Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
The Hanover braced for $148mn of Q2 cat losses
15th July 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has announced that it is expecting second quarter catastrophe losses of $148 million pre-tax ($117 million after tax). Losses were driven mainly by hail and wind storms in the Midwest in April and, to a lesser extent, property losses from civil unrest ... Read the full article
Heritage pegs Q2 weather and cat losses at $26.8mn
15th July 2020
Florida headquartered property casualty insurance holding company, Heritage Insurance Holdings, Inc., has announced expected net current accident quarter weather losses of roughly $26.8 million in the second-quarter of 2020. Heritage states that its Q2 2020 loss estimate includes approximately $17.6 million of net catastrophe losses. The company says that weather and catastrophe ... Read the full article
Arch sees Q2 cat losses at up to $225mn
15th July 2020
Arch Capital Group Ltd. has announced estimated pre-tax net catastrophe losses of $205 million to $225 million across its property casualty insurance and reinsurance operations in the second-quarter of 2020. The Bermuda-based insurer and reinsurer's Q2 catastrophe loss range is net of reinsurance recoveries and reinstatement premiums, and includes the impacts ... Read the full article
Storm Fay to drive $400mn insured loss: KCC
14th July 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that Tropical Storm Fay will drive an insured loss of close to $400 million. The storm made landfall near Atlantic City, New Jersey on Friday evening and caused light wind damage and low levels of storm surge from South Carolina to ... Read the full article
KBW estimates Q2 global cat losses at $11.8bn
14th July 2020
Analysts at KBW have estimated that P&C reinsurers' global catastrophe losses will total $11.8 billion in the second quarter of 2020, stemming mostly from difficult North American weather and civil unrest in the US. Overall, Q2 losses should include bad weather, civil unrest, and significant (but manageable) COVID losses, but no ... Read the full article
Travelers warns of Q2 net loss as catastrophe bill hits $854mn
14th July 2020
Property and casualty insurer, The Travelers Companies, Inc., expects to report a net loss for the second-quarter of 2020 on the back of a high level of catastrophe losses and losses in its non-fixed income investment portfolio. The firm's Q2 2020 catastrophe losses are estimated at $854 million pre-tax ($673 million ... Read the full article
Universal’s Q2 weather losses above plan by $17mn
13th July 2020
Universal Insurance Holdings has announced that its estimated losses from incurred weather events are above plan in the second-quarter of 2020. Net of reinsurance recoveries, Universal incurred weather events above plan of roughly $17 million in the second-quarter of the year. The company explains that weather events in the quarter included impacts ... Read the full article
Australia’s summer nat cat claims hit AU$5.3bn
13th July 2020
Insurers in Australia paid over AU$5.3 billion (US$3.7 billion) in catastrophe-related claims over the summer, according to The Insurance Council of Australia CEO Rob Whelan. This figure represents a slight increase from the ICA's previous estimate of AU$5.19 billion. Commenting during a Senate Inquiry, Whelan said AU$2.34 billion was paid out for ... Read the full article
W. R. Berkley puts Q2 cat losses at $145mn; includes $85mn COVID-19 hit
13th July 2020
W. R. Berkley Corporation has revealed that it expects to incur net catastrophe losses of roughly $145 million (pre-tax) for the second-quarter of 2020, most of which is attributable to the COVID-19 pandemic. The firm estimates that approximately $85 million, or 59% of its Q2 loss estimate relates to the ongoing ... Read the full article
Japan flood damage to reach hundreds of millions USD: Aon
10th July 2020
Economic damage from the recent monsoonal flooding in Japan is expected to reach well into the hundreds of millions USD or higher, according to re/insurance broker Aon. The latest catastrophe report by Aon’s Impact Forecasting team also anticipates thousands of insurance claims will result from the flooding, although the General Insurance ... Read the full article
Dorian claims sees Bahamian insurer call on reserves for the first time: reports
9th July 2020
For the first time in its 25-year history, Bahamian insurer, Summit Insurance has released a portion of its catastrophe reserves owing to the substantial volume of claims from 2019's Hurricane Dorian, reports The Tribune. The devastating Category 5 storm hit the Bahamas over September 1st to 3rd, 2019 with sustained wind speeds ... Read the full article
Global insurance premiums to recover in 2021 after COVID-19-induced dip: Swiss Re
9th July 2020
Global insurance premiums are expected to recover in 2021 after contracting this year on the back of a COVID-19-induced economic recession, according to the latest Swiss Re Institute sigma report. While expected to be short-lived, Swiss Re warns that this year's recession is set to be the deepest since the Great ... Read the full article
Argo expecting $10-20mn Q2 virus loss
8th July 2020
Argo Group International Holdings, Ltd., the Bermuda based insurance and reinsurance company, has said that it is anticipating net losses of between $10 million and $20 million related to COVID-19 to be recorded in its second quarter earnings. The company fell to a net loss of $18.8 million in Q1 ... Read the full article
Chubb reports Q2 cat losses of $1.8bn; COVID-19 hit of $1.37bn
7th July 2020
Global insurer and reinsurer Chubb has announced that the impacts of the COVID-19 pandemic, combined with severe weather-related events and civil unrest in the U.S., has resulted in global net catastrophe losses of $1.807 billion (pre-tax) for the second-quarter of 2020. Chubb reveals that its Q2 catastrophe loss estimates include COVID-19 ... Read the full article
UPC Insurance pegs Q2 cat losses at $30 million
3rd July 2020
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has announced estimated catastrophe losses of roughly $30 million pre-tax ($23mn after-tax) for the second-quarter of 2020. The approximately $30 million of pre-tax cat losses is net of expected reinsurance recoveries, and compares with net retained cat losses ... Read the full article