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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.

Premiums, profits up for U.S P&C reinsurers: RAA

27th November 2018

A group of 18 U.S. property and casualty (P&C) reinsurance companies recorded $45.4 billion in net premiums written (NPW) during the nine-months ended 30 September 2018, according to a survey conducted by the Reinsurance Association of America (RAA). This figure represents a $11.2 billion increase from this point last year, when NPW ... Read the full article

Wildfire losses to surpass $10bn as property toll reaches 20,000 mark: Aon

23rd November 2018

As the number of properties destroyed by the recent Camp and Woolsey Wildfires in California reaches 20,152, re/insurance broker Aon has claimed that the total economic impact is likely to “minimally exceed US $10 billion; likely higher,” with a majority of these losses covered by re/insurers. While Aon stipulated that it ... Read the full article

Typhoon Jebi insured losses hit record-breaking $5.2bn, still climbing

22nd November 2018

The amount of insured claims paid out for Typhoon Jebi, which made landfall in Japan on September 4, has reached close to $5.2 billion, making it the most costly Typhoon for re/insurers to ever hit the country. Data from the General Insurance Association of Japan shows that 825,091 insurance claims have ... Read the full article

Insured wildfire losses may exceed highest estimate: Goldman Sachs

22nd November 2018

As the scope of damage from the California wildfires continues to expand, it’s becoming increasingly likely that insured losses will fall in the upper limit of, or exceed, the latest $9 billion to $13 billion RMS estimate, according to analysis by Goldman Sachs. Most of the destruction was caused by ... Read the full article

Wildfires could boost P&C pricing and reduce risk appetite: Morgan Stanley

21st November 2018

With the recent outbreak of devastating wildfires in California marking two consecutive years of large losses in the state, analysts at Morgan Stanley have suggested that the property and casualty (P&C) re/insurance market could respond by raising prices and reducing its risk appetite. The firm said that the industry will have ... Read the full article

Re/insurers face multiple exposures to PG&E wildfire volatility: A.M. Best

21st November 2018

A.M. Best has found that many re/insurers may face additional exposure to the volatility surrounding energy supplier Pacific Gas and Electric Company (PG&E) due to their investments in the company’s bonds. PG&E power lines have been under investigation as a potential cause for the devastating Camp Wildfire, which has destroyed ... Read the full article

FEMA confident of NFIP reauthorisation

21st November 2018

With the current statutory authority granted to the National Flood Insurance Program (NFIP) set to expire at 11:59PM on 30 November 2018, The U.S Federal Emergency Management Agency (FEMA) has stated that it is confident Congress will vote to reauthorise the program. It’s been a busy two quarters for the NFIP; ... Read the full article

Property count rises to 18,652 as more wildfire destruction emerges

20th November 2018

The number of structures destroyed by the recent outbreak of wildfires in California has risen to 18,652 as containment grows and authorities begin to piece together the extent of the destruction. The property toll has risen by another 20% overnight, up from 15,489, with the implication being that losses for the ... Read the full article

Re/insurers to absorb wildfire losses but the future a concern: S&P Global

19th November 2018

While primary re/insurers will be able to absorb losses associated with the recent California wildfires, limiting them to an earnings event, S&P Global Ratings has stated that the increasing costs attached to such events - in tandem with an unfavourable regulatory environment that limits the ability to raise rates - may ... Read the full article

Costly wildfires to compound reinsurers’ Q4 losses: J.P. Morgan

19th November 2018

As industry loss estimates for the California wildfires continue to edge higher, J.P. Morgan has said it looks increasingly likely that the fourth quarter catastrophe budgets for reinsurers will be exceeded. The firm, citing figures reported on our sister site Artemis, notes that more homes have now been destroyed than ... Read the full article

RMS estimates up to $13bn insured loss from Californian fires

19th November 2018

Catastrophe risk modelling firm RMS has estimated between a $9 billion and $13 billion insured loss from the Camp and Woolsey wildfires which continue to devastate large areas of California. This estimate includes property and auto damage, including burn and smoke damage, business interruption, additional living expenses, and contents loss. RMS ... Read the full article

California wildfire losses continue with 15,500 structures destroyed

19th November 2018

The level of insured losses from the recent outbreak of wildfires in California looks set to rise even further, with nearly 15,500 structures now destroyed by the fires, according to the latest data from the California Department of Forestry and Fire Protection (Cal Fire). This figure has risen significantly from the ... Read the full article

California wildfires’ property toll climbs to 12,400

16th November 2018

The level of destruction from the recent outbreak of wildfires in California continues to rise with more than 12,408 structures now claimed by the fires, according to the latest data from the California Department of Forestry and Fire Protection (Cal Fire). The majority of these damages were caused by the Camp ... Read the full article

Allstate takes $202mn cat losses in October, $136mn driven by Michael

15th November 2018

Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that it will incur $202 million of catastrophe losses for the month of October 2018, $136 million of which were caused by Hurricane Michael. This estimate follows catastrophe losses of $177 million for the month of September ... Read the full article

Japan’s top insurers to pay out over $8.7bn in FY2018

15th November 2018

Japan’s top three insurers look set to pay out over ¥1 trillion ($8.7 billion) in combined claims in fiscal 2018 through March 2019 after a series of powerful weather events including Typhoons Jebi and Trami hit the country, according to reports from Asia-focused publication Nikkei. MS&AD Insurance Group is likely to ... Read the full article

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