Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Hurricane Eta insured losses expected to be minimal: AM Best
5th November 2020
The insurance industry losses from the impacts of Hurricane Eta are expected to be minimal and contained, according to analysis by ratings agency AM Best. Hurricane Eta made landfall on November 3rd, 2020 as a strong Category 4 storm south of Puerto Cabezas, a coastal community of more than 60,000 people ... Read the full article
Onshore U.S. insured losses from Hurricane Zeta seen at up to $5bn by RMS
4th November 2020
Total onshore U.S. insurance and reinsurance industry losses from Hurricane Zeta are estimated to be between USD 3 billion and USD 5 billion, according to catastrophe risk modeller RMS. Hurricane Zeta, which first made landfall in Mexico’s Yucatan Peninsula as a Category 1 storm on October 24th, and again in the ... Read the full article
AIR pegs Hurricane Zeta loss at between $1.5bn – $3.5bn
2nd November 2020
Catastrophe risk modelling firm AIR Worldwide has revealed its estimated losses from Hurricane Zeta’s winds and storm surge to be from USD 1.5 billion to USD 3.5 billion. Included in AIR’s estimates are losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage. According ... Read the full article
Hurricane Zeta’s insured property loss put at $4.4bn by KCC
2nd November 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured loss to onshore properties caused by Hurricane Zeta will be close to $4.4 billion. This figure includes $4.3 billion of wind and storm surge losses in the US and $80 million of wind losses in Mexico. KCC explained that ... Read the full article
$925mn cat losses sees Chubb’s Q3 operating income fall 27%
28th October 2020
Global re/insurer Chubb saw catastrophe losses reach $925 million in the third quarter, up from $232 in the prior year quarter. The current quarter pre-tax catastrophe losses are primarily attributable to severe weather-related events globally of $696 million and wildfires of $110 million. Core operating income fell 26.6% to $907 million against ... Read the full article
AIG announces Q3 cat losses of $790mn; 23% relates to COVID-19
27th October 2020
Global insurer and reinsurer, American International Group, Inc. (AIG), has announced estimated third-quarter 2020 catastrophe losses, net of reinsurance, of $790 million (pre-tax) within its General Insurance segment. Of this total, $185 million, or approximately 23% is for claims related to the ongoing COVID-19 pandemic, primarily in the segment's travel, event ... Read the full article
Re/insurers’ public COVID-19 losses hit $23.7bn with more to come in Q3 & Q4
26th October 2020
Publicly recorded COVID-19-related losses among the largest global re/insurance companies have reached USD 23.7 billion, with further increased loss estimates anticipated for both the third and fourth quarters, according to analysis by Zurich-based financial services advisory, PeriStrat LLC. Losses related to the ongoing pandemic continue to trend upwards, and with Q3 ... Read the full article
HCI reports estimated Q3 losses
23rd October 2020
Florida-based insurtech HCI Group announced its initial catastrophe loss estimate for the third quarter of 2020. HCI’s homeowners and flood insurance operations, which are primarily in Florida, experienced only one catastrophic event during the quarter, which was Hurricane Sally. The hurricane made landfall near Gulf Shores, Alabama, but impacted the Florida panhandle ... Read the full article
Everest Re announces estimated Q3 catastrophe losses
23rd October 2020
Bermuda-based reinsurer Everest Re Group has announced its estimated Q3 2020 catastrophe losses. Everest is estimating pre-tax net catastrophe losses in the amount of $300 million, net of reinsurance and reinstatement premiums. The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including ... Read the full article
Argo warns of $54mn catastrophe hit ahead of Q3 results
22nd October 2020
Speciality re/insurer Argo Group has warned that its third quarter results will be impacted by approximately $54 million of catastrophe losses, in addition to $17 million of losses due to COVID-19. Catastrophe losses will be primarily related to Hurricanes Hanna, Laura and Sally, as well as the US wildfires and Midwest ... Read the full article
Munich Re adds €800mn of COVID-19-related losses in Q3
20th October 2020
Global reinsurer Munich Re has added a further €800 million of COVID-19-related losses in its reinsurance operation in the third-quarter of 2020, taking its total for the first nine months of the year to €2.3 billion. The German reinsurer explains that the losses were attributable to various lines of business, including ... Read the full article
COVID-19 non-life insured loss in Germany seen at up to €1.75bn: E+S Rück
20th October 2020
The impact of the ongoing COVID-19 pandemic is expected to result in a non-life re/insurance market loss of between €1.25 billion to €1.75 billion (USD 1.47bn - USD 2.1bn) in Germany, driven mostly by nationwide business closures, according to executives at E+S Rückversicherung AG, the Hannover Re subsidiary responsible for ... Read the full article
Flooding in French Alps to drive €210mn insured loss
20th October 2020
According to a joint communication from CCR and the French Insurance Federation (FFA), recent flooding in the south east French Alps could cause up to €210 million in insured losses. The industry should expect to record a total of 14,000 claims related to the event, the statement said, of which 8,250 ... Read the full article
Kemper’s Q3 results to include cat losses of up to $68mn
20th October 2020
Kemper Corporation has announced that it anticipates its third quarter 2020 results will include pre-tax catastrophe losses ranging from $62 million to $68 million, primarily related to wildfire and hurricane events. The company notes that it does not expect ... Read the full article
Cat losses dent FedNat’s Q3 net income; Delta to trigger agg reinsurance
19th October 2020
FedNat Holding Company estimates that catastrophe weather losses incurred in the third-quarter of 2020 will reduce its net income for the period by approximately $29 million, primarily driven by the impacts of Hurricanes Laura and Sally. The $29 million total is after-tax and net of all recoveries, including reinsurance. Alongside losses ... Read the full article