Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
United (UPC) reports $36.4m Hurricane Ian loss for Q3
13th October 2022
Property and casualty insurer United Insurance Holdings Corp. (UPC Insurance) has disclosed that it expects to incur $36.4 million of losses from Hurricane Ian in the third quarter of the year. This figure is net of expected reinsurance recoveries, United specified, as it looks set to pass on the vast majority ... Read the full article
Ian to make FEMA’s 2023 NFIP reinsurance renewal more challenging & costly
12th October 2022
Prior to hurricane Ian's landfall in Florida, the U.S. Federal Emergency Management Agency (FEMA) had already started the process of renewing the National Flood Insurance Program's (NFIP) traditional reinsurance protection for the January 2023 renewals, a process which now looks set to be even more challenging. The severe and widespread flooding ... Read the full article
Universal pegs ultimate hurricane Ian loss at $1 billion
12th October 2022
Universal Insurance Holdings has so far received approximately 18,000 claims following the impacts of hurricane Ian and expects its overall gross ultimate loss from the storm to be $1 billion, which is below its $3 billion reinsurance tower. To date, Universal has received around half the number of claims as it ... Read the full article
Hurricane Ian insured loss & LAE ‘perhaps significantly’ over $75bn: Stonybrook Capital
11th October 2022
Analysts at Stonybrook Capital have warned that the market effects from hurricane Ian will be "profound and widespread," with all-in re/insured loss and loss adjustment expenses (LAE) having the potential to come in significantly above the $75 billion mark. According to Stonybrook, in nominal dollars, damage caused by hurricane Ian is ... Read the full article
HCI reports $78m loss from Ian, all reinsurance towers hit
10th October 2022
Paresh Patel, Chairman and CEO of HCI Group, Inc., has reported that his company is facing a total pre-tax net loss of $78 million from Hurricane Ian, with significant use of its reinsurance program to absorb costs. Speaking during a presentation this week, Patel said that HCI had received 10,000 claims ... Read the full article
Global insured losses in 2022 likely to be above $100bn, says KBW
10th October 2022
A recent report by KBW suggests that Hurricane Ian could lead to $50bn of insured industry losses, with a likelihood of seeing global insured losses of more than $100bn in 2022. Industry loss estimates for Hurricane Ian somewhat vary, but remain high, with Verisk assuming re/insurance industry loss between $42bn-$57bn. CoreLogic put ... Read the full article
RMS puts Hurricane Ian industry loss at up to $74bn in top-end estimate
7th October 2022
Catastrophe risk modeller and Moody’s Analytics company, RMS, has estimated that insurance and reinsurance industry losses from Hurricane Ian will be between $53 billion and $74 billion. Analysts said the best estimate would likely fall somewhere in the middle of this range at around $67 billion, which would still make it ... Read the full article
FLOIR pegs initial Ian insured loss estimate at $3.28bn. Will rise significantly
7th October 2022
Initial data from the Florida Office of Insurance Regulation (FLOIR) reveals that more than 375,000 claims have been filed after hurricane Ian, mostly related to residential property, as the entity reports total estimated insured losses of close to $3.28 billion. A total of 375,293 claims a little over a week after ... Read the full article
Hurricane Ian re/insured wind and flood losses could reach $53bn, says CoreLogic
7th October 2022
CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has raised its re/insurance industry loss estimate for the wind and flood impacts of hurricane Ian to between $31 billion and $53 billion. The latest figures from CoreLogic peg the insured wind loss in Florida at between $22 billion and ... Read the full article
Goldman Sachs estimates $45bn of P&C industry insured losses from Hurricane Ian
6th October 2022
According to a report from Goldman Sachs, Hurricane Ian was the most notable catastrophe in the quarter, with the firm estimating $45 billion of P&C industry-insured losses, excluding those from the NFIP program. Other industry loss estimates vary, but remain high, with Verisk assuming re/insurance industry loss between $42bn-$57bn. CoreLogic ... Read the full article
Global average annual insured losses from extreme events in excess of $120bn: Verisk
5th October 2022
Verisk Extreme Event Solutions has released its 2022 Global Modelled Catastrophe Losses Report, estimating that on an annual average basis, catastrophes around the world are expected to cause around $123bn in insured losses compared to an average of $74bn in actual losses over the past 10 years. According to Verisk’s report, ... Read the full article
Hurricane Ian will change the Florida re/insurance market landscape: RMS
4th October 2022
According to the Chief Risk Modelling Officer at RMS, Mohsen Rahnama, Hurricane Ian has the potential to be one of the largest, if not the largest, insured catastrophe losses in US history, with implications for both the Florida, reinsurance, retrocession, and ILS markets. Hurricane Ian made landfall on Wednesday the 28th ... Read the full article
KatRisk estimates Hurricane Ian losses to fall between $29.9bn and $62.1bn
3rd October 2022
Risk-modelling firm KatRisk has estimated that the combined costs from Hurricane Ian, which has battered Florida in the last week, should fall between $29.9bn and $62.1bn. The firm said in a presentation that it estimates economic losses from storm surge to reach somewhere between $10.7bn and $24.9bn, with inland flood losses ... Read the full article
Hurricane Ian a “very expensive earnings event,” says KBW
3rd October 2022
Analysts at KBW have said they expect Hurricane Ian to represent a “very expensive earnings event” for the insurance and reinsurance companies it covers, rather than a capital event. Following new re/insurance industry loss estimates of $63 billion by KCC and $42-57 billion by Verisk, KBW has made put ... Read the full article
International cat loss activity above average in 2022, says CRESTA
3rd October 2022
CRESTA, the insurance industry organisation that provides a global standard for risk accumulation zones and cat industry losses, has released the Q3/2022 update of its CRESTA Industry Loss Index, (CLIX) which shows above-average loss activity for international catastrophe events in 2022 (excluding the US). Matthias Saenger, Product Manager of CRESTA, commented, ... Read the full article
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