Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
PERILS pegs insured loss from Febuary’s UK floods at £297mn
3rd April 2020
Catastrophe insurance data provider PERILS has estimated the insured loss from the UK floods in February 2020 at £297 million. The February 2020 Floods were the result of record-breaking rainfall on saturated grounds which led to extensive river flooding. Heavy rainfall was mainly associated with the three named storms of Ciara, Dennis ... Read the full article
PERILS pegs industry loss from storm Victoria (Dennis) at €286mn
31st March 2020
Catastrophe loss data aggregator PERILS has released a €286 million initial loss estimate for extratropical cyclone Victoria (also known as Dennis), which affected the British Isles and north-western Europe from 15 to 17 February 2020. It occurred only six days after extratropical cyclone Sabine (Ciara, Elsa) which PERILS has since ... Read the full article
PERILS puts industry loss from Storm Sabine (Ciara) at €1.6bn
24th March 2020
Catastrophe loss data aggregator PERILS has released its initial loss estimate for extratropical cyclone Sabine (also known as Ciara), putting re/insurance industry losses at €1.551 billion (US $1.680 billion). The estimate from PERILS is some way below the €1.8 billion figure previously released by RMS and the €1.9 billion ... Read the full article
Aspen wraps up “transitional” 2019 with $48mn operating loss
17th March 2020
Bermuda domiciled re/insurer Aspen fell to a $48.4 million operating loss in 2019, as the company navigated what it describes as a “transitional year.” Losses, which also included a net loss of $241.7 million, were driven by costs relating to the acquisition of the company by certain investment funds managed by ... Read the full article
Windstorm Ciara/Sabine insured loss to exceed $1.1bn: Aon
11th March 2020
Re/insurance broker Aon has estimated that Windstorm Ciara (also known as Sabine) will cause industry losses of well above €1 billion (US $1.1 billion), with even larger economic losses. Ciara swept across 17 separate European countries over February 9th and 10th, killing at least 14 people and causing major wind-related damage ... Read the full article
PERILS settles on industry loss of €782mn for Cyclone Dragi-Eberhard
9th March 2020
Catastrophe loss data aggregator PERILS has settled on a figure of €782 million (US $889 million) as its fourth and final estimate for the insurance market loss resulting from Extratropical Cyclone Dragi-Eberhard in March 2019. Dragi-Eberhard affected the British Isles, and Western and Central Europe on 9 and 10 March and ... Read the full article
Who’s exposed to Tennessee tornado damage?
6th March 2020
Financial analysis firm Demotech has compiled a list of re/insurers who are likely to face the most exposure from the recent outbreak of tornadoes that impacted Tennessee on March 3rd. The tornadoes, which caused major damage in the state capital of Nashville, caused at least two dozen deaths and are expected ... Read the full article
Aon expecting sizeable industry losses from deadly US tornadoes
6th March 2020
A spate of powerful tornadoes in Tennessee, as well as further instances of hail and non-tornadic wind damage across several other US states, is expected by Aon to inflict economic damage well into the hundreds of millions of dollars, with most of that insured. Powerful and deadly tornadoes tracked across central ... Read the full article
APRA spotlights reinsurance adequacy after $5bn disaster season
6th March 2020
The Australian Prudential Regulation Authority (APRA) has been focused on the adequacy of insurers’ reinsurance arrangements following a summer of extreme weather events that are projected to cause industry losses of around AU $5 billion (US $3.35 billion). Addressing the Senate Economics Legislation Committee today, APRA Chairman Wayne Byres explained that ... Read the full article
Retailer insured losses from Chile riots could hit $1bn, says PCS
5th March 2020
Property Claim Services (PCS), a Verisk Analytics business, estimates that around 33% of the insured losses from the 2019 Chilean riots will come from retailers, and could reach as high as USD 1 billion. Earlier this week, PCS announced the expansion of its industry loss index coverage to the Latin ... Read the full article
Property damage from Tennessee tornadoes to exceed $1bn, says CoreLogic
5th March 2020
An outbreak of tornadoes that severely impacted parts of Nashville, Tennessee on March 3rd, 2020 is expected to result in total damage to property of more than $1 billion, according to catastrophe risk modeller, CoreLogic. Around 2am local time, a line of severe thunderstorms produced tornadoes with an estimated intensity of ... Read the full article
PERILS estimates Australia’s January hailstorm loss at AU $670mn
4th March 2020
Catastrophe loss data aggregator PERILS has released its first industry loss estimate for the January 2020 hailstorms that impacted south-eastern Australia, putting losses at AU $670 million (US $443 million). This figure compares with the latest estimate of AU $805 million (US $527 million) from the Insurance Council of Australia ... Read the full article
Tornadoes cause major damage in Nashville & central TN
3rd March 2020
Two tornadoes have caused widespread damage across central Tennessee, including in the state capital of Nashville, destroying at least 40 buildings and leaving 19 people dead. Parts of Nashville were left in darkness as the tornadoes arrived overnight on March 2-3, leaving about 44,000 people without power. Strong winds also blew down ... Read the full article
Latest estimates put Australian hailstorm losses at AU $805mn
2nd March 2020
The latest estimates from the Insurance Council of Australia (ICA) put re/insurance industry losses from the recent January hailstorm events in the region of AU $805 million (US $527 million). Losses are related to a series of destructive hailstorms that struck parts of Victoria, Australian Capital Territory (ACT), Queensland, and New ... Read the full article
Bank of Montreal (BMO) hit by typhoons after decision to exit reinsurance
25th February 2020
The Bank of Montreal (BMO) has revealed that it was hit by CAD 25 million (USD 19 million) of reinsurance claims from the Japanese typhoons in 2019, which occurred just week’s after its decision to wind down its reinsurance business. BMO underwrites reinsurance, including catastrophe risk, through its BMO Reinsurance Limited ... Read the full article