Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Allstate saw $223m in cat losses in July
18th August 2022
Allstate has said it is expecting catastrophe losses in July of $223m, or $176m after tax. The firm said that July catastrophe losses included 12 events, primarily wind and hail, that were geographically widespread, estimated at $233 million, partially offset by favourable reserve reestimates for prior period events. Mario Rizzo, CFO of ... Read the full article
IRB Brasil Re execs say crop losses have exceeded retro limits
17th August 2022
The performance of Brazilian reinsurer IRB Brasil Re in Q2 2022 was negatively impacted by the severe drought in the southern part of the country, leading the firm to exceed the limits of its retrocession protection. Yesterday, the company announced an underwriting loss of R$661.0 million (USD 129.1m) for the ... Read the full article
Insurance claims in Louisiana from Hurricane Ida reach $13.1 billion
2nd August 2022
Insurance claims in Louisiana from damage related to last year's Hurricane Ida have exceeded $13 billion through June 30th, 2022, according to Insurance Commissioner Jim Donelon. Policyholders have filed 460,709 claims of all types from Hurricane Ida, of which 65%, or 299,440 were closed with payment, resulting in $9.8 billion in ... Read the full article
Insured losses from catastrophes above 10-year average at $38bn in H1: Swiss Re
2nd August 2022
Globally, insurance and reinsurance industry losses from natural catastrophes hit $35 billion in the first half of 2022, which is 22% higher than the average for the past decade, according to Swiss Re Institute. Floods and other secondary perils continued to wreak havoc in the opening six months of 2022, and ... Read the full article
Insured losses from natural disasters hit $34bn in H1 2022, says Munich Re
28th July 2022
Once again, the U.S. led the way in the first half of 2022 with the highest level of weather-related losses, which, globally, reached $65 billion in the period, of which slightly more than 50% were covered by re/insurance, according to Munich Re. The reinsurer's H1 2022 natural disaster review examines a ... Read the full article
Inflation to magnify H1 insured losses, says Aon
22nd July 2022
Analysts at Aon have warned that inflation, in combination with other factors, are likely to magnify insured losses in the first half of 2022 beyond initial estimates. The broker's data shows that insured losses from natural disaster events totalled $39 billion in H1, which is roughly 18% above the 21st ... Read the full article
Global insured losses from catastrophes above average at $39bn in H1 2022: Aon
20th July 2022
Data from insurance and reinsurance broker Aon finds that globally, insured losses from natural disaster events totalled $39 billion in the first half of 2022, which is roughly 18% above the 21st Century average. In contrast to the above average volume of catastrophe losses experienced in the six-month period, global economic ... Read the full article
Munich Re could face Russian jet loss via war risk policies: Jefferies
15th July 2022
Analysts at investment bank Jefferies have contended that Munich Re faces a “non-trivial” exposure to the ongoing aviation crisis concerning jets stranded in Russia, possibly via its “war risk” policies. Munich Re has a 49.96% share of Global Aerospace, which is on the all-risks cover for aircraft lessing giant Aercap, which ... Read the full article
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
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