Reinsurance News

Losses

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

$125m insured losses expected from tropical storm Gordon: KCC

6th September 2018

High resolution modelling by Karen Clark & Co (KCC) estimates that the insured loss from Tropical Storm Gordon, which made landfall near the Alabama/Mississippi border on September 4 with 70 mph sustained wind speeds, will be close to $125 million. Modelled estimates include losses to residential, commercial, and industrial properties as ... Read the full article

90% of Peru’s $660mn insured El Niño losses absorbed by reinsurers

24th August 2018

Insured losses resulting from the El Niño coastal phenomenon (FEN) totalled US $660 million for the period ending June 2018, although 89.02% of this figure was absorbed by the international reinsurance markets, according to Peru’s Superintendency of Banking and Insurance (SBS). "The reports presented by Rímac Seguros, La Positiva, Mapfre Perú, ... Read the full article

Insured claims from hurricane Irma reach $10.5 billion, says Florida regulator

23rd August 2018

The Florida Office of Insurance Regulation (FOIR) has reported that insured claims from last year's hurricane Irma counted by the regulator has increased by a further 8% to almost $10.5 billion, as loss creep from the storm continues. The Florida regulator states that claims are being closed, although, according to an ... Read the full article

Hawaii braces for $8bn property damage as Hurricane Lane approaches

23rd August 2018

More than 48,000 homes are threatened with flood damage as Hurricane Lane bears down on the U.S state of Hawaii, with total reconstruction costs expected to total around $8 billion, according to catastrophe risk modelling specialist CoreLogic. While unlikely to make a direct landfall, Hurricane Lane became a strong Category 5 ... Read the full article

Insured losses from Greece’s deadly Attica fires reach €33.7mn

23rd August 2018

The Association of Insurance Companies of Greece (EAEE) has estimated that the total initial value of insurance pay-outs relating to the deadly fires which burnt through the Attica region on July 23 amounts to at least €33.7 million (US $39.1 million). More than 15 fires broke out simultaneously last month in ... Read the full article

Half of Australia’s Hobart storm claims paid as insured losses reach $100mn

21st August 2018

The Insurance Council of Australia (ICA) has announced that over half of the insurance claims relating to the flooding and storm that hit the Australian city of Hobart, Tasmania over May 10-11 have now been closed as the insurance bill nears AUD $100 million (USD $73 million). The $99.72 million figure ... Read the full article

Reinsurers likely to raise India flood rates following Kerala loss

21st August 2018

Re/insurance experts in India are expecting to see an increase in the premium charged by reinsurers for covering flood risk following the recent disaster in the Kerala region, which has caused estimated economic losses in excess of US $3 billion, according to the Indo-Asian News Service (IANS). IANS reported that ... Read the full article

AIR pegs insured property/auto damage from Japan floods at up to $4 billion

20th August 2018

Global catastrophe risk modeller, AIR Worldwide, has estimated that the intense rainfall and flooding that hit southwest Japan in June and July of 2018, claiming the lives of at least 200 people, will drive an insurance industry loss of as much as JPY 423 billion (US$4 billion). AIR Worldwide notes that ... Read the full article

Genoa bridge collapse to cost insurers up to $685 million: J.P. Morgan

20th August 2018

Analysts at J.P. Morgan have estimated that the Genoa bridge collapse will result in an insurance industry loss of up to €600 million (US$685 million), driven primarily by property damage and business interruption (BI) losses. Amid extremely heavy rainfall, a 200m section of the Morandi bridge, which is the main road ... Read the full article

Kerala, India floods to cost $3bn, insurers told to expedite claims

20th August 2018

Severe flooding in the Kerala region of India is now expected to drive economic losses of at least US $3 billion, while the toll for the insurance industry is anticipated to rise. Based on the scale of the flooding and the still developing catastrophe in the Kerala region this estimate could ... Read the full article

Society must prepare for more frequent and severe extreme weather events: Swiss Re

17th August 2018

Martin Bertogg, Head of Catastrophe Perils at reinsurance giant Swiss Re, has called on society to adapt and prepare for increasingly frequent and severe occurrences of extreme weather conditions, such as the heatwaves and dry spells witnessed in recent times. The Swiss Re Institute, a division of Switzerland-based reinsurer Swiss Re, ... Read the full article

Lloyd’s syndicates hit by further loss creep

17th August 2018

Data from the specialist Lloyd's of London insurance and reinsurance marketplace, reveals that the most recent syndicate projections for the 2017 year of account (YoA) includes further loss deterioration in Q2, at the mid-point. According to the data, which details Lloyd's syndicates' capacity for the 2017 YoA and both the best ... Read the full article

U.S economic hail losses to exceed $10bn for 11th year, say experts

17th August 2018

2018 is looking likely to become the 11th year in a row that U.S economic losses from hail have exceeded $10 billion, a figure set to increase as population growth drives up potential for property and infrastructure damage. Furthermore, in all decades since 1960, except for 2000 - 2009, insured losses ... Read the full article

Combined Irma loss creep exceeds $1bn for Floridian insurers

16th August 2018

The devastation caused by hurricane Irma continues to impact Floridian insurance companies, with a number of market players increasing their loss reserves as creep from the storm continues. Recorded as the strongest storm to exist in the open Atlantic region, hurricane Irma devastated parts of South U.S., especially Florida, as well ... Read the full article

Allstate’s YTD catastrophe loss bill falls by 22%

16th August 2018

The Allstate Corporation (Allstate) has announced estimated catastrophe losses for the month of July of $262 million, pre-tax ($207 million after-tax), driven primarily by two severe hail events and the Carr wildfire in Northern California. 15 events in July, 2018 saw catastrophe losses alone contributed $220 million, pre-tax, of the overall ... Read the full article