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Losses

News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.

PERILS estimates peak industry bushfire losses at AU $1.6bn

17th February 2020

Catastrophe loss data aggregator PERILS has estimated that insurance industry losses resulting from the recent bushfire outbreak in southeast Australia will amount to AU $1.568 billion (US $1.05 billion). The figure is well below the AU $1.9 billion estimated released by the Insurance Council of Australia (ICA) last week, but ... Read the full article

Storm Ciara insured loss estimated at up to €1.8bn by RMS

14th February 2020

Catastrophe risk modeller RMS has estimated that the insurance industry loss from windstorm Ciara, also known as windstorm Sabine, will likely range between €1.1 billion (USD 1.2 billion) and €1.8 billion (USD 1.95 billion). The RMS loss estimate for storm Ciara, which struck parts of Ireland and the UK on Sunday ... Read the full article

AIR puts storm Ciara insured losses at up to €1.9bn

14th February 2020

The insurance industry loss from last weekend's European windstorm Ciara (also known as Sabine) is expected to be between €1.1 billion (USD 1.2 billion) and €1.9 billion (USD 2.1 billion), according to catastrophe risk modeller AIR Worldwide, a Verisk business. Known as windstorm Ciara in the UK, or windstorm Sabine in ... Read the full article

PERILS settles on Townsville Flood estimate of AU $1.2bn

10th February 2020

Catastrophe loss data aggregator PERILS has settled on a figure of AU $1.243 billion (US $830 million) as its fourth and final estimate for the insurance market loss resulting from the flooding in northern Queensland, Australia over January and February 2019. The final estimate represents a slight increase on the previous ... Read the full article

ICA declares catastrophe for east coast storms & flooding

10th February 2020

The Insurance Council of Australia (ICA) has declared the sixth catastrophe in the past five months, following property losses caused by recent storms and flooding across the east coast since February 5th, 2020. According to the ICA, insurance companies have received 10,000 claims with the value of claims estimated at AUD ... Read the full article

Norsk Hydro claims a further $20.2mn from its cyber insurance in Q4

7th February 2020

Aluminium manufacturing giant Norsk Hydro has announced that during the fourth-quarter of 2019, it recognised NOK 187 million (USD 20.2 million) of insurance compensation in relation to the cyber-attack on its operations in March, 2019. The firm detected unusual activity on its servers that disabled part of its smelting operations, leading ... Read the full article

Bushfires & winter storms push economic bill to $3bn in January: Aon

7th February 2020

Devastating bushfires in Australia and powerful winter storms in the US have contributed to a costly natural catastrophe bill in January 2020, with re/insurance broker Aon estimating that economic losses will exceed $3 billion. Bushfires across sections of New South Wales, Queensland, South Australia, Victoria, and Western Australia destroyed more than ... Read the full article

Beazley profits jump off investments, rates rise 6%

6th February 2020

Specialist insurer Beazley has posted a pre-tax profit for 2019 of $267.7 million, up from $76.4 million in 2018, and reported a 6% rate increase. Beazley’s pre-tax profit jump was bolstered by a strong investment return of $263.7 million, up from $41.1 million in 2018. The firm’s combined ratio of 100% - ... Read the full article

Everest Re pegs Q4 catastrophe losses at $215 million

31st January 2020

Bermuda-based reinsurer Everest Re has said that it expects its fourth-quarter 2019 results will include catastrophe losses, net of reinsurance and reinstatement premiums, of $215 million, mostly driven by the impact of Typhoon Hagibis in Japan. A significant $190 million, or 88% of the reinsurer's Q4 catastrophe losses are attributable to ... Read the full article

Suncorp expects reinsurance recoveries as catastrophe losses mount

30th January 2020

Australian insurer Suncorp has revealed that it expects to make recoveries under its reinsurance program after an "unprecedented" start to both the bushfire and storm season in the country. The primary insurer announced in early January that its bushfire losses could hit its reinsurance protection as claims continued to rise. Providing ... Read the full article

Coronavirus highlights lack of cover for outbreak-related BI

29th January 2020

Experts have said that global companies are expected to be faced with billions of dollars of losses as a result of disruptions caused by the new coronavirus in China, reports Reuters. The large majority of insurance claims from the new coronavirus in China are expected to be from businesses, most notably ... Read the full article

Analysts warn SCOR could exceed Q4 cat budget, lower FY19E net income

29th January 2020

French reinsurer SCOR's P&C Re segment could exceed its budgeted level for catastrophes in the fourth-quarter of 2019, leading analysts at JP Morgan to revise the firm's expected full-year 2019 net income down by 7%. After Swiss Re, SCOR becomes the second of the big four European reinsurers that JP ... Read the full article

Bushfire claims will remain manageable through Q1: Analysts

29th January 2020

Mounting bushfire claims are likely to impact the profitability of Australian property and casualty (P&C) re/insurers throughout the first quarter of 2020, but will remain manageable overall, with no threat to industry capitalisation, according to analysts at financial research firm Morningstar. Recent estimates from the Insurance Council of Australia put Read the full article

Watford strengthens loss reserves, warns of Q4 net loss

29th January 2020

Loss reserve strengthening in U.S. casualty reinsurance is to push Bermuda-based Watford Holdings Ltd. to a net loss in the fourth-quarter of 2019. The firm has announced a strengthening of net loss reserves of approximately $28 million across the current and prior accident years. Watford states that the reserve strengthening is in ... Read the full article

Bushfire losses will dent earnings, but insurers are well placed, says AM Best

28th January 2020

The current fire season in Australia is expected to hit the full-year earnings and loss ratios of the region's direct insurance companies, however, non-life insurers in the country are well placed to withstand the record level of losses from the ongoing series of devastating fires, according to A.M. Best. As of ... Read the full article

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