Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Everest Re estimates $730m of Q3 catastrophe losses, $600m from Ian
20th October 2022
Global insurance and reinsurance group Everest Re has pre-announced an estimated $730 million of catastrophe losses for the third-quarter of 2022, $600 million of which are related to hurricane Ian. For hurricane Ian, Everest Re said that its loss estimate is based on an insurance industry-wide loss pick of approximately $55 ... Read the full article
Hurricane Ian erodes more of Travelers’ aggregate reinsurance retention
19th October 2022
U.S primary insurer Travelers has now accumulated $1.4 billion of qualifying losses for the retention of $2 billion on its property aggregate catastrophe excess of loss treaty, as the carrier booked losses of $326 million related to hurricane Ian in the third quarter. This morning, Travelers reported a strong set ... Read the full article
Hurricane Fiona insured damages at $660m, says CatIQ
19th October 2022
Hurricane Fiona is estimated to have caused $660 million in insured damages, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), making it the costliest extreme weather event ever recorded in Atlantic Canada. Landfalling on September 24th, Fiona also represents the tenth largest event in Canada in terms of ... Read the full article
Unrealised losses on fixed maturities caused by rising interest rates: AM Best
19th October 2022
According to a report from AM Best, publicly traded insurers have reported more than $200bn of unrealised losses on their fixed-income portfolios through the second quarter of 2022, as rising interest rates have diminished bond values. The report states that over a quarter of publicly traded insurers have lost more than ... Read the full article
Insured cat losses nearly at $100bn already in 2022: Aon
19th October 2022
Re/insurance broker Aon has reported that year-to-date economic losses, including preliminary estimates for Hurricane Ian, are already at $277 billion year-to-date, of which $99 billion is expected to be covered by public and private insurers. The firm’s latest Global Catastrophe Recap shows that global natural disaster losses by the end of ... Read the full article
Arch sees Q3 2022 cat losses of up to $560 million
19th October 2022
Bermuda-based carrier Arch Capital Group Ltd. has announced pre-tax catastrophe losses of $530 million to $560 million in the third quarter of 2022, net of reinsurance and reinstatement premiums, across its property casualty (P&C) insurance and reinsurance arms. The re/insurer expects its Q3 2022 results to be negatively impacted by hurricane ... Read the full article
Reinsurers facing heavy losses from Hurricane Ian: Moody’s
18th October 2022
A new report from Moody’s says that reinsurers will face heavy losses arising from Hurricane Ian, which has battered the US state of Florida in recent weeks. The report says that, given the severity of losses, primary insurers will share a significant part of the loss burden with traditional reinsurers and ... Read the full article
Swiss Re expects Q3 net loss amid hurricane Ian claims of $1.3bn
18th October 2022
Global reinsurance giant Swiss Re expects to report a net loss of $500 million for the third quarter of 2022 on the back of hurricane Ian related claims of a huge $1.3 billion, net of reinsurance and before tax. Swiss Re is the first large, global reinsurer to announce its preliminary ... Read the full article
Fitch ups insured loss range for Hurricane Ian to $35-55bn
17th October 2022
Analysts at Fitch Ratings have increased their estimate for re/insurance industry losses from Hurricane Ian to a range of $35 billion to $55 billion. The new range represents an increase on the estimate of $25 billion to $40 billion previously released by Fitch, although the earlier figures did apply to ... Read the full article
Hurricane Ian a potential capital event for reinsurers, says KBRA
14th October 2022
Analysts at KBRA have said that Hurricane Ian could result in a capital impact to some reinsurers, depending on the ultimate magnitude of their losses from the event. The firm said that “all insurers with exposure” in the areas affected by Ian will experience "at least an earnings impact,” but stressed ... Read the full article
RLI estimates losses from Hurricane Ian to land between $38m and $42m
14th October 2022
Specialty insurer RLI is estimating its pre-tax catastrophic losses arising from Hurricane Ian will fall somewhere between $38m and $42m. This figure, the firm said in a statement, will be reflected in Q3 2022. It added that this range is net of reinsurance and subject to change due to the complexity ... Read the full article
Strong performance in 2023 critical after Ian losses, warns Jefferies
13th October 2022
Analysts at Jefferies have warned that it is “critical” that insurers and reinsurers exhibit a strong performance in 2023, following the huge impact of Hurricane Ian on the market. Jefferies notes that the investor reaction to Ian has been relatively benign, even as the re/insured loss forecasts have surged from an ... Read the full article
Progressive to retain only 14% of $1.4bn Ian property loss
13th October 2022
Property and auto-focused insurance group, The Progressive Corporation, has reported that it incurred $1.4 billion of property losses from Hurricane Ian, of which it is set to retain $200 million. This means that $1.2 billion, or 86%, of the company's gross loss will be absorbed by its reinsurance program. Progressive also reported ... Read the full article
Heritage reports $40m of Hurricane Ian losses, taps reinsurance
13th October 2022
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, has revealed that it expects to incur $40.0 million of net retained losses from Hurricane Ian. The company specified that this estimate is inclusive of reinstatement premiums and participation by its captive reinsurer, Osprey Re. It added that ultimate gross losses continue ... Read the full article
Munich Re & Swiss Re to bear largest market share of Ian losses: JP Morgan
13th October 2022
Basing its top-down view of Hurricane Ian losses on RMS’s $67bn estimate, JP Morgan has suggested that Munich Re and Swiss Re are likely to have the largest market share of Ian losses. JP Morgan observes that RMS gave a range of $53-74bn, with an additional $10bn in losses for the ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
