Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
PERILS raises Nanmadol estimate, but losses considered “benign”
20th December 2022
Catastrophe loss aggregator PERILS has released a second industry loss estimate for Typhoon Nanmadol, raising its initial insured loss figure from JPY 114 billion (USD 860 million) to JPY 120 billion (USD 910 million). At this level, PERILS analysts said their estimate confirms the “manageable” nature of the event, and ... Read the full article
PERILS estimates industry losses from flooding in SE Australia to hit AUD $791m
8th December 2022
Insurance data provider PERILS has given an initial industry loss estimate for the flooding in Southeast Australia of AUD $791m. This estimate is in reference to the flooding that affected New South Wales, Victoria, and Tasmania, between 12 and 28 October 2022. The number, said PERILS in a statement, covers ... Read the full article
Hurricane Ian drives nat cat year-to-date losses to $115bn: Swiss Re
1st December 2022
According to the Swiss Re Institute, Hurricane Ian, alongside the winter storms in Europe, flooding in Australia and South Africa, and hailstorms in France and the US, have resulted in an estimated $115 billion of natural catastrophe insured losses this year to date. The re/insurance industry covered around 45% of the ... Read the full article
Munich Re estimates 2022 storm losses at $110bn, of which $65bn insured
1st December 2022
Reinsurer Munich Re has estimated that, following the 2022 North Atlantic hurricane season, overall losses from all storms amounted to around US $110 billion, with insured losses in the magnitude of $65 billion. Hurricane Ian alone is expected to generate losses of $100 billion, Munich Re said, with $60 billion of ... Read the full article
Insurance bill for Australian storms & floods reaches $12.3bn: ICA
30th November 2022
New data from the Insurance Council of Australia (ICA) suggests the insurance bill for storms and floods since January 2020 has reached $12.3 billion. According to the ICA, every eastern state has been impacted by flooding over the last three years, while South Australia and Western Australia have been hit by ... Read the full article
Hurricane Ian claims data shows cost to insurers of almost $10.3bn: FLOIR
24th November 2022
The Florida Office of Insurance Regulation (OIR) has said that insured losses estimated off claims data submitted by primary insurers in the state after hurricane Ian now stand at almost $10.3 billion. According to data, there are approximately 640,496 claims filed in Florida after hurricane Ian, with already 52.5% closed. Of the ... Read the full article
QBE anticipates exhausting FY22 catastrophe allowance
21st November 2022
QBE Insurance Group Limited expects to incur full-year 2022 catastrophe losses of around AUD 1.06 billion, which is above its catastrophe allowance for the year of AUD 962 million. The Australian insurer has released a trading update for the third-quarter of 2022, which highlights that elevated catastrophe activity has continued through ... Read the full article
Lloyd’s sees up to $3bn of Hurricane Ian claims after reinsurance
18th November 2022
The specialist Lloyd's insurance and reinsurance marketplace expects claims related to Hurricane Ian of up to $3 billion, net of reinsurance, based on third-quarter data provided by its syndicates. Lloyd's has released an estimated range for Hurricane Ian losses of $2.3 billion to $3 billion, after reinsurance, and says that this ... Read the full article
Q3 reporting highlights up to $50bn gap from disclosed Hurricane Ian losses: JP Morgan
18th November 2022
The total claims amount relating to Hurricane Ian, based on data from major European, American, and Bermudian insurers, are near the $20 billion mark, but with the largest industry loss estimates from the storm at around $70 billion, there could be a gap of roughly $50 billion from the losses ... Read the full article
RMS pegs Hurricane Nicole insured loss at less than $2bn
17th November 2022
Catastrophe risk modeller RMS has pegged total private market U.S. insured losses from Hurricane Nicole at less than $2 billion, with a best estimate of $1.6 billion. The estimates from RMS reflect insured wind, storm surge, and inland flooding impacts for the U.S. Of the total, RMS sees private market insured losses ... Read the full article
Asbestos & Environmental loss reserves continue to decline: AM Best
16th November 2022
AM Best is maintaining its estimate for net asbestos losses at $100 billion and environmental losses at $46 billion as of year-end 2021, adding that given the relatively high but declining level of both paid and incurred losses, its estimate of ultimate losses remains on target. The firm states that the ... Read the full article
Citizens increases Ian loss estimate to $3.8bn, expects 37% to be ceded to reinsurers & FHCF
15th November 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has released a revised projection of $3.8 billion of direct losses and loss adjustment expenses from Hurricane Ian, of which it expects $1.4 billion to be ceded to private reinsurers and the Florida Hurricane Catastrophe Fund (FHCF). The newly announced $3.8 billion total ... Read the full article
FEMA estimate suggests Hurricane Ian likely to trigger NFIP’s reinsurance cover
11th November 2022
The U.S. Federal Emergency Management Agency (FEMA) has estimated that Hurricane Ian could drive National Flood Insurance Program (NFIP) losses of between $3.5 billion to $5.3 billion, including loss adjustment expenses, which at the mid-point would trigger its reinsurance protection. FEMA has reported that the NFIP has now received 44,000 claims ... Read the full article
Munich Re posts rise in Q3 profit despite Hurricane Ian losses of €1.6 billion
8th November 2022
Global reinsurer Munich Re has reported profit of €527 million and €1.9 billion for the third quarter and first nine months of 2022, respectively, despite a rise in major losses within property and casualty (P&C) reinsurance on the back of Hurricane Ian losses of around €1.6 billion. Profit for the quarter ... Read the full article
Suncorp sees erosion of some of aggregate deductible after active period for catastrophes
7th November 2022
Australian insurer Suncorp has reported a cost of between AUD 350 million (USD 225m) to AUD 410 million (USD 265m) from five natural hazard events across Australia and New Zealand during the opening quarter of this financial year, suggesting the erosion of some of its aggregate deductible. From July 1st, 2022 ... Read the full article
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