Reinsurance News

Losses

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

Dudley & Eunice threaten multi-billion insured loss

21st February 2022

Storms Dudley and Eunice, also known as Ylenia and Zeynep, are looking set to drive insurance and reinsurance losses in the range of billions, according to industry analysts and risk modellers. The two storms battered the British Isles in quick succession last week before tracking onwards and causing widespread damage across ... Read the full article

Fire on board Felicity Ace a $155m exposure loss for car brands, says Russell

21st February 2022

The fire that emerged on the Felicity Ace cargo ship is believed to have driven expected losses of at least $155 million for car brands Volkswagen, Porsche, Audi, and Lamborghini, according to analysis by risk solutions firm, Russell Group. The Felicity Ace departed Emden, Germany (where Volkswagen has a large factory) ... Read the full article

Allianz grows aggregate reinsurance and lifts catastrophe budget for 2022

21st February 2022

Global insurance carrier Allianz has expanded its aggregate reinsurance protection for 2022 and also raised its catastrophe budget for the year, after the company experienced a particularly high burden from nat cat losses in 2021. Allianz's recently published full year 2021 financial results show that the insurer recorded net natural ... Read the full article

Burning car carrier Felicity Ace could be $500m cargo loss, says Skytek

18th February 2022

The fire that emerged on the Felicity Ace cargo ship, which was loaded with luxury cars as it departed Germany for the U.S. on February 9th, could result in a loss for the marine re/insurance market of as much as $500 million, reports Skytek. A fire broke out in one of ... Read the full article

Gallagher Re reveals major catastrophe losses topped $116bn in 2021

3rd February 2022

Gallagher Re has revealed that insured losses from major catastrophes in 2021 have so far reached $116bn, which the broker said was the third largest in ten years. The figure was also reported by the reinsurance broker to be 63% higher than the average annual loss since 2011. Like the peak ... Read the full article

Louisiana insurers have paid or reserved $10.5bn of Hurricane Ida claims

1st February 2022

Insurance carriers in Louisiana have paid or reserved $10.5 billion on all types of claims related to Hurricane Ida, which devastated the state on August 29th, 2021, as a Category 4 storm after making a prior landfall in the Caribbean. The $10.5 billion figure comes from Insurance Commissioner Jim Donelon, who ... Read the full article

Global insured losses topped $100bn again in 2021: Aon

25th January 2022

Global insured losses from weather and climate-related events reached roughly $130bn in 2021, according to Aon’s 2021 Weather, Climate and Catastrophe Insight. The report, which the insurer has just released, outlines how global insured losses topped more than $100bn for the fourth time in five years. This figure also managed to ... Read the full article

Marshall Fire & December tornadoes drive Allstate’s $528m Q4 catastrophe bill

20th January 2022

US primary insurer Allstate has pre-announced fourth-quarter 2021 catastrophe losses of $528 million, pre-tax, the majority of which came in December following the impacts of the Marshall Fire in Colorado and a series of tornadoes. In December, Allstate's catastrophe losses hit a total of $411 million, pre-tax ($325m after-tax), of which ... Read the full article

Intact Financial estimates Q4 cat losses at $186m

17th January 2022

Toronto-based property and casualty (P&C) insurer Intact Financial Corporation has announced that its estimated catastrophe losses for the fourth quarter of 2021 are $186 million, pre-tax. Approximately 55% of the catastrophe losses were recorded in the company’s Canada segment, with half in personal property. This mostly reflected the impact of floods in ... Read the full article

Canadian insured cat losses exceed $2bn in 2021: CatIQ

13th January 2022

CatIQ, a provider of catastrophe loss and exposure information in Canada, has reported that Canadian insured losses from catastrophic events in 2021 amounted to CAD 2.04 billion. At this level, 2021 stands out as one of the top five years of insured losses for the country, CatIQ notes. And with 14 events ... Read the full article

Latest count shows 1,091 structures destroyed by Marshall Fire

10th January 2022

The latest figures from the Boulder Office of Disaster Management (ODM) show that the late-season Marshall Fire in Boulder County, Colorado has destroyed at least 1,091 structures, with a further 179 damaged. The wildfire, which broke out on December 30th, only burned through an area of some 6,000 acres over two ... Read the full article

Munich Re calls for urgency as re/insured nat cat losses hit $120bn in 2021

10th January 2022

Globally, the impacts of natural disaster events in 2021 cost the economy a huge USD 280 billion, of which reinsurer Munich Re says approximately USD 120 billion, or 43% were covered by re/insurance protection. The USD 120 billion total is above some other estimates for the year, including Swiss Re's USD ... Read the full article

KCC pegs Marshall Fire insured loss at around $1bn

5th January 2022

The late-season Marshall Fire in Boulder County, Colorado, which destroyed almost 1,000 structures after strong winds accelerated the spread, is estimated to have resulted in insured losses of approximately $1 billion, according to risk modeller Karen Clark & Company. On December 30th, 2021, a rare and devastating wildfire started in Boulder ... Read the full article

COVID-19 the third costliest catastrophe event for re/insurers, says Howden

5th January 2022

Insurance and reinsurance industry losses from the COVID-19 pandemic up to the end of the third quarter of 2021 near $45 billion, making it the third most expensive catastrophe event for the industry, according to broker Howden's reinsurance renewals report. Behind only 9/11 and Hurricane Katrina (the most expensive insured loss ... Read the full article

Colorado wildfire approaches 1,000 properties destroyed

4th January 2022

The recent Marshall Fire in Boulder County, Colorado is estimated to have destroyed 991 residential properties, with a further 127 damaged, according to official reports. The wildfire, which broke out on December 30th, only burned through an area of some 6,000 acres over two days, but is still likely to become ... Read the full article