Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
PERILS raises final Sydney hail property loss estimate to AU $798mn
20th December 2019
Catastrophe loss data aggregator PERILS has released its fourth and final property loss estimate for the hailstorms that affected the greater Sydney region in December 2018, raising the figure to AU $798 million (US $550 million). The estimate, which comes a full year after the original event, also includes the property ... Read the full article
Allstate’s catastrophe losses fall to $33mn in November
19th December 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of November 2019 were $33 million, pre-tax ($26 million, after-tax). The US primary insurer reported that its catastrophe losses in November comprised just four events. Together, these events are estimated to have cost Allstate $19 million ($15 million, after-tax). The ... Read the full article
Global insured cat losses well below average at $56bn: Swiss Re
19th December 2019
Preliminary estimates from Swiss Re Institute suggest that total economic losses from natural and man-made disasters were around $140 billion in 2019, of which $56 billion were covered by insurance and reinsurance. Notably, insured losses are down significantly from the $93 billion recorded last year, and are well below the annual ... Read the full article
MAPFRE expects up to $156mn hit from Faxai, Hagibis & Chile unrest
16th December 2019
MAPFRE has revealed that it expects to assume losses of between €130 million - €140 million (USD 145mn - USD 156mn) as a result of the impacts of typhoons Faxai and Hagibis, and to a lesser amount, the damages caused by the recent disturbances in Chile. The insurer and reinsurer has ... Read the full article
Flooding & storms to drive multi-billion-dollar losses in Europe: Aon
6th December 2019
The flooding and inland storms that impacted parts of western and southern Europe in November are likely to drive multi-billion-dollar economic losses, according to re/insurance broker Aon. The economic impact in Italy alone is expected to near $2 billion, Aon said in its Global Catastrophe Recap report for the month, with ... Read the full article
Hiscox set to drop out of FTSE 100
2nd December 2019
Specialist re/insurer Hiscox is set to drop from the FTSE 100 this week as ongoing claims arising from hurricane Dorian and typhoons Hagibis and Faxai continue to dent profitability. The insurer last month set aside $165 million to cover the aforementioned storms and have seen its share price fall 12% since ... Read the full article
France & Italy brace for hundreds of millions in flood losses: Aon
29th November 2019
Flooding this week in parts of southeastern France and northwestern Italy along the Mediterranean coast is likely to drive economic losses in the hundreds of millions of euros range, if not higher, according to re/insurance broker Aon. Parts of France and Italy were hit with torrential rains between November 21 and ... Read the full article
AXIS announces Typhoon Hagibis loss of up to $110mn
26th November 2019
Bermudian insurer and reinsurer AXIS Capital Holdings Limited has announced a pre-tax loss estimate for Typhoon Hagibis of between $90 million and $110 million, net of recoveries from reinsurance and retrocession, and including the impact of reinstatement premiums. AXIS Capital states that its loss estimate is in line with industry insured ... Read the full article
Allstate estimates $237mn of catastrophe losses for October
21st November 2019
The Allstate Corporation has announced pre-tax catastrophe losses of $237 million ($187 million after-tax) for the month of October. The U.S. primary insurer states that catastrophe losses in the month of October comprised of 12 individual events. 60%, or $142.2 million of the pre-tax ($112.2 million after-tax) loss total for the month ... Read the full article
GIAJ puts Typhoon Faxai costs at $2.45bn, with Hagibis claims growing
20th November 2019
Claims payments from Typhoon Faxai have reached $2.45 billion, according to the General Insurance Association of Japan (GIAJ), as the amount of claims stemming from Hagibis also continues to grow. Recent estimates from catastrophe modeller RMS indicate that the eventual cost of Faxai will be between $5 billion and $9 ... Read the full article
Insurance claims at $115m as Australia bushfires continue
20th November 2019
As bushfires continue to rage across New South Wales and Queensland the Insurance Council of Australia has announced estimated industry losses of AU $115 million (US$78 million). Blazes across the two eastern states have so far destroyed more than 500 houses and blanketed Sydney in bushfire smoke, prompting dozens of calls ... Read the full article
Sunshine Coast hailstorm declared catastrophe, losses to be above $40mn: ICA
18th November 2019
The Insurance Council of Australia (ICA) has declared a catastrophe following severe hailstorms that hit the Sunshine Coast yesterday, causing extensive damage across south-eastern Queensland. Severe thunderstorm activity South of Rockhampton combined with numerous significant storm cells on Sunday November 17th, resulting in large to giant hail hitting parts of Brisbane ... Read the full article
Northern England flooding could drive up to £120m in claims: PwC
13th November 2019
Extreme weather in northern England which over recent weeks has caused widespread damage and flooding could see claims payouts of between £80 million and £120 million, according to PwC. Over 500 properties have been flooded and 1,200 households evacuated as certain parts of the region was hit with a month’s worth ... Read the full article
Insurance claims at $50mn as bushfire threat continues: ICA
13th November 2019
Insured losses from the bushfires currently burning through New South Wales (NSW) and Queensland are currently estimated to be around AU $50 million (US $34 million), according to the Insurance Council of Australia (ICA). The ICA reported that insurers had received 450 bushfire related claims from the regions so far, with ... Read the full article
Economic losses from Hagibis to exceed $10bn: Aon
8th November 2019
Economic losses caused by Typhoon Hagibis in Japan are likely to exceed US $10 billion, with insured losses minimally in the billions, according to the latest Global Catastrophe Recap report from re/insurance broker Aon. Aon estimates that more than 93,250 structures were damaged or destroyed by Hagibis, which made landfall along ... Read the full article