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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.

Florida regulator pegs insured Michael losses at $4.9bn

11th January 2019

Total re/insured losses resulting from Hurricane Michael in Florida are estimated to be approximately $4.9 billion, according to data compiled by the Florida Office of Insurance Regulation (FLOIR). The state regulator’s estimate is based on information from claims data filed by insurers, and shows that a total of 136,873 claims have ... Read the full article

Arch estimates Q4 2018 cat loss of up to $130m

11th January 2019

Bermuda-based re/insurer Arch Capital Group has revealed pre-tax catastrophe losses for Q4 2018 of between $110 million and $130 million; a figure which takes into consideration the firm’s reinsurance recoveries and reinstatement premiums. However, Arch states there are significant uncertainties surrounding the number of claims and scope of damage for these ... Read the full article

Impact of Indonesian tsunami on local, global re/insurers to be minor: Fitch

10th January 2019

The recent tsunami to hit Indonesia following the Anak Krakatau volcanic eruption in the closing days of 2018 is not likely to affect the financial stability of the country’s insurers due to comprehensive catastrophe risk management and strong capital buffers, according to Fitch Ratings. It’s also likely that specialist reinsurers in ... Read the full article

Munich Re pegs 2018 insured cat losses at $80bn, double the 30-year average

8th January 2019

Global reinsurance giant Munich Re has revealed an $80 billion industry loss from 2018’s natural catastrophes, a figure which, despite falling well short of the $350 billion inflicted in 2017, represents a near doubling of the $41 billion 30-year average. This estimate by Munich Re mirrors Swiss Re's prediction last ... Read the full article

PERILS finalises storm Burglind (Eleanor) industry loss estimate at €756mn

3rd January 2019

Catastrophe loss data aggregator PERILS has released its final re/insured loss estimate for Extratropical Cyclone Burglind, also known as Eleanor, putting the total at €756 million (US $860 million). In keeping with PERILS’ reporting schedule, the final loss figure was released 12 months after the original event, and represents a 4.4% ... Read the full article

Suncorp says Sydney hail storm losses will trigger reinsurance

3rd January 2019

Suncorp Group, the Australian primary insurer, has announced that its losses from the recent severe hail storm that struck the Sydney area of the country will surpass its retention and trigger a reinsurance claim. Previously, Suncorp had said it was too early to accurately estimate the number of claims it would ... Read the full article

Insured losses from Oman’s cyclone Mekunu reach $403m

2nd January 2019

Insurance claims resulting from cyclone Mekunu, the most intense tropical cyclone to make landfall in the Arabian Peninsula in recorded history, currently stands at $403.7 million, according to new data by Oman’s Capital Market Authority (CMA). Mekunu caused widespread flooding and wind damage as it tracked over Oman in late May, ... Read the full article

Insurance claims may reach $1.1bn following Indonesia tsunami

27th December 2018

Insurers may have to pay out as much as $1.1 billion in claims following the devastating tsunami which hit the Lampung and Banten provinces of Indonesia last week, according to insurance firms PT Maskapai Reasuransi Indonesia (REI) and PT Asuransi Maipark Indonesia. The two companies have estimated a minimum of 191 ... Read the full article

Reinsurers speculate over nature of Marriott cyber loss: Johansmeyer, PCS

24th December 2018

Following the major cyber attack and resulting data breach of one of the Marriott hotel chain’s reservation systems, Reinsurance News spoke with the Co-Head of Property Claim Services (PCS), Tom Johansmeyer, about the nature of the event and expected industry loss. The breach, announced on November 30th, led the insurance ... Read the full article

Hardening rates expected as industry losses exceed 20 year average: Barclays

24th December 2018

Reinsurers look set to shoulder another quarter of “extraordinary” natural catastrophe losses following increases in industry estimates for the California wildfires and hurricane Michael, leading to hardening rates in 2019, according to analysts at Barclays. They expect a 1-3% increase for large players and believe this year’s industry losses may reach ... Read the full article

Sydney pummelled by hail, leaving Suncorp & IAG to claim on reinsurance

21st December 2018

A widespread and destructive hail storm has swept through Sydney resulting in over 25,000 filed claims and pushing insured losses high enough for two of Australia’s largest insurers to trigger their reinsurance. The hail, which caused extensive damage to property and motor vehicles across Sydney and the Central Coast on Thursday ... Read the full article

California wildfires to have modest impact on year-end P&C results: Fitch

20th December 2018

While the gross property and casualty (P&C) insured loss from the California wildfires have been significant, a considerable amount is expected to have been ceded to various global reinsurance markets, reducing the net exposure of the domestic primary market, according to Fitch Ratings. Fitch maintains stable outlooks on both the U.S ... Read the full article

Assurant posts Q4 nat cat losses of up to $150m

20th December 2018

Assurant, a global provider of risk management solutions, has released a fourth quarter catastrophe loss estimate of between $110 million and $150 million. The figure, reportable in its Global Housing segment, includes an initial view of expected losses related to November’s Camp and Woolsey wildfires in California, as well as a ... Read the full article

AXIS estimates up to $150m loss from California wildfires

20th December 2018

Bermudian re/insurance group AXIS Capital has announced a preliminary, pre-tax loss estimate for the California wildfires of between $125 million and $150 million, net of estimated recoveries from reinsurance and retrocessional covers and including the approximate impact of reinstatement premiums. AXIS states that this figure is derived from the $20 billion estimated ... Read the full article

Re/insurers to cover more than half of global cat losses in 2018: Swiss Re

18th December 2018

The re/insurance industry is expected to cover more than half of the total economic costs from natural and man-made catastrophes in 2018, which are estimated to be around $155 billion, according to the latest sigma report from Swiss Re. Swiss Re predicts that global re/insured catastrophe losses will reach $79 billion ... Read the full article

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