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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.

Heritage to incur $51.4m of Q3 cat & weather losses

21st October 2021

Super-regional property and casualty insurance holding company has estimated that it will incur a total of $51.4 million catastrophe and weather losses for the third quarter of 2021. This figure includes approximately $16.0 million of catastrophe losses stemming from Hurricanes Elsa, Fred, Henri and Ida. It also includes $35.5 million of other ... Read the full article

Allstate reports Q3 cat losses of $1.3bn

21st October 2021

US primary insurer Allstate has recorded total catastrophe losses of $1.3 billion for the third quarter of 2021, pre-tax, after taking $165 million in the month of September. Catastrophe losses in September were estimated at $103 million, plus reinsurance reinstatement premium and modest unfavorable reserve re-estimates. Two large wind/hail events, primarily impacting ... Read the full article

Lancashire sees nat cat losses of up to $185m, political violence losses of $40m

21st October 2021

Lancashire Holdings Limited has announced estimated net losses from natural catastrophe events of between $165 million and $185 million for the third quarter of 2021, as well as losses of $40 million from its exposure to large loss events in its political violence portfolio related to the unrest in South ... Read the full article

Palomar pegs Q3 catastrophe losses at up to $15.5m

20th October 2021

Specialty property insurer Palomar Holdings, Inc. has announced pre-tax catastrophe losses of between $14.5 million and $15.5 million, net of reinsurance, for the third quarter of 2021. This loss estimate from Palomar represents expected losses from Hurricane Ida and Hurricane Nicholas, and remains subject to change owing to the complexity of ... Read the full article

Brokers expected to outperform carriers in Q3, KBW analysis indicates

19th October 2021

KBW analysts’ forecast for the third quarter results season are generally below consensus for the carriers and slightly above consensus for the brokers. Carrier estimate’s have been primarily driven by higher catastrophe losses, while broker’s are anticipated to achieve faster organic revenue growth. Notwithstanding slowly decelerating rate increases, analysts state that most ... Read the full article

Munich Re announces Bernd & Ida losses of €1.8bn in Q3

19th October 2021

For Q3 2021, global reinsurance giant Munich Re has pre-announced losses of roughly €600 million from the impacts of windstorm Bernd in Europe in July, and losses of around €1.2 billion from Hurricane Ida in the U.S. The cost of Bernd, which resulted in severe flooding and flash floods in Germany ... Read the full article

AXIS Capital estimates Q3 catastrophe losses of $250m

15th October 2021

AXIS Capital Holdings Limited, the Bermuda headquartered global specialty insurance and treaty reinsurance writer, has estimated that catastrophe losses from the third-quarter of 2021 will cost the company around $250 million, before tax ($219 million, after-tax). The main contributor to AXIS Capital's Q3 2021 catastrophe loss burden is, of course, hurricane ... Read the full article

Canary Islands eruption leads Aon’s monthly nat cat report

14th October 2021

Reinsurance broker Aon’s monthly natural catastrophe report reveals that the Cumbre Vieja volcano, located on the La Palma Island in the Canary Islands archipelago of Spain began a fissure eruption from several vents, and as of October 5, resulting lava flows destroyed nearly 1,000 homes and large areas of infrastructure. This ... Read the full article

Everest set for $635mn Q3 nat cat hit

14th October 2021

Global reinsurer Everest Re Group is expecting total pre-tax net catastrophe losses of $635 million for the third quarter of 2021, more than double the $305 million incurred during the entire first half of the year. In comparison, the reinsurer reported losses of $15 million for Q220 and $45 million for H120. In ... Read the full article

Insured cat losses more than double average year-to-date level: Jefferies

14th October 2021

Analysts at Jefferies have reported that insured natural catastrophe losses year-to-date are running 103% higher than the long-term average, and are already greater than the full-year claims burden for 2018, 2019 and 2020. This means losses are more than double what they would usually be at this stage in the year ... Read the full article

Intact Financial estimates Q3 cat losses at $356mn

13th October 2021

Canadian property and casualty (P&C) insurer Intact Financial Corporation has announced that its estimated catastrophe losses for the third quarter of 2021 are $365 million, pre-tax. Claims mostly reflected the impact of severe weather events including rain and hail storms in Alberta, Ontario, and Atlantic Canada, as well as flooding in ... Read the full article

RenaissanceRe reveals huge $725m hit from Q3 catastrophes

13th October 2021

Bermuda headquartered reinsurance specialist RenaissanceRe Holdings Ltd. has estimated that its net claims burden from catastrophe events around the world in the third-quarter of 2021 will amount to a huge $725 million. Calling the expected loss a "net negative impact" RenaissanceRe said that the majority will come from hurricane Ida's impacts ... Read the full article

Cyber exposures totalling $12.5bn flagged in US Property market

12th October 2021

Cyber exposures accumulating in the US property insurance market could result in $12.5bn in non-physical damage losses and cause certain carriers’ capital adequacy ratios to deteriorate, according to a new study conducted by CyberCube, AM Best and Aon. A loss of that size represents a one-in-100-year event; enough to cause a ... Read the full article

AU$394mn industry hit from Cyclone Seroja, says PERILS

12th October 2021

Independent provider of industry-wide catastrophe insurance data PERILS has today released an industry loss footprint for Tropical Cyclone Seroja that totals AU$394 million. This compares to the figure of $434 million issued by PERILS three months after the event. While the industry loss resulting from Tropical Cyclone Seroja remains below the PERILS ... Read the full article

Arch Capital estimates $330m to $345m of losses from Q3 catastrophes

12th October 2021

Arch Capital Group, the Bermuda headquartered, globally active insurance and reinsurance company, has pre-announced an expectation of third-quarter natural catastrophe losses of between $330 million to $345 million. The high catastrophe estimate is given on a net of reinsurance or retrocession recoveries and pre-tax basis and affects Arch Capital's property casualty ... Read the full article

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