Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
2021 one of the worst years this century for Germany’s nat cat claims: Fitch
19th July 2021
Factoring in typical levels of hailstorm activity this summer and expected winter storm-related claims, Fitch Ratings says 2021 could be one of the worst years for German so far this century in terms of natural catastrophe claims. Furthermore, Fitch Ratings estimates that the severe floods in Germany could add up to ... Read the full article
Allstate’s June cat losses hit $154m, bringing Q2 total to $752m
16th July 2021
US primary insurer Allstate has announced estimated catastrophe losses for the month of June of $195 million or $154 million, after-tax. Together with losses of $598 million between the months of April and May, this brings Allstate’s total catastrophe losses for the second quarter of 2021 to $752 million, after-tax. Catastrophe losses ... Read the full article
Insured losses from flooding across Europe to reach into the billions
16th July 2021
The insurance and reinsurance industry is expecting losses in the billions of Euros as a result of catastrophic flooding across parts of Europe, with the event poised to become one of the costliest flood episodes on record. In Germany, hundreds of people are missing and more than 100 lives have been ... Read the full article
KCC estimates Storm Elsa insured costs at $290m in US & Caribbean
12th July 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured loss to onshore properties from Hurricane Elsa will be around $290 million. This figure consists of around $240 million in the US from both wind and storm surge and $50 million in the Caribbean from wind. Elsa was the ... Read the full article
Olympics crowd ban could cost reinsurers up to $400m: Fitch
12th July 2021
Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector between $300 million and $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. However, the rating agency notes that this total is only 10%–15% of the amount reinsurers would ... Read the full article
Aon warns of $4.5bn insured loss from June storms in Europe
12th July 2021
Re/insurance broker Aon has estimated that total insured losses from the prolonged stretch of severe weather that impacted Europe between June 17th and 25th could exceed $3.4bn, with overall losses reaching even higher. And looking at the larger period of storm outbreaks up to June 30th, insured losses could reach $4.5 ... Read the full article
Actuaries forecast €2.5bn+ loss following European storms
2nd July 2021
Actuaries from Meyerthole Siems Kohlruss (MSK) are forecasting that insurance industry losses from the severe weather that impacted parts of Europe over the last ten days could exceed €2.5 billion. The estimate follows analysis from Aon’s Impact Forecasting unit, which put the cost of the storms in the region of hundreds ... Read the full article
Fukushima quake largest insured loss outside US at $2.63bn: CRESTA
1st July 2021
CRESTA, the insurance industry organisation that provides a global standard for risk accumulation zones and industry losses, has reported that February’s Fukushima Earthquake is the largest insured loss recorded outside of the US so far in 2021, with costs estimated to be around $2.63 billion. In a Q2 update to its ... Read the full article
Allstate announces $213mn in cat losses for May
17th June 2021
US primary insurer Allstate is braced for estimated pre-tax catastrophe losses of $213 million for May. Cat losses for April and May totaled $598 million, after-tax. In May, Allstate says losses consisted of seven events, at an estimated cost of $193 million, plus unfavorable prior period reserve estimates. Two large hail events, primarily ... Read the full article
IAG sees rising Victoria flood & storm claims, may tap reinsurance
17th June 2021
IAG has received roughly 4,300 claims as a result of the property damage caused by Victoria's recent exposure to destructive weather events. The Australian insurer expects claims to continue rising as residents return to their homes and inspect the damage and warned that its stop loss reinsurance could be close to attaching. As ... Read the full article
Analysts predict another difficult year for insurers amid elevated cat claims
14th June 2021
Year-to-date, catastrophe claims look to be running 17% above the long-term average (2008-2020), leading analysts at Jefferies to forecast another difficult year for the global insurance industry. At more than $30 billion, YTD insured catastrophe losses also exceed the 10-year average by more than 9%, but is an improvement from Jefferies' ... Read the full article
US insurers face multi-billion-dollar payout over May storms: Aon
11th June 2021
Re/insurance broker Aon has reported that US re/insurers will likely face a multi-billion-dollar payout over a series of convective storms in May that resulted in extensive hail, tornado, wind and flood damage. Of note was a severe storm that swept across the Plains, Lower and Middle Mississippi Valley, Southeast and Mid-Atlantic ... Read the full article
Allstate cat losses total $544m in April
20th May 2021
US primary insurer Allstate Corporation has announced estimated catastrophe losses for the month of April of $544 million, or $430 million after-tax. Catastrophe losses in April comprised five events at an estimated cost of $490 million plus unfavorable prior period reserve estimates. One large hail event, primarily impacting Texas and Oklahoma, accounted ... Read the full article
Benign April helps offset heavy YTD cat losses: Jefferies
17th May 2021
Analysts at Jefferies have characterised April as a largely "benign" month in terms of global insured catastrophe losses, which should help to ease the pressure on what has been a remarkably active year for catastrophes to date, with claims running at about 30% above the long-term average over the first ... Read the full article
US insurers face multi-billion-dollar bill for April storms: Aon
12th May 2021
Analysts at re/insurance broker Aon estimate that the US insurance industry faces a multi-billion-dollar bill for thunderstorm-related claims payouts over the month of April. As we previously reported, Aon expects economic losses of more than $1 billion dollars from just the San Antonio (TX), Fort Worth (TX), and Norman (OK) ... Read the full article