Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
Drought in Spain spurs largest-ever claim for agricultural insurance: Aon
26th May 2023
The drought in Spain would be the largest claim ever paid by the Spanish agricultural insurance, according to professional services firm Aon. Agroseguro, the leading agricultural insurance provider in Spain, is bracing for an unprecedented payout of over €300 million ($325 million) in compensations due to the widespread damage inflicted by ... Read the full article
MS Amlin sees return to underwriting profit in FY2022 despite £144m net loss
19th May 2023
Lloyd’s global re/insurer MS Amlin has published its results for the financial year 2022 reporting an underwriting profit of £63 million, but its investment loss of £91 million resulted in a net loss of £144 million. The re/insurer’s underwriting profit grew £260 million from a £260 million loss in FY2021. According ... Read the full article
Allstate estimated cat losses for April at $631m
18th May 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for April of $799 million or $631 million, after tax. April cat losses include 12 events estimated at $872 million, with approximately 60% of the losses related to two wind and hail events. This was partially offset by favourable reserve estimates for prior ... Read the full article
PERILS raises industry loss estimate for Cyclone Gabrielle to NZ $1.925bn
17th May 2023
Zurich-based catastrophe insurance data provider PERILS AG has provided a second estimate for Cyclone Gabrielle which brought extreme rainfall and strong winds to the North Island of New Zealand during the period of 11 to 17 February 2023, pegging the total to NZ $1.925 billion. On March 30, it initially ... Read the full article
Skyward reports improved combined ratio of 90.2% despite higher cat losses
10th May 2023
Specialty insurance firm Skyward Specialty Insurance Group has published its first quarter of 2023 results, reporting a net income of $15.6 million and an improved combined ratio of 90.2%. In the same period last year, the insurer reported a net income of $16.3 million and a combined ratio of 91.9%. Gross written ... Read the full article
Kingstone estimates Q1 cat losses at $3.72m
9th May 2023
P&C insurance holding company Kingstone Companies has estimated it will incur net pre-tax catastrophe losses for the first quarter of 2023 of $3.72 million. The losses for the period apply to Kingstone’s wholly-owned subsidiary, Kingstone Insurance Company, and stem from two events that occurred during the quarter. It follows a similar ... Read the full article
NFIP’s Hurricane Ian payouts near reinsurance trigger
5th May 2023
New data from FEMA shows that its National Flood Insurance Program (NFIP) has paid out over $3.9 billion in claims related to Hurricane Ian to date, meaning the Agency is on the cusp of triggering the bottom layer of protection in its flood reinsurance tower. The NFIP payout figure, released on ... Read the full article
PERILS raises insured loss estimate for Turkey quakes to $4.4bn
5th May 2023
Catastrophe loss data aggregator PERILS AG has raised its estimate for insurance industry losses from February’s Kahramanmaras Earthquake Sequence in Turkey to TRY 86.4 billion (USD 4.4 billion). The updated figure represents a significant increase on PERILS’ initial insured loss estimate of TRY 65.4 billion (USD 3.5 billion), which was ... Read the full article
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