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