Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
Hannover Re generates Q1 profit of €264m despite above budgeted major losses
4th May 2022
Global reinsurer Hannover Re has recorded a profit of €264 million for the first quarter of 2022, despite above budgeted catastrophe losses within its property and casualty (P&C) reinsurance business, and additional pandemic-related losses in life and health (L&H). While positive, Group net income did fall by almost 14% from the ... Read the full article
Insurers to pay out nearly £500m on Storms Dudley, Eunice & Franklin: ABI
29th April 2022
Recent figures released from the Association of British Insurers (ABI) show that the damage caused by Storms Dudley, Eunice and Frankin, that hit much of the UK during February 2022, is expected to lead to insurers paying out nearly £500m in dealing with 177,000 insurance claims. The figures show that there ... Read the full article
Catastrophes drive supply chain risks higher for businesses: Swiss Re’s Berger
22nd April 2022
With the cost and fallout from catastrophe events rising, and climate change increasing the severity and frequency of such events, businesses are now faced with increasing risks, greater costs and losses, says Andreas Berger, Chief Executive Officer Corporate Solutions, Swiss Re. Because of this businesses now need to identify and rethink ... Read the full article
The next cat quarter should be light for US carriers: Morgan Stanley
20th April 2022
According to Morgan Stanley, the next catastrophe quarter should be light for predominantly US carriers. However, on a global scale, analysts warn that catastrophes will likely impact reinsurers and primary insurers with international exposures. Catastrophe losses in the US lay somewhere in the several hundred million dollar range according to Aon ... Read the full article
SCOR expects high double-digit EUR million impact from Ukraine conflict
18th April 2022
French reinsurance company SCOR warned that it anticipates booking a first-quarter charge in the "high double-digit EUR million range" for potential losses related to the Ukraine - Russia conflict and that its result for Q1 2022 may be a loss. SCOR is the first of the major global reinsurance firms to ... Read the full article
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