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