Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
$100bn of insured catastrophe losses now reached in 2023: Gallagher Re
8th November 2023
The $100 billion insured loss threshold from natural catastrophes in 2023 has now been breached, marking the sixth year since 2017 that this has occurred, according to Gallagher Re’s Chief Science Officer, Steve Bowen. Bowen noted that Gallagher Re continues to "believe that $100 billion insured loss years is becoming the ... Read the full article
Verisk estimates $3bn-$6bn of industry insured losses from Hurricane Otis
1st November 2023
Global data analytics and technology provider Verisk, estimates industry insured losses to onshore property for Hurricane Otis, the strongest hurricane ever to hit Mexico, will likely fall from MXN 50 billion to MXN 110 billion (~USD 3 billion to 6 billion). The industry loss range, according to Verisk, includes insured estimates ... Read the full article
Billions of USD in economic losses anticipated for Hurricane Otis: Aon
31st October 2023
Hurricane Otis, the strongest hurricane ever to hit Mexico, has not only left a trail of destruction but is poised to deliver a staggering blow to the local economy, with initial expectations from independent experts suggesting total economic losses will likely reach into the billions of USD, according to a ... Read the full article
Hurricane Otis to cause multi-billion-dollar insured losses: Gallagher Re
30th October 2023
Gallagher Re has released a report noting that hurricane Otis insured losses will reach into the billions of dollars (USD) and will become one of the most expensive events (if not the highest) on record for the Mexican insurance market. As per Gallagher Re's report, Hurricane Otis rapidly intensified on October ... Read the full article
CoreLogic pegs Hurricane Otis insurable loss at $10bn to $15bn
27th October 2023
Catastrophe risk modeller CoreLogic has estimated that the insurable loss from wind damage caused by Hurricane Otis, which made landfall as a Category 5 storm over the greater Acapulco, Mexico area on Wednesday morning, is between $10 billion and $15 billion. At 1:25 am local time, Hurricane Otis made a direct ... Read the full article
9M 2023 global insured cat losses 17% higher than 21st century annual average: Aon
20th October 2023
Global re/insurance broker Aon, in its Q3 Global Catastrophe Recap report, has stated that global insured losses from natural disaster events had reached $88 billion by the end of Q3 2023, 17% higher than the 21st-century annual average, driven by so-called secondary perils. Aon highlights U.S. and Italian severe convective storms ... Read the full article
Generali sees nine month catastrophe losses exceed annual budget: Reuters
19th October 2023
Italian insurer Generali is set to report catastrophe losses of around $888 million (EUR 840 million) for the first nine months of 2023, exceeding its budget for the full year, according to a Reuters report. Reuters reports that during an event held today in Munich, the global insurer's Group Chief Financial ... Read the full article
Allstate estimates cat losses for September of $317m
19th October 2023
US primary insurer Allstate has announced estimated catastrophe losses for the month of September of $317 million and third quarter cat losses of $1.18 billion. The primary insurer’s September catastrophe losses include 17 events estimated at $357 million, with approximately 80% of the losses related to two wind and hail events, ... Read the full article
The Hanover reports estimated cat losses of $196m for Q3 2023
19th October 2023
The Hanover Insurance Group, Inc. has preliminary estimated catastrophe losses of $195.8 million, before taxes, for the third quarter of 2023, which translates to 13.7 points of net earned premium. Multiple convective storms across the Midwestern United States along with hail and wind damage have been attributed to the majority of ... Read the full article
Wildfires estimated to cost U.S. between $394 – $893bn each year
18th October 2023
Climate-exacerbated wildfires are estimated to cost the United States between $394 billion to $893 billion each year in economic costs and damages, a number that is considerably higher than existing estimates. Senator Martin Heinrich (D-NM), Chairman of the US Congress Joint Economic Committee (JEC), recently released a report authored ... Read the full article
Nat Cat annual insured losses to exceed $100bn in 2023: Gallagher Re
18th October 2023
Annual insured losses from natural catastrophes are on track to surpass $100 billion in 2023, becoming the sixth year since 2017 to exceed this figure, according to Gallagher Re’s Q3 Natural Catastrophe Report. Record-setting weather/climate events and extreme temperatures have elevated natural catastrophe losses for the globe this year. Total economic ... Read the full article
Intact pegs Q3 2023 cat losses at $611m
13th October 2023
Canadian property and casualty insurer Intact Financial Corporation has estimated total losses from catastrophe events in the third quarter of 2023 of approximately CAD 611 million, on a pre-tax basis and net of reinsurance. The figure is up on the CAD 570 million announced for July and August, although the ... Read the full article
Definity erodes aggregate reinsurance treaty as Q3 catastrophe losses hit CAD122m
6th October 2023
Canadian property and casualty insurer, Definity Financial Corporation, has reported estimated catastrophe losses for Q3 2023 of CAD122 million, with events in the quarter leading to the full erosion of its catastrophe aggregate reinsurance treaty limit for the year. The company warns that the estimated cat losses will negatively impact operating ... Read the full article
Wildfires in British Columbia cause insured losses of more than $720m: IBC
6th October 2023
Catastrophe Indices and Quantification Inc. estimates over $720 million in insured losses have been attributed to wildfires in the Okanagan (McDougall Creek) and Shuswap (Bush Creek East), resulting in these wildfires being named the most costly insured event ever recorded in British Columbia and the tenth costliest in Canada’s history. Aaron ... Read the full article
Heritage Insurance estimates Q3 cat losses of $40m
5th October 2023
Super-regional P&C insurance holding company, Heritage Insurance Holdings, Inc., has reported estimated retained catastrophe losses of $40 million for the third quarter of 2023. Heritage noted that the catastrophe losses during Q3 stem from the Maui Wildfire, which represents the majority of the retained catastrophe loss amount, as well as Hurricane ... Read the full article