Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Recent French storms thought to cost re/insurers €3.9bn
13th July 2022
The bad weather that has affected France since the end of May has generated nearly a million claims for which insurers will pay compensation estimated at €3.9 billion, according to a French insurance federation. France Assuseurs, which brings together 247 insurance companies representing 99% of the insurance market, reports that more ... Read the full article
US insured cat losses estimated at $4bn+ in Q2: Goldman Sachs
11th July 2022
Analysts at Goldman Sachs have estimated that US insured losses from catastrophes in the second quarter of the year could be more than $4 billion. At this level, Q2 losses would be around 40% of the 10-year average of $11.1 billion for US seasonal catastrophes in that quarter. While the catastrophe environment ... Read the full article
ICA declares Australian floods to be ‘significant event’
5th July 2022
The Insurance Council of Australia (ICA) has declared a ‘significant event’ for regions of New South Wales impacted by significant storm and flooding over the past few days. This means that the ICA's preliminary catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the ... Read the full article
Australia floods again, with Sydney area badly hit
3rd July 2022
Australia has been hit by more significant rainfall and strong winds as an East coast low batters the country, with parts of Sydney particularly badly hit as 350 mm of rainfall has been recorded and numerous rivers reach flood stage. Thousands of households have been told to evacuate due to flood ... Read the full article
2022 floods among Australia’s costliest ever disasters: ICA
28th June 2022
New data from the Insurance Council of Australia shows that flooding in South-East Queensland and Northern New South Wales in late February and early March has caused $4.8 billion in insured damages, meaning it ranks as the third costliest extreme weather event in Australia’s history. Only Cyclone Tracy (1974) and the ... Read the full article
Reinsurers to absorb much of RMI’s South Africa & Australia losses
28th June 2022
South Africa headquartered financial services investment holding company RMI has disclosed details of its insurance subsidiary losses to catastrophe events in its home country and in Australia, and has reported how its reinsurance protection will interact with these losses. In South Africa, RMI was exposed via its OUTsurance Holdings Limited business ... Read the full article
May and June French storms cause over €1bn of claims
24th June 2022
French insurers are fully mobilised in order to meet the needs of over a quarter of a million victims of May and June’s storms across the country. The storms, over three days in June, led to around 258,00 claims that total an estimated €940m. Further storms in May brought another 93,000 ... Read the full article
Insured loss from 2022 Australia floods rises to $4.3 billion: ICA
1st June 2022
The Insurance Council of Australia (ICA) has reported a 28% rise in the cost of the severe flooding across Southeast Queensland and Northern New South Wales earlier this year, making it the country's fourth costliest natural disaster event. As of Tuesday May 31st, 2022, insurance and reinsurance industry losses from the ... Read the full article
Ukraine war has “profound implications” for renewables re/insurers: PCS
26th May 2022
Analysts at Property Claim Services (PCS), a Verisk business, have warned that the conflict in Ukraine has the potential to become an “industry-defining” event for the global renewables re/insurance sector. The firm says there could be “profound implications” for re/insurers of renewables in particular due to the large portion of Ukraine’s ... Read the full article
Allstate reports April cat losses of $316m
20th May 2022
Allstate says that it has estimated catastrophe losses for the month of April of $316 million or $250 million, after-tax. The company said that catastrophe losses in April included fourteen events, primarily wind, hail and tornadoes in Texas and the southeast – estimated at $299 million, plus unfavourable reserve re-estimates for ... Read the full article
PERILS updates Euro windstorm losses to €3,610m
20th May 2022
PERILS has estimated that the European windstorm series over Britain and Europe in February caused a loss to the insured property market of €3,610m up from its March estimate of €3,289m. The windstorm series consisted of three storms named Ylenia, Zeynep, and Antonia by the Free University of Berlin, and Dudley, ... Read the full article
Limited war losses so far, but key uncertainties remain: RBC
16th May 2022
First quarter 2022 results season has shown that reserving assumptions for Russia's invasion of Ukraine varied widely, with limited reported losses of $1.3 billion against an industry loss range from the war of $10 billion to $15 billion, according to analysts at RBC. In a recent note on UK specialty property ... Read the full article
PERILS lowers insured loss estimate for southern Australia storms to AUD 1.016bn
13th May 2022
PERILS, the catastrophe loss aggregator, has released its third and lowest insured loss estimate for the southern Australian severe storms which occurred in late October 2021, of AUD 1.016 billion. Back in January, PERILS released its second estimate which reaffirmed its first loss report, pegging the insurance industry loss from ... Read the full article
Analysts expect Munich Re to raise Ukraine/Russia reserves in future quarters
11th May 2022
Global reinsurer Munich Re's Q1 2022 loss provisions for the ongoing war in Ukraine were lower than its peers and will rise further in the second-quarter of the year, according to analysts at CFRA Research. Within yesterday's results, Munich Re, one of Europe's major reinsurance companies, revealed a positive result ... Read the full article
Hannover Re’s Ukraine war provision excludes potential aviation losses: CFO Jungsthöfel
4th May 2022
After reporting an additional general provision in the low triple-digit million euro range in relation to the ongoing war in Ukraine, Hannover Re's Chief Financial Officer (CFO), Clemens Jungsthöfel, has explained that this does not include additional reserves for the aviation line of business. This morning, the German reinsurer announced ... Read the full article
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