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Losses

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

Analysts say December Sydney hailstorm could cost re/insurers AU$2bn

30th January 2019

The total loss to insurers and reinsurers from the major hailstorm that struck Sydney and the surrounding area in December 2018, could be as much as AU$2 billion (US$1.44bn), according to analysts. Analysts at Firetrail Investments, an Australian investment management firm, have said that the hailstorm and severe convective weather outbreak ... Read the full article

Catastrophes hit RenRe’s fourth-quarter results

30th January 2019

Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced a net loss of $83.9 million for the fourth-quarter of 2018, driven by the impact of catastrophe losses. The $83.9 million Q4 net loss compares with a net loss of $3.5 million for the same period in 2017. The reinsurer states that Hurricane Michael, ... Read the full article

Industry wildfire losses near $20bn in record year for insurers: Aon

29th January 2019

Global insured losses for catastrophic fire events set a new record at near $20 billion in 2018, with the majority of losses driven by wildfires in California, according to estimates from Aon. The broker noted that wildfires caused extremely elevated losses and human casualties for a second consecutive year in 2018, ... Read the full article

Insured losses from November California wildfires surpass $11.4bn

29th January 2019

Ricardo Lara, California's Insurance Commissioner, has revealed that insured losses of more than $11.4 billion have now been reported from the November 2018 Wildfires. The new figure represents growth of roughly 25%, or more than $2.3 billion from the total reported by the Department of Insurance in December 2018. Insurers have reported ... Read the full article

Everest Re estimates Q4 losses at $695m

25th January 2019

Bermuda-headquartered reinsurer Everest Re Group has announced Q4 catastrophe losses of $695 million, a figure net of reinsurance, reinstatement premiums and taxes. The group states that these Q4 losses can primarily be attributed to hurricane Michael, the Camp and Woolsey California wildfires, and hailstorms which hit Australia in December. Michael made landfall ... Read the full article

Increased cat losses dent Travelers’ results, further reinsurance secured

22nd January 2019

American insurer Travelers’ losses and results overview shows the company had a net income of $621 million in Q4 2018, which included a pre-tax catastrophe loss of $610 million, increasing from $499 million in the prior year quarter. This Q4 cat loss figure consists primarily of $453 million pre-tax ($358 million ... Read the full article

Aon puts insured cat losses at $90bn in 2018, economic costs at $225bn

22nd January 2019

Re/insurance broker Aon has estimated that the re/insurance industry will incur $90 billion of catastrophe losses in 2018, or around 40% of the total $225 billion economic cost. Aon reported that losses were generated by 394 natural disaster events in 2018, with weather catastrophes driving the majority of losses. The broker also ... Read the full article

Insured weather losses across Canada reach $1.9bn in 2018: Cat IQ

21st January 2019

Severe weather across Canada resulted in approximately $1.9 billion of re/insured losses in 2018, according to data from Catastrophe Indices and Quantification Inc. (Cat IQ). The Insurance Bureau of Canada (IBC) noted that 2018 had the fourth-highest amount of losses on record, with ice storms, floods, windstorms and tornadoes damaging homes, ... Read the full article

Chubb pegs pre-tax Q4 cat losses at $585m

21st January 2019

Global re/insurer Chubb has released an updated Q4 catastrophe loss estimate of $585 million ($505 million after tax), a figure which includes previously reported costs incurred by the California wildfires and hurricane Michael. The Camp and Woolsey wildfires destroyed more than 20,000 structures between them after springing up in California’s ... Read the full article

Sydney & NSW hail storm loss hits $871m

21st January 2019

The insurance and reinsurance industry loss expected from the December 20th severe hail storm that struck the Sydney and surrounding region of New South Wales, Australia has now reached $871 million. Kaaren Morrissey/AAP The hailstorm system struck the Sydney, Central Coast and South East Queensland regions of the country on the night ... Read the full article

Record catastrophe and storm losses hit EMC’s reinsurance segment in Q4

18th January 2019

EMC Insurance Group's reinsurance segment suffered a record $18.5 million of catastrophe and storm losses in the fourth-quarter of 2018, causing the firm to announce an expected net loss for the year ending December 31st, 2018. The total catastrophe loss figure is comprised of roughly $6.5 million from the Camp wildfires, ... Read the full article

Argo expecting $44m dent to Q4 results

18th January 2019

Specialty re/insurer Argo Group International has announced a preliminary, pre-tax catastrophe loss estimate for Q4 2018 of $32 million, a figure net of reinsurance and reinstatement premiums, and including losses related to certain aggregate excess of loss contracts. The company said it also expects results from the fourth quarter to take ... Read the full article

PERILS finalises storm Friederike industry loss at €1.672bn

17th January 2019

Catastrophe loss data aggregator PERILS has released its final re/insured loss estimate for Extratropical Cyclone Friederike, also known as David, putting the total at €1.672 billion (US $1.91 billion). In keeping with PERILS’ reporting schedule, the final loss figure was released 12 months after the original event, and represents a slim ... Read the full article

Blue Capital Re braced for $30m impact from Q4 cats

17th January 2019

Blue Capital Reinsurance Holdings, the Bermuda-based reinsurer owned by Sompo International has announced approximate fourth quarter catastrophe losses of $30 million, an aggregate figure net of reinsurance and reinstatement premiums. This escalation from the firm’s previous $17 million estimate back in December 2018 is driven by increased client-specific and industry-wide loss ... Read the full article

Oxbridge Re expects $3.1mn hit from Michael, $2.9mn from wildfires

17th January 2019

Collateralised reinsurer Oxbridge Re is expecting its fourth quarter 2018 results to be impacted by $6 million of losses resulting from natural catastrophes. This figure includes $3.1 million in losses from Hurricane Michael and $2.9 million from the California Wildfires. Both estimates take into consideration the company’s quota share arrangement through Read the full article

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