Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Brokers expected to outperform carriers in Q3, KBW analysis indicates
19th October 2021
KBW analysts’ forecast for the third quarter results season are generally below consensus for the carriers and slightly above consensus for the brokers. Carrier estimate’s have been primarily driven by higher catastrophe losses, while broker’s are anticipated to achieve faster organic revenue growth. Notwithstanding slowly decelerating rate increases, analysts state that most ... Read the full article
Munich Re announces Bernd & Ida losses of €1.8bn in Q3
19th October 2021
For Q3 2021, global reinsurance giant Munich Re has pre-announced losses of roughly €600 million from the impacts of windstorm Bernd in Europe in July, and losses of around €1.2 billion from Hurricane Ida in the U.S. The cost of Bernd, which resulted in severe flooding and flash floods in Germany ... Read the full article
AXIS Capital estimates Q3 catastrophe losses of $250m
15th October 2021
AXIS Capital Holdings Limited, the Bermuda headquartered global specialty insurance and treaty reinsurance writer, has estimated that catastrophe losses from the third-quarter of 2021 will cost the company around $250 million, before tax ($219 million, after-tax). The main contributor to AXIS Capital's Q3 2021 catastrophe loss burden is, of course, hurricane ... Read the full article
Canary Islands eruption leads Aon’s monthly nat cat report
14th October 2021
Reinsurance broker Aon’s monthly natural catastrophe report reveals that the Cumbre Vieja volcano, located on the La Palma Island in the Canary Islands archipelago of Spain began a fissure eruption from several vents, and as of October 5, resulting lava flows destroyed nearly 1,000 homes and large areas of infrastructure. This ... Read the full article
Everest set for $635mn Q3 nat cat hit
14th October 2021
Global reinsurer Everest Re Group is expecting total pre-tax net catastrophe losses of $635 million for the third quarter of 2021, more than double the $305 million incurred during the entire first half of the year. In comparison, the reinsurer reported losses of $15 million for Q220 and $45 million for H120. In ... Read the full article
Insured cat losses more than double average year-to-date level: Jefferies
14th October 2021
Analysts at Jefferies have reported that insured natural catastrophe losses year-to-date are running 103% higher than the long-term average, and are already greater than the full-year claims burden for 2018, 2019 and 2020. This means losses are more than double what they would usually be at this stage in the year ... Read the full article
Intact Financial estimates Q3 cat losses at $356mn
13th October 2021
Canadian property and casualty (P&C) insurer Intact Financial Corporation has announced that its estimated catastrophe losses for the third quarter of 2021 are $365 million, pre-tax. Claims mostly reflected the impact of severe weather events including rain and hail storms in Alberta, Ontario, and Atlantic Canada, as well as flooding in ... Read the full article
RenaissanceRe reveals huge $725m hit from Q3 catastrophes
13th October 2021
Bermuda headquartered reinsurance specialist RenaissanceRe Holdings Ltd. has estimated that its net claims burden from catastrophe events around the world in the third-quarter of 2021 will amount to a huge $725 million. Calling the expected loss a "net negative impact" RenaissanceRe said that the majority will come from hurricane Ida's impacts ... Read the full article
Cyber exposures totalling $12.5bn flagged in US Property market
12th October 2021
Cyber exposures accumulating in the US property insurance market could result in $12.5bn in non-physical damage losses and cause certain carriers’ capital adequacy ratios to deteriorate, according to a new study conducted by CyberCube, AM Best and Aon. A loss of that size represents a one-in-100-year event; enough to cause a ... Read the full article
AU$394mn industry hit from Cyclone Seroja, says PERILS
12th October 2021
Independent provider of industry-wide catastrophe insurance data PERILS has today released an industry loss footprint for Tropical Cyclone Seroja that totals AU$394 million. This compares to the figure of $434 million issued by PERILS three months after the event. While the industry loss resulting from Tropical Cyclone Seroja remains below the PERILS ... Read the full article
Arch Capital estimates $330m to $345m of losses from Q3 catastrophes
12th October 2021
Arch Capital Group, the Bermuda headquartered, globally active insurance and reinsurance company, has pre-announced an expectation of third-quarter natural catastrophe losses of between $330 million to $345 million. The high catastrophe estimate is given on a net of reinsurance or retrocession recoveries and pre-tax basis and affects Arch Capital's property casualty ... Read the full article
RLI announces Q3 cat losses of up to $35mn, net of reinsurance
7th October 2021
U.S. property and casualty insurance company, RLI Corp., has pre-announced estimated pre-tax catastrophe losses of between USD 30 million and USD 35 million for the third-quarter of 2021. RLI is scheduled to release its third-quarter 2021 financials after the market closes on October 20th. The insurer's loss range of USD 30 million ... Read the full article
Despite improvements, COVID-related BI & cat losses a challenge for reinsurers: DBRS
5th October 2021
In the first half of 2021, major property and casualty (P&C) reinsurers were on track for a record year, but despite the improved performance, analysts at DBRS warn of uncertainty around pandemic-related business interruption (BI) losses and the impacts of natural catastrophes. Estimated global insured catastrophe losses stood at $42 billion ... Read the full article
Horace Mann faces $40mn in Q3 cat losses, more than half from Ida
5th October 2021
Horace Mann Educators Corporation, an insurance and retirement solutions company for US educators and school employees, has estimated that its catastrophe losses for the third quarter of 2021 will be between $35 million and $40 million, pre-tax. Notably, $20 million to $25 million of this figure is expected to be driven ... Read the full article
Swiss Re pegs Hurricane Ida loss at $750mn
5th October 2021
Global reinsurance giant Swiss Re has announced that it expects an estimated impact of USD 750 million from Hurricane Ida, based on insurance and reinsurance industry losses of between USD 28 billion to USD 30 billion. Hurricane Ida made landfall as a Category 4 storm near Port Fourchon, Louisiana, about 60 ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
