Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Berkshire Hathaway reports re/insurance underwriting loss amid Hurricane Ian claims of $3.4bn
5th November 2022
Warren Buffett-run holding company and conglomerate, Berkshire Hathaway, has reported pre-tax losses related to Hurricane Ian of $3.4 billion for the third quarter of 2022, as the company's insurance and reinsurance units fell to an underwriting loss of $962 million. The Q3 2022 insurance underwriting loss has widened from the $784 ... Read the full article
Hannover Re posts rise in net income despite large losses exceeding budget for 9M 2022
3rd November 2022
German reinsurer Hannover Re has reported group net income growth of 1.7% to €871 million for the first nine months of 2022, despite the firm's net large losses coming in above budget for the period at €1.484 billion. Alongside slight growth in net income, Hannover Re's 9M 2022 operating profit rose ... Read the full article
Typhoon Nanmadol insured loss lower than initially feared at $773m, says PERILS
1st November 2022
Typhoon Nanmadol, which impacted southern Japanese islands Kyushu and Shikoku as well as the western and central regions of Japan's main island of Honshu in September, is estimated to have caused an insured market loss of roughly USD 773 million (JPY 114 billion), according to an initial estimate from PERILS. The ... Read the full article
Swiss Re announces 9M 2022 net loss as P&C sees large nat cat claims
28th October 2022
Global reinsurance giant Swiss Re has reported a net loss of $285 million for the first nine months of 2022, driven by a loss in the third-quarter of $442 million on the back of lower investment results and large natural catastrophe claims. The net loss of $285 million and a return ... Read the full article
What can re/insurers do to minimise Asia’s $60bn protection gap?: Swiss Re
27th October 2022
Geopolitics, war, disruptions of supply chains and climate change can have a great impact on the re/insurance industry in China and emerging Asia. These, along with low insurance penetration and the region’s vulnerability to natural catastrophes - enhanced by climate change - can leave people and governments facing major losses ... Read the full article
Assurant reveals Hurricane Ian loss has eroded two layers of its cat reinsurance tower
26th October 2022
US specialty insurer Assurant, Inc. has announced expected pre-tax catastrophe losses of $124 million for the third quarter of 2022 primarily related to Hurricane Ian, which includes the $80 million per-event retention and $35 million of reinstatement premiums to restore up to the third layer of its U.S. catastrophe reinsurance ... Read the full article
Boeing fleet suspension a historic loss for reinsurers: analysts
25th October 2022
The suspension of Boeing’s 737 MAX fleet following two crashes in 2018 and 2019 is now thought to be one of the single biggest aviation insurance claims in history, according to analysts at AviationSource, with reinsurers and retrocession underwriters hit hardest. At around $3 billion, AviationSource notes that the Boeing ... Read the full article
Kin says Hurricane Ian loss to remain within reinsurance tower
21st October 2022
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has reported that its gross loss from Hurricane Ian will remain “well below” the top of its $800 million overall reinsurance tower. To date, Kin has received approximately 6,800 claims related to Hurricane Ian. But thanks to ... Read the full article
Munich Re sees Ian losses of €1.6bn, says 2022 profit target “significantly more challenging” to meet
21st October 2022
Global reinsurance giant Munich Re has reported losses related to Hurricane Ian within its property and casualty reinsurance business of roughly €1.6 billion after retrocession, based on an insurance industry market loss of around $60 billion (excluding the NFIP). The reinsurer notes that, in the third quarter of 2022, it recorded ... Read the full article
Palomar utilises reinsurance to offset Hurricane Ian loss
21st October 2022
Palomar has said that it is to use its reinsurance cover to offset losses arising from Hurricane Ian in Q3 2022. The firm said that it was looking at estimated pre-tax catastrophe losses of $12.5m, net of reinsurance, for the third quarter of 2022. This is a full-retention loss for Palomar, ... Read the full article
AXIS pegs Hurricane Ian loss at $160m
21st October 2022
Bermuda-based re/insurer AXIS Capital has announced pre-tax catastrophe and weather-related losses of $212 million for the third quarter of 2022, of which $160 million relates to Hurricane Ian. AXIS says that its net loss estimate for Ian is consistent with industry insured losses of roughly $60 billion, excluding the National Flood ... Read the full article
The Hanover announces cat losses of $90m for Q3
20th October 2022
Property and casualty insurance company The Hanover Insurance Group has announced a preliminary estimate for third quarter catastrophe losses of approximately $90m, before taxes, or 6.8 points of net earned premiums. In a statement, the firm said that the estimate is approximately $22m above the company's pre-tax third quarter catastrophe assumption, ... Read the full article
Bleak outlook for Europe as inflation to remain high in 2023: Munich Re
20th October 2022
According to a report from Munich Re, inflation is set to remain high in 2023, leading to a bleaker economic outlook for Europe as mixed crises are causing unprecedented levels of complexity in the business environment for re/insurers worldwide. Thomas Blunck, a Member of the Board of Management, commented, "The outlook ... Read the full article
Allstate to recover 45% of $671m Hurricane Ian loss from reinsurers
20th October 2022
US primary insurer Allstate has announced that it expects to incur a net loss between $675 million and $725 million for the third quarter of 2022, largely due to the impacts of Hurricane Ian. Catastrophe losses for the third quarter, net of reinsurance, are estimated to be $763 million, pre-tax. Gross catastrophe ... Read the full article
RenRe pegs hurricane Ian loss at $540m, expects Q3 net loss
20th October 2022
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced estimated catastrophe losses of $650 million for the third quarter of 2022, of which the majority, or $540 million relates to hurricane Ian. Alongside Ian, losses from other catastrophe events in the quarter, as well as the aggregated losses associated with these and other ... Read the full article
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