Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Poll suggests Hurricane Ian re/insurance industry loss will exceed $50 billion
3rd October 2022
A recent poll of over 1,050 insurance and reinsurance market observers and participants suggests that Hurricane Ian is likely to result in an industry loss of more than $50 billion, although a surprising number of respondents feel the ultimate hit to re/insurance interests will be less than $40 billion. As ... Read the full article
Hurricane Ian private insurance market loss close to $63bn, says KCC
3rd October 2022
Major hurricane Ian's impacts are expected to drive a privately insured loss of around $63 billion, the majority of which is from the United States, according to Karen Clark & Company. The catastrophe risk modelling company said late Friday that only around $200 million of this loss estimate will be from ... Read the full article
JP Morgan estimates Hurricane Ian losses to hit $25bn
30th September 2022
JP Morgan has estimated that Hurricane Ian is likely to cause more than $25bn in damages, while cautioning that more clarity will be gained in the next few days. The firm said in a note that the speed of the storm and the resulting flooding will cause ‘catastrophic impacts’. But at ... Read the full article
Hurricane Ian sustained winds at 85 mph ahead of South Carolina landfall
30th September 2022
The latest forecasts show hurricane Ian making its second U.S. landfall along the South Carolina coast later today as a Category 1 storm with sustained winds of 85 mph and gusts of just above 100 mph. The damage and consequential industry loss caused by hurricane Ian is set to worsen as ... Read the full article
CoreLogic estimates insured wind and surge loss from hurricane Ian up to $47bn
30th September 2022
CoreLogic has estimated that the insurance and reinsurance industry losses from Hurricane Ian could reach $47bn. The firm said that its analysis indicated losses arising from the hurricane could land between $22bn and $32bn, with additional storm surge losses in Florida of another $6bn to $15bn. It also said that this ... Read the full article
Ian set for second US hurricane-force landfall in South Carolina
29th September 2022
After devastating Florida's west coast as a strong Category 4 storm before weakening over land, hurricane Ian is set to restrengthen in the Atlantic and is expected to make a second U.S. landfall on the South Carolina coastline as a Category 1 hurricane. Based on its strength, hurricane Ian was one ... Read the full article
Hurricane Ian likely to cause $65bn of loss in Florida alone: RMSI
29th September 2022
According to global GIS and geospatial technology company RMSI, Hurricane Ian is set to cause $65bn of economic losses in Florida as it continues its path across the state. Hurricane Ian made landfall on Wednesday as a major Category 4 storm with maximum sustained winds of around 155 mph near ... Read the full article
KBW puts Hurricane Ian insured loss in low $30bn range
29th September 2022
Analysts at KBW have estimated that insurance and reinsurance industry losses from Hurricane Ian will be in the “low $30 billion range.” Although the storm is still ongoing, KBW believes that the hurricane's relatively rapid weakening suggests insured losses closer to the lower than higher end of the $32.5 billion ... Read the full article
Hurricane Ian batters Florida as a major Cat 4 storm
29th September 2022
Hurricane Ian made landfall on Wednesday as a major Category 4 storm with maximum sustained winds of around 155 mph near the Cayo Costa area, bringing widespread flooding, property damage, and power outages. The NHC warned of severe and life-threatening storm surge inundation of as much as 8 to 10 feet ... Read the full article
Hurricane Ian to remain an earnings event for re/insurers: Berenberg
28th September 2022
Analysts at investment bank Berenberg have said they remain confident that Hurricane Ian, currently bearing down on the Florida coast, will remain an earnings event for insurers and reinsurers, rather than a balance sheet event. The forecast path for Hurricane Ian, which is now a major Category 4 storm with ... Read the full article
Major hurricane Ian shifts south ahead of Florida landfall
28th September 2022
The forecast path for hurricane Ian, which is now a major Category 4 storm with maximum sustained winds of 155 mph, has shifted south overnight, with a landfall now expected to be somewhere between Fort Myers and Sarasota. Some two million Floridians have been told to evacuate the state as hurricane ... Read the full article
Fitch analysts view Russia-Ukraine war as a “contained risk”
11th September 2022
The full extent of insurance and reinsurance losses stemming from the conflict between Russia and Ukraine remains a murky subject with many unknown factors, but analysts at Fitch Ratings are confident that the war will prove to be a “contained risk” for the market. Speaking during a recent Global Reinsurance Briefing ... Read the full article
Germany sees €3bn of nat cat losses in H1: GDV
8th September 2022
The German Insurance Association (GDV) has said that natural catastrophe events caused damages of around €3bn in the first half of 2022. GDV General Manager, Jörg Asmussen said, “So far, 2022 has been an above-average claims year. The winter storm series "Ylenia", "Zeynep" and "Antonia" in February alone caused almost 50% ... Read the full article
Santam passes most of $257m flood loss to reinsurers
1st September 2022
South African insurer Santam has reported its results for the first six months of 2022, which include a gross exposure of R4.4 billion (USD 257 million) to flooding in the KwaZulu-Natal province. However, the company’s net impact from the floods was limited to R566 million (USD 33 million) thanks to its ... Read the full article
Deteriorating economic environment driving large unrealised losses: AM Best
22nd August 2022
As European insurers report their 2022 mid-year results, it is becoming apparent that large unrealised losses have been incurred on their investment portfolios due to the deteriorating economic environment, according to a new report by rating agency AM Best. The report titled, “Adverse Economic Environment Driving Significant Unrealised Losses in Insurers’ ... Read the full article
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