Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Heritage announces Q4 cat and weather losses of $41.5mn
26th January 2021
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has announced net current accident year catastrophe and weather losses of a combined $41.5 million for the fourth-quarter of 2020. Of the $41.5 million total, approximately $28.6 million, or 68.9% relates to net current accident year catastrophe losses; with the ... Read the full article
Southern California Edison in $2.2bn Woolsey Fire subrogation settlement
26th January 2021
Southern California Edison (SCE), the California electrical utility, has entered into a $2.2 billion agreement to settle all subrogation claims in the pending litigation arising from the 2018 Woolsey Fire. Previously, SCE had agreed to pay $1.6 billion for claims related to the 2017 Thomas and Koenigstein fires and 2018 ... Read the full article
Severe convective storm events the main driver of losses for re/insurers: Aon
26th January 2021
In 2020, the severe convective storm (SCS) peril maintained its status as a primary loss driver for insurers and reinsurers; as the U.S. witnessed a record 14 individual billion-dollar economic loss SCS events, according to global brokerage Aon. The 2020 annual Weather, Climate & Catastrophe report from insurance and reinsurance broker ... Read the full article
Insured 2020 cat losses estimated at $97bn by Aon
25th January 2021
Re/insurance broker Aon has estimated that catastrophe losses insured by the private sector or by government-sponsored programs totalled $97 billion over 2020. Overall economic losses were estimated at $268 billion, caused by 416 catastrophe events, leaving a protection gap of 64%. Aon’s Weather, Climate & Catastrophe Insight report for 2020 also shows ... Read the full article
Storm Christoph losses could reach £120mn: PwC
22nd January 2021
Analysts at PwC have estimated that insurance industry losses from Storm Christoph in the UK will likely total between £80 million and £120 million. Christoph brought widespread flooding across England and Wales this week, prompting evacuations from a “large number” of homes in South Wales. About 2,000 homes in the Didsbury and ... Read the full article
Arch expects Q4 catastrophe losses of up to $165mn
22nd January 2021
Bermuda domiciled insurer and reinsurer, Arch Capital Group Ltd., has announced estimated pre-tax catastrophe losses of between $155 million and $165 million for the fourth-quarter of 2020. Arch explains that the losses are across its property / casualty insurance and reinsurance operations, net of reinsurance and reinstatement premiums. The loss estimate range ... Read the full article
Jan 2020 Australian hailstorm industry loss raised to AUD 1.9bn by PERILS
21st January 2021
PERILS, the catastrophe loss data aggregator, has reported an increased final industry loss estimate for the January 2020 Australian hailstorms of AUD 1.887 billion (USD 1.5bn), which represents an increase of roughly 4% from the previous estimate in July of last year. The unusual hail event struck the states of Victoria, ... Read the full article
AXIS announces Q4 losses of up to $205mn from COVID-19 and cats
19th January 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a preliminary Q4 2020 net claims estimate of between $195 million to $205 million, pre-tax, for catastrophes and weather-related events. Of this range, AXIS states that a significant $125 million, pre-tax, relates to the COVID-19 pandemic, while an additional $70 million ... Read the full article
Hiscox adds $48mn to Covid-19 BI losses following Supreme Court judgement
15th January 2021
Specialist re/insurer Hiscox has said that after the Supreme Court's ruling in favour of insureds earlier today in the appeal of the business interruption (BI) insurance test case, it has added a further $48 million, net of reinsurance, to its 2020 estimate for COVID-19 BI losses. This morning, the UK ... Read the full article
RenRe warns of Q4 operating loss amid $345mn weather & COVID impact
14th January 2021
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has reported that losses from weather-related catastrophe events and the ongoing COVID-19 pandemic will push the firm to a fourth-quarter operating loss. The reinsurer has announced that estimated losses from catastrophe events will have a net negative impact of roughly $170 million on its Q4 ... Read the full article
The U.S. endured a record 22 billion-dollar nat cats in 2020: NOAA
11th January 2021
A record number of tropical storm formations in the Atlantic, coupled with an unprecedented number of landfalls and the most active wildfire year on record, saw the U.S. experience 22 billion-dollar natural disaster events in 2020, according to analysis by the National Oceanic and Atmospheric Administration (NOAA). During the 2020 Atlantic ... Read the full article
Global insured nat cat losses up 44% in 2020 to $82bn: Munich Re
7th January 2021
A record hurricane season, historic wildfires in the western U.S. and a series of events in other parts of the world saw global, re/insured losses from natural disasters increase to $82 billion in 2020, which is approximately 44% higher than in the previous year, reports Munich Re. Economic losses from natural ... Read the full article
2020 a benign year for international cat losses: CRESTA
5th January 2021
CRESTA, the re/insurance industry organisation that provides a standard global system of risk accumulation zones, has reported that 2020 represented a “very benign year” for major catastrophe losses outside of the US. CRESTA’s industry loss index, CLIX, shows that five catastrophe events outside the US generated re/insurance industry losses in excess ... Read the full article
German re/insurers paid €2.5bn for weather losses in 2020: GDV
30th December 2020
New data from the General Association of the German Insurance Industry (GDV) shows that the German re/insurance industry paid around €2.5 billion this year for damage caused by storms, hail and other natural hazards such as heavy rain. Overall, 2020 was a below-average year in terms of claims, standing at around ... Read the full article
COVID-19 loss reports approach low-end of industry estimates at $30bn
21st December 2020
Data from financial services advisory PeriStrat shows that total tracked public loss estimates from re/insurers are now approaching the low-end of market loss estimates, which range from $30 billion to $80 billion. PeriStrat believes that reported losses now amount to $29.5 billion, and warned that Q4 financial reporting will probably reveal ... Read the full article