in APAC uninsured in 2022: Aon
29th June 2023
Insurance and reinsurance broker Aon's recently published Weather, Climate and Catastrophe Report: Asia Pacific Insights, identifies global natural disaster and climate trends in the region, highlighting a large protection gap in the region. The report reveals that natural disasters in the Asia Pacific (APAC) region in 2022 caused $80 billion in ... Read the full article
CoreLogic estimates insured losses from June U.S. storms at $10bn
26th June 2023
Analysts at CoreLogic have estimated that the severe thunderstorm activity from June 11-15 caused between $7 and $10 billion in insured losses. The thunderstorm activity brought strong straight-line winds, record-sized hail, and tornadoes, causing damage to property across the U.S. "Wind speeds in excess of 100 mph and hail greater than four ... Read the full article
US Severe Convective Storm insured losses $25bn+ YTD: Gallagher Re
23rd June 2023
Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re, has suggested the total cost to the insurance industry from outbreaks of Severe Convective Storms (SCS) has likely surpassed $25 billion year-to-date. Earlier this year, Gallagher Re released a report noting that Q1 saw more than $10 billion of convective ... Read the full article
NZ insurers face estimated $3.18bn loss from Auckland floods & Cyclone Gabrielle
22nd June 2023
Data from the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) reveals that insurers face an estimated loss of $3.18 billion from claims arising from the impacts of the Auckland Anniversary Weekend floods and Cyclone Gabrielle in February. So far, $1.08 billion of the total insured loss ... Read the full article
June Severe Convective Storm outbreak insured loss estimated at $5.5bn: KCC
21st June 2023
Based on its high-resolution SCS Reference Model, Karen Clark & Company (KCC) has estimated that the insured loss from the Severe Convective Storm (SCS) outbreak between June 10th and 19th in the US will be close to $5.5 billion. KCC recently pegged insured losses for the June hailstorms in Texas ... Read the full article
Risk transfer solutions can help businesses build protection against nature loss: Marsh McLennan
19th June 2023
Risk transfer solutions such as environmental liability and business interruption cover are emerging as vital components to help corporates build resilience against nature loss, according to Marsh McLennan recent report. As businesses face greater regulatory pressures, tightened disclosure policies, and growing financial risk exposure, it is expected these nature insurance solutions ... Read the full article
June hailstorm in Texas drives insured losses of over $1 billion: KCC
16th June 2023
Catastrophe modeller Karen Clark & Company (KCC) has estimated that the June hailstorm in Texas has caused insured losses of over $1 billion. "From June 10th to 13th, a stationary frontal boundary from Texas to Georgia divided a warm, humid air mass over Texas from a cooler, drier one across the ... Read the full article
US P&C industry sees $8.2bn net underwriting loss in Q1: AM Best
16th June 2023
The US property & casualty (P&C) witnessed an $8.2 billion net underwriting loss in the first quarter of 2023, compared with a $3.4 billion gain in the same prior-year period, according to preliminary results. Combined ratio for the P&C industry deteriorated by 6.1 percentage points to 102.0 in Q123, compared to ... Read the full article
Allstate estimates cat losses for May at $885 million
15th June 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for May of $885 million or $699 million, after-tax. According to Allstate, May's catastrophe losses include 12 events estimated at $893 million, with approximately 70% of the losses related to two wind and hail events. This was partially offset by favourable reserve reestimates ... Read the full article
IAG expects natural peril losses to be above budget for FY23
14th June 2023
IAG held its Investor Day to provide an update on its strategic execution, operating environment and financial targets, with Managing Director and CEO Nick Hawkins explaining that the firm expects to moderately exceed its natural catastrophe budget again. Hawkins explained that the insurer anticipates a small net reserve release and favourable ... Read the full article
Global Shield Solutions Platform launched to address loss and damage from climate change
14th June 2023
The Global Shield Solutions Platform (GSSP), a pioneering financing vehicle aimed at assisting vulnerable countries in effectively tackling loss and damage exacerbated by climate change, was officially launched on June 9, 2023. The momentous occasion took place at the Gustav-Stresemann-Institute in Bonn, Germany, during the InsuResilience Global Partnership Annual Forum. With the ... Read the full article
Core Specialty forms Medical Stop-Loss Division
12th June 2023
Core Specialty and its subsidiaries, have announced the formation of a Medical Stop-Loss Division through the acquisition of the MGU/Stop-Loss business of American National Group (ANAT). According to the announcement, the business is being acquired for cash through the acquisition of 100% of the stock of Standard Life and Accident Insurance ... Read the full article
Canadian P&C insurers will be able to manage wildfire-insured losses: DBRS Morningstar
9th June 2023
Wildfire-insured losses will remain manageable for Canadian property and casualty (P&C) insurers but will add to extreme-weather concerns as they have been exposed to larger and more frequent weather-related losses, according to DBRS Morningstar. “Although Canadian P&C insurers’ results are likely to come under pressure during Q2 and Q3 2023, as ... Read the full article
Guy Carpenter analysis shows modelled 1:200-year global cyber industry loss at $33.4bn
1st June 2023
According to Guy Carpenter, the US-domiciled cyber market currently stands at approximately $9 billion, with the non-US market totalling approximately $5 billion. Guy Carpenter has released a new report on the cyber re/insurance market focused on the examination of the evolution of cyber as a core line of business. Along with ... Read the full article
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