Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Iskenderun port fire expected to generate $679mn of trade disruption: Russell Group
10th February 2023
According to data from Russell Group, the container fire at the Port of Iskenderun, Turkey will cause a loss in trade of around $679 million (£562.85 million). A further analysis from the data and analytics company also shows that a $36.7 million (£30 million) disruption in Iron and Steel exports and ... Read the full article
Reinsurers expected to absorb majority of Turkey quakes losses: Fitch
9th February 2023
According to Fitch Ratings, reinsurers are expected to absorb the majority of the recent Turkey / Syria earthquake losses, although the amount will be insignificant given how low insurance penetration is in the regions. On February 6, 2023, two powerful earthquakes of more than 7.5 magnitude struck near the south-eastern ... Read the full article
Impact of Turkey quakes adds to challenging environment for re/insurers: AM Best
8th February 2023
A new report from AM Best has highlighted how the impact of the two earthquakes in south-eastern Turkey, adds to what is already a “challenging operating environment” for re/insurers within the country. On February 6, 2023, two powerful earthquakes of more than 7.5 magnitude struck near the south-eastern Turkish cities of ... Read the full article
Suncorp exceeds H1 natural hazards budget by $99m
8th February 2023
Australian insurer Suncorp has reported its results for the first half of the fiscal year for 2023, during which time it grew its net profits by 44.3% despite natural hazard losses exceeding the its H1 budget by some AUD 99 million. In addition to improved earnings, Suncorp saw continued strong top-line ... Read the full article
Turkey earthquakes could result in $1bn+ loss
6th February 2023
Thousands of buildings have been destroyed and over 1,000 deaths have been recorded in Turkey and Syria following two powerful earthquakes, which could result in more than US $1 billion of losses, according to the US Geological Survey (USGS). The first quake was recorded at magnitude 7.8 on the Richter scale ... Read the full article
California floods unlikely to be huge loss for re/insurers: J.P. Morgan
30th January 2023
A new report from J.P. Morgan has stated that the recent California floods are unlikely to be a huge loss for the insurance industry. The California floods hit from late December to early January. The state was hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and ... Read the full article
Cincinnati Financial estimates cat losses of $141m in Q4
30th January 2023
Cincinnati Financial Corporation has announced that its consolidated Q4 results are expected to include pretax catastrophe losses of approximately $141m. According to the announcement, these represent an impact on the Q4 2022 combined ratio of approximately 7.8 percentage points, based on estimated property casualty earned premiums. The catastrophe loss estimate includes $161m ... Read the full article
Global insured losses from natural catastrophes in 2022 seen at $140bn by Gallagher Re
30th January 2023
For the fifth year since 2017, insurance and reinsurance industry losses from natural catastrophe events exceeded the $100 billion threshold in 2022 at a huge $140 billion, reports reinsurance broker Gallagher Re. The broker's 2022 Natural Catastrophe report, published today, notes another year of complex natural disaster events in 2022, which ... Read the full article
PERILS raises industry loss estimate for SE Australia flooding to $840m
26th January 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed its second industry loss estimate for the Southeast Australia floods in October 2022, amounting to AUD 840m ($600m). This second estimate follows an initial loss estimate of AUD 791m, which was issued by PERILS on 8 December 2022, marking an AUD 49m ... Read the full article
Natural disasters caused over $130bn global insured losses in 2022: Aon
25th January 2023
A new Aon report has estimated that global insured losses caused by natural disasters exceeded $130 billion in 2022, mainly driven by Hurricane Ian, which is the second-costliest event on record from an insurance perspective. The 2023 Weather, Climate and Catastrophe Insight report, revealed that natural disasters caused a $313 billion ... Read the full article
Moody’s RMS estimates $5-7bn in economic losses from California flooding
25th January 2023
Global catastrophe and risk modelling solutions firm, Moody’s RMS estimates total US economic losses from the recent California flooding to be between $5-7 billion. This estimate reflects inland flood impacts for the US, which includes damage to infrastructure. The insured losses are anticipated to be between $0.5-1.5 billion, including losses to ... Read the full article
Aviva incurs £50m hit from UK’s December freeze
25th January 2023
London-headquartered insurer Aviva has provided an update on its general insurance lines for the fourth quarter of the year, including £50 million of losses from severe weather last month. The company reported that its general insurance businesses in the UK, Ireland and Canada all continued to “trade positively” over the closing ... Read the full article
Global cat insured losses in Q4 2022 less than $10bn, says JP Morgan
20th January 2023
Analysts at JP Morgan have estimated Q4 global catastrophe insured losses of less than $10 billion. The analysts attribute this largely to two large natural catastrophes in North America, Hurricane Nicole in November and Winter Storm Elliott in December. P&C insurance company, The Hanover, recently reported estimated catastrophe losses of $190 ... Read the full article
The Hanover reports Q4 cat losses of $190m, mostly from Elliott
19th January 2023
P&C insurance company The Hanover has reported estimated catastrophe losses of $190 million for the fourth quarter of 2022, of which $165 million, or 87%, were driven by Winter Storm Elliott. At this level, the pre-tax loss represented 13.9 points of net earned premiums, and was approximately $137 million above the ... Read the full article
Canadian insured losses from cat events total $3.1bn in 2022: CatIQ
19th January 2023
Canada's 2022 catastrophic events have caused insured losses of over CAN $3 billion, a mark that hasn’t been reached since 2016 when a wildfire devastated Fort McMurray, AB, says Catastrophe Indices and Quantification Inc. (CatIQ). There was a total of 15 events which incurred at least $30 million in insured losses ... Read the full article
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