Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
US tornados to hit commercial multiperil, homeowners lines: AM Best
14th December 2021
AM Best is expecting losses from the weekend's devastating tornado outbreak to be concentrated in the commercial multiperil and homeowners lines, with some losses borne by auto physical damage. On December 10 more than 30 tornadoes were reported across five states—Arkansas, Illinois, Kentucky, Missouri, and Tennessee—causing widespread devastation and ... Read the full article
Insured loss from U.S. SCS & tornado outbreak seen at $3bn by KCC
14th December 2021
Analysis from catastrophe risk modelling firm, Karen Clark & Company (KCC), estimates that the insurance industry loss from the recent severe convective storm (SCS) outbreak in the U.S. will be around $3 billion. The SCS outbreak, which brought damaging winds and hail, occurred over December 9th - 12th and saw tornado ... Read the full article
Re/insured losses from catastrophes to hit $112bn in 2021, says Swiss Re
14th December 2021
Swiss Re has estimated that insurance and reinsurance industry losses from natural catastrophe events in 2021 has increased to $105 billion, with man-made disasters resulting in an additional $7 billion of losses. According to Swiss Re Institute's preliminary sigma estimates, this is the fourth highest annual insured loss bill from nat ... Read the full article
US tornado outbreak likely a multi-billion dollar event
13th December 2021
A devastating severe weather event consisting of intense tornado activity across US states Arkansas, Missouri, Tennesse, and Kentucky is expected to generate industry losses into the low single-digit billions of dollars. Andrew Siffert, a Senior Meteorologist at insurance and reinsurance broker BMS Group, adds that December severe weather event typically fall ... Read the full article
Louisiana’s insurers set for $100mn Ida hit following collapse of two firms
6th December 2021
Louisiana's insurers are on the hook for $100 million in Hurricane Ida claims left unpaid by two now-defunct carriers in the state. In an Associated Press report, citing The Advocate, it's noted that both Access Home Insurance and State National Fire Insurance shut down in the wake of the costly ... Read the full article
Insured loss from storm Hendrik-Ignatz (Aurore) seen at €311m by PERILS
2nd December 2021
Storm Hendrik-Ignatz, also known as storm Aurore, which impacted parts of north-western and central Europe from October 20th to 21st, is expected to drive insurance industry losses of €311 million, according to an initial estimate by PERILS. Storm Aurore was driven by an unusually strong jet stream for mid-October with wind ... Read the full article
Storm Arwen could drive insured losses of up to £300m: PwC’s Khan
30th November 2021
Storm Arwen, which brought wind gusts of nearly 100mph to parts of the UK late on Friday, could result in insurance industry losses of between £250 million and £300 million, according to Mohammad Khan, General Insurance Leader at PwC UK. Across the country, heavy snow and severe winds caused widespread disruption ... Read the full article
Reinsurance industry must remediate, repair and improve: Heerasing, SiriusPoint
16th November 2021
Despite some improvements, the reinsurance sector continues to struggle to produce a meaningful return on capital, and as pressure builds on the impacts of climate change and secondary peril losses, there’s a real need for further rate momentum, according to Bobby Heerasing, Head of International Strategic Business Development, SiriusPoint. With the ... Read the full article
Multi-billion dollar US floods drive up global nat cat bill for October: Aon
15th November 2021
A series of flooding events during October resulted in billions of dollars worth of economic costs, according to Aon's monthly natural catastrophe report. Meanwhile, a late-season severe weather outbreak in the US’ Southern Plains and Midwest generated large hail, damaging winds and tornadoes between Oct. 10 and 11. Aon says total economic ... Read the full article
Global insurance premiums could hit $10 trillion by 2030: Bain & Company
10th November 2021
The evolving risk landscape suggests that global insurance premiums could reach USD 10 trillion by 2030, with climate change predicted to result in a tenfold rise in economic losses over the next 30 years, according to a new report from Bain & Company. The new report, Insurance 2030: As Risks Mount, ... Read the full article
FedNat posts $25mn Q3 loss as CR hits 165%
9th November 2021
FedNat has announced a net loss of $24.8 million in the third quarter, a further slide from the $20.7 million loss posted in the prior year period. Meanwhile, the company’s combined ratio reached 165.4%, driven primarily by 37.7 points of net catastrophe losses in the period. Losses and loss adjustment expenses (LAE) ... Read the full article
Climate change a growing concern for global re/insurers: PwC
8th November 2021
The PwC Insurance Banana Skins 2021 survey shows that cybercrime is ranked as the number one risk by carriers globally, while climate change tops the list for reinsurers amid a rise in natural catastrophe events. The latest global edition of the biennial survey includes responses from more than 600 industry leaders ... Read the full article
2020’s Laura, Delta and Zeta industry cost reaches $10.6bn: LDI
8th November 2021
The cost of the 2020 hurricanes Laura, Delta and Zeta in Louisiana have inflicted insurers with $10.6 billion in losses and reserves, according to the latest data from the Louisiana Department of Insurance (LDI). This figure has increased from the previous $10 billion estimate released in August. Policyholders are reported to have ... Read the full article
Industry needs to acknowledge new frequency & severity of events: AIG’s Zaffino
8th November 2021
Peter Zaffino, President and Chief Executive Officer (CEO) of global insurer AIG, expects any fourth quarter catastrophe losses to be limited by the company's reinsurance protection, but warns that overall, the industry needs to acknowledge the dramatic shift in the frequency and severity of events. Last week, AIG announced an ... Read the full article
Berkshire Hathaway announces $1.5bn Q3 reinsurance cat hit
8th November 2021
The reinsurance business of Warren Buffet-owned holding company Berkshire Hathaway has announced $1.5 billion in catastrophe-driven losses and loss provisions for 2021's third quarter, a figure that rises the firm’s overall losses and loss adjustment expenses by $442 million against the prior year quarter. Overall 9M cat losses of $1.9 billion ... Read the full article
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