Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Malaysian insurance group estimates flood claims payout at $720mn
29th December 2021
The General Insurance Association of Malaysia (PIAM) has estimated the total payout from claims as a result of the floods that swept across Malaysia recently could total RM3 billion (USD720 million). These estimates include actual and potential personal lines and commercial risks claims directly resulting from the recent flash floods and ... Read the full article
2021 the costliest year of natural catastrophes in Germany, says the GDV
29th December 2021
The German Insurance Association (GDV) has warned that damage caused by natural catastrophe events in the country in 2021 has cost insurers and reinsurers a record €12.5 billion. The majority of the insured loss total for the year is a result of the devastating flash flood in July and the ... Read the full article
Industry loss from storms Arwen & Barra to be less than €200mn, says PERILS
23rd December 2021
Catastrophe risk modeller PERILS has said that the insurance industry losses from European Windstorms Arwen and Barra remain under €200 million for both events. PERILS' threshold for reporting on loss events is €200 million, so the fact the impact of these two storms will remain below this level means that the ... Read the full article
Aon’s latest nat cat report notes multi-billion dollar events in India, Canada
17th December 2021
Aon's latest monthly catastrophe report reveals how an active Northeast Monsoon affected parts of India and Sri Lanka from late October through November, killing at least 190 people in India and 27 in Sri Lanka. Tens of thousands of structures and vehicles were damaged or destroyed, along with agricultural land and ... Read the full article
Catastrophe claims 48% above average by end of November: Jefferies
17th December 2021
Analysts at Jefferies have reported that insured natural catastrophe losses are running 48% higher than the long-term average, as of the end of November, and 34% above the 10-year average. It now appears certain that insured catastrophe losses will be far higher than the annual totals for the past three years, ... Read the full article
Industry braced for $5bn+ US tornado bill, survey data suggests
16th December 2021
An approach of over 1,000 re/insurance industry participants has found an expectation for costs to run above $5 billion after multiple US states were swarmed unexpectedly by tornados. 53% of respondents to our survey said the industry should expect a bill higher than $5 billion, with 37% predicting a ... Read the full article
P&C industry prepared to cover manageable cost of tornado outbreak: DBRS Morningstar
15th December 2021
Analysis from DBRS Morningstar finds that while the December severe convective storm (SCS) event and subsequent tornado outbreak was severe, the loss is expected to fall within historical levels for the U.S. property and casualty (P&C) insurance sector. Although the U.S. experiences more tornadoes annually than any other country in the ... Read the full article
Midwest tornado reconstruction value estimated at $3.7bn: CoreLogic
15th December 2021
Analysts at CoreLogic have estimated that the reconstruction value of residential buildings that were potentially destroyed in states hit by the recent series of tornados is $3.67 billion, with insured losses likely to exceed $1 billion. Last Friday, devastating tornadoes broke out across the states of Arkansas, Illinois, Kentucky, Mississippi, Missouri, ... Read the full article
Recent tornado outbreak in the US an earnings event for P&C re/insurers: Fitch
14th December 2021
As initial estimates for the insured loss from the impacts of the recent tornadoes across a number of U.S. states start to be reported, Fitch Ratings expects this to be an earnings event for individual property and casualty (P&C) insurers and reinsurers. Earlier today, cat risk modeller KCC pegged the ... Read the full article
Aon warns of severe convective storm risk, pegs US tornados as multi-billion dollar event
14th December 2021
Aon analysis of the devastating tornado outbreak which swept several US states over the weekend echos other outlet's in its expectation for both economic and insured losses to reach into the billions of dollars. Analysts note how the severe convective storm (SCS) peril has become an increasingly expensive one ... Read the full article
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
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