Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
New Zealand North Island flood industry loss estimated NZ $1.65bn by PERILS
15th March 2023
Catastrophe loss data aggregator PERILS AG has provided an initial estimate of the insurance and reinsurance market loss from the severe flooding that impacted the North Island of New Zealand from January 27th to February 2nd, pegging the total at NZ $1.65 billion initially. The industry loss estimate is based on ... Read the full article
Australia flood loss rises to $6.53bn in fresh PERILS update
13th March 2023
Catastrophe loss aggregator PERILS has released a fourth and final industry loss estimate of AUD 6.53 billion, for the devastating Eastern Australia floods that occurred over February and March in 2022. This update represents a slight increase over the previous loss estimate of AUD 6.292 billion, that PERILS released in ... Read the full article
Hannover Re pegs Turkey quake loss at €200m as Althoff highlights Q1 loss budget erosion
9th March 2023
German reinsurer Hannover Re expects a net loss of in the range of €200 million in the first quarter of 2023 as a result of the devastating earthquakes in Turkey and Syria, which together with losses from the severe weather in New Zealand, has eroded much of its major loss ... Read the full article
US P&C industry continues to show resilience despite continual challenges: AM Best
8th March 2023
A new report from AM Best has shown that weather-related losses persisted for the US property & casualty (P/C) insurance segment in 2022, which ultimately pressured financial results in a year that also witnessed a 40-year high for inflation, and the second costliest catastrophe event on record. According to the report, ... Read the full article
New Zealand insurers’ payouts for Auckland floods reach $111mn: ICNZ
7th March 2023
According to provisional general insurance claims data released by the Insurance Council of New Zealand (ICNZ), insurers have paid around NZ$111 million for the Auckland Anniversary Weekend flood event that started on January 27, 2023. “While it is still early days, around $111 million of insurance support has already been paid ... Read the full article
Ping An says reinsurance will support HK Kimpton Hotel fire loss
6th March 2023
Chinese insurer Ping An has confirmed that its reinsurance arrangements will cover part of the large loss it expects to incur from the fire that recently engulfed the under-construction Kimpton Hotel in Hong Kong. A fire broke out on the construction site of the 42-story hotel in the early hours of ... Read the full article
Nat cat insured losses in Q1 between $6-8bn thus far, says JP Morgan
3rd March 2023
Analysts at JP Morgan have estimated that total natural catastrophe insured losses in Q1 so far are in the region of $6-8 billion. The analysts write, "Despite there being a month to go in the quarter, losses still feel well below quarterly averages. Looking at the last 10 years, the average ... Read the full article
World Bank puts economic cost of Turkey quakes at $34bn
28th February 2023
Analysts at the World Bank have estimated that the recent devastating earthquakes that occurred in Turkey will result in some $34 billion of economic costs, based on direct physical damages. At this level, losses from the February quakes would be equivalent to around 4% of Turkey’s total GDP. But the World Bank ... Read the full article
Cyclone Gabrielle to impact New Zealand property insurers’ profitability
27th February 2023
Property insurers in New Zealand will see a severe impact on their profitability due to the massive damage caused by Cyclone Gabrielle and the Auckland floods, with insured losses expected to cost over $1bn, according to data and analytics company GlobalData. “The preliminary estimate of economic loss due to the current ... Read the full article
Moody’s RMS expects insured loss from Turkey earthquakes to exceed $5bn
23rd February 2023
Catastrophe risk modeller Moody's RMS anticipates economic losses from the two February 6th earthquakes in southern Turkey to surpass $25 billion, with insurance and reinsurance industry losses likely to exceed $5 billion. These estimates from Moody's RMS exclude any losses in Syria, so are based only on the impacts of the ... Read the full article
PERILS issues final €3.85bn loss estimate for Feb 2022 European windstorm
21st February 2023
Zurich-based catastrophe insurance data provider PERILS has released its final loss estimate for the European windstorm series which affected the British Isles and continental Europe in February 2022, totalling €3,851m. The windstorm series consisted of three storms named Dudley, Eunice and Franklin by the UK Met Office, and Ylenia, Zeynep and ... Read the full article
Swiss Re reports dip in net income amid economic inflation & large nat cats
17th February 2023
Global reinsurance giant Swiss Re has today announced net income of $472 million for the full year 2022 compared with $1.4 billion a year earlier, as the impact of economic inflation on expected claims impacted its P&C businesses, and large natural catastrophe losses exceeded expectations at $2.7 billion. The group's full ... Read the full article
Allstate records $307m cat losses for January
16th February 2023
The Allstate Corporation has announced estimated pre-tax catastrophe losses of $307 million ($243 million after-tax) for the month of January 2023. The U.S. primary insurer stated that catastrophe losses for the month of January were estimated at $309 million, related to nine events primarily in Texas and California. According to Allstate, these ... Read the full article
Earthquakes to drive insured losses of $2.4 billion in Turkey, says KCC
16th February 2023
Total property insurance and reinsurance industry losses from the dual Kahramanmaras, Turkey earthquakes are estimated at $2.4 billion, with economic losses pegged at close to $20 billion, according to Karen Clark & Company (KCC). These estimates do not include losses within Syria, and are based on the KCC Turkey Earthquake Reference ... Read the full article
Just ~5% of $20bn+ in economic losses from Turkey quakes to fall to re/insurers: Verisk
14th February 2023
The devastating M7+ earthquakes that occurred in Turkey on February 6th, 2023, are expected to drive economic losses of more than $20 billion, of which insurers and reinsurers will cover more than $1 billion, according to Verisk's Extreme Event Solutions. At least 37,000 lives have been lost following the M7.8 earthquake, ... Read the full article
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