Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
PERILS releases third industry loss estimate for 2020 Queensland Hailstorms
4th May 2021
Zurich-based catastrophe insurance data provider PERILS is now anticipating a AU$1.173 billion industry hit from last October’s South East Queensland Hailstorms. During the afternoon of 31 October, severe thunderstorms impacted South East Queensland, including the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast. The corridor from Amberley through ... Read the full article
US April storms to drive $1bn+ loss: Aon
4th May 2021
Analysts at Aon have reported that the severe storms that impacted the US from April 23rd to 29th will cause total economic losses in excess of $1 billion, of which the majority will be insured. Storms affected the Southern Plains and Southeast, with tornado, large hail, and straight-line wind damage in ... Read the full article
Despite a muted Q1 COVID impact, P&C isn’t in the clear yet: Swiss Re CFO
30th April 2021
For Swiss Re, COVID-19-related losses in its P&C Reinsurance segment were muted for the first-quarter of 2021, but that doesn't mean the business is "all clear for the rest of the year," according to Group Chief Financial Officer (CFO), John Dacey. Early this morning, Swiss Re announced COVID-19 losses of ... Read the full article
Swiss Re’s Q1 net income hits $333m despite over $1bn of COVID & cat losses
30th April 2021
Global reinsurance giant Swiss Re has reported net income of $333 million for the first quarter of 2021 against a loss of $225 million in the prior year period, despite losses related to COVID-19 and large natural catastrophes of more than $1 billion. Alongside growth in net income across the Group, ... Read the full article
Catastrophe losses to dent FedNat Q1 net income by $14.5m
27th April 2021
Florida based primary insurer FedNat has reported that catastrophe weather losses experienced in the first-quarter of 2021 will lower its net income for the period by $14.5 million, after-tax and net of all reinsurance recoveries. The majority of the company's Q1 2021 catastrophe bill comes from the impacts of winter storm ... Read the full article
Heritage reports weather losses of $31.4m for Q1
23rd April 2021
Super-regional property and casualty insurance holding company Heritage Insurance Holdings, Inc. has announced total weather losses of $31.4 million for the first quarter of 2021. This figure includes approximately $15.4 million of net current accident quarter catastrophe losses. The remaining $16.1 million represents other weather losses, Heritage explained. The company previously reported $41.5 ... Read the full article
Argo announces Q1 nat cat & COVID losses of $47m
22nd April 2021
Bermuda-based insurer and reinsurer, Argo Group International Holdings, Ltd., has announced catastrophe and pandemic-related losses of an estimated $47 million for the first-quarter of 2021, primarily as a result of winter storm Uri in the U.S. Argo estimates that approximately $43 million of its first-quarter catastrophe bill relates to the impacts ... Read the full article
Munich Re forecasts major losses from winter storms, but also a profitable Q1
20th April 2021
Global reinsurer Munich Re has pre-warned that losses in its property / casualty reinsurance segment from major events came in above-average for the first-quarter of 2021, primarily as a result of the severe winter weather in the U.S. in February. The German reinsurer is the latest to comment on the significant ... Read the full article
Everest Re announces $260m of Q1 2021 catastrophe losses
20th April 2021
Bermuda-based reinsurer, Everest Re Group, Ltd., has announced estimated pre-tax catastrophe losses, net of reinsurance and reinstatement premiums, of $260 million for the first-quarter of 2021. The firm’s Q1 cat loss bill primarily relates to the impacts of the Texas winter storms, alongside a minimal amount from the flooding in New ... Read the full article
PERILS settles on AU $839m industry loss from Queensland hailstorm
19th April 2021
Catastrophe insurance data provider PERILS has settled on a fourth and final industry loss estimate of AU $839 million (US $653 million) for the April 2020 Central Queensland Hailstorms. This represents a significant increase on PERILS’ previous loss estimate of $604 million, which was issued in October 2020, six months ... Read the full article
United pegs Q1 cat losses at $24m; strengthens reserves for litigation in Florida
19th April 2021
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), recently announced first-quarter 2021 current year catastrophe losses of $24 million, pre-tax and net of expected reinsurance recoveries. UPC Insurance's Q1 2021 cat loss bill comes in at approximately $19 million after-tax, and includes claims from winter storm Uri, ... Read the full article
The Hartford reaches $650m settlement with the BSA; pre-announces cat losses
19th April 2021
Property and casualty insurer The Hartford has pre-announced unfavourable prior year reserve development of approximately $225 million (pre-tax) and current accident year catastrophe losses of $214 million (pre-tax) for the first-quarter of 2021. The estimates for unfavourable reserve development includes, among other items, a charge to increase reserves related to a ... Read the full article
Arch’s reinsurance segment takes bulk of $180m-$190m Q1 cat bill
16th April 2021
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has announced a pre-tax catastrophe loss range of between $180 million to $190 million for the first-quarter of 2021, of which roughly 80% falls to its reinsurance segment. The up to $190 million loss range is almost entirely from natural catastrophe events that ... Read the full article
The Hanover announces Q1 catastrophe losses of $133m
16th April 2021
The Hanover Insurance Group, Inc. expects to incur catastrophe losses of approximately $133 million, pre-tax ($105m after-tax), for the first-quarter of 2021, primarily as a result of the impacts of Winter storms Uri and Viola. For the carrier, the largest impact from the severe weather was in Texas, where it estimates ... Read the full article
Allstate calls on agg reinsurance in March as cat losses hit $252m
15th April 2021
US primary insurer Allstate Corporation has announced estimated catastrophe losses of $466 million for the first-quarter of 2021, after tax and $1.08 billion in anticipated reinsurance and subrogation recoveries. All in all, gross losses from catastrophe events during the opening quarter of 2021 amounted to $1.67 billion for Allstate, but were ... Read the full article