Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
California regulator’s data shows over $9bn insured wildfire loss
13th December 2018
Preliminary claims data from the California Department of Insurance reflects $9.05 billion in actual losses for commercial and residential coverage, personal and commercial vehicles, and agricultural and other coverages from November’s Camp, Woolsey and Hill wildfires. It’s important to underline the preliminary nature of this estimate and that the market is ... Read the full article
Allstate hit with $670m Camp and Woolsey wildfire losses
13th December 2018
American insurer Allstate has announced pre-tax catastrophe losses for the month of November of $685 million ($541 million, after-tax), of which $670 million ($529 million, after-tax) is attributable to California’s Camp and Woolsey wildfires and reflect the impact of reinsurance recoveries and reinstatement premiums. Allstate has said it has already provided ... Read the full article
Blue Capital Re anticipating $17mn losses from Q4 cats
12th December 2018
Blue Capital Reinsurance Holdings Ltd., the Bermuda-based reinsurer owned by Sompo International Holdings Ltd., is expecting to incur catastrophe losses of around $17.0 million in the fourth quarter of 2018, including losses related to Hurricane Michael and the California wildfires. The company explained that its Q4 catastrophe loss estimate was net of ... Read the full article
Munich Re puts 2018 insured typhoon losses at $9.5bn, Jebi at $6bn
7th December 2018
Munich Re has estimated that insured losses from typhoons in the Northwest Pacific are likely to total $9.5 billion for 2018, of which $6 billion is attributable to Typhoon Jebi, which made landfall in Japan on September 4. The loss estimate for Jebi is substantially higher than figures provided by the ... Read the full article
Horace Mann anticipating $39mn hit from Camp Wildfire
7th December 2018
Horace Mann Educators Corporation, an insurance and retirement solutions company for U.S educators and school employees, has estimated that it will incur losses of between $38 million and $39 million (pre-tax) from the recent Camp Wildfire in California. The company said its estimate was net of anticipated reinsurance recoverables offset by ... Read the full article
AIR Worldwide puts insured Camp Wildfire losses at up to $9 billion
6th December 2018
Catastrophe risk modelling firm AIR Worldwide has estimated that insured losses from the Camp Wildfire, which burnt through California’s Butte County last month, will be in the range of $6 billion to $9 billion. The Camp Wildfire became the deadliest and most destructive wildfire in California’s history after devastating the town ... Read the full article
Beazley expects $40m wildfire hit, net of reinsurance
6th December 2018
Beazley, the specialist re/insurer with a focus on Lloyd's, has announced an estimate of its potential losses from the recent California wildfires, putting them at $40 million, after accounting for reinsurance. The wildfires are set to hit specialty underwriters like Beazley hard, given they could have exposure across a number of ... Read the full article
AIG’s aggregate reinsurance at risk on up to $800m Q4 cat loss
5th December 2018
Global insurer and reinsurer American International Group (AIG) has announced estimated catastrophe losses of between $750 million and $800 million for the fourth-quarter of 2018, according to the company's Chief Executive Officer (CEO), Brian Duperreault. Speaking at the Goldman Sachs U.S. Financial Services Conference held recently in New York, insurance and ... Read the full article
Munich Re estimates insured Michael losses at $10bn, Florence at $4bn
5th December 2018
Hurricanes Michael and Florence, which battered the east coast of the U.S earlier this year, are likely to have caused insured losses of $10 billion and $4 billion, respectively, according to new estimates from reinsurance giant Munich Re. Insured losses from Hurricane Michael represent 60% of a total economic loss of ... Read the full article
The Hartford estimates Q4 cat & wildfire losses of up to $365m
5th December 2018
Property and casualty insurer The Hartford is anticipating a post-tax, fourth quarter net catastrophe hit of between $350 million and $365 million, a figure which includes the Camp and Woolsey fires in California as well as hurricane Michael. In reaction to this loss announcement, equity analysts at Credit Suisse ... Read the full article
Chubb estimates Q4 wildfire losses at $225mn
4th December 2018
Global insurer and reinsurer Chubb has estimated that it will incur roughly $225 million pre-tax ($195 million after tax) of catastrophe losses attributable to the California wildfires over the fourth quarter of 2018. This estimate does not include losses from other global weather and catastrophe events over Q4, such as Hurricane ... Read the full article
Marriott data breach to be tracked as PCS Global Cyber loss
3rd December 2018
As details continue to emerge from last week’s announcement of a major cyber hack and resulting data breach of one of the Marriott hotel chain’s reservation systems, expectations of a significant cyber insurance and possibly reinsurance market loss has prompted Property Claim Services (PCS) to designate the event. Reinsurance News ... Read the full article
$2.5 billion industry hit from Woolsey wildfire: AIR
3rd December 2018
Catastrophe risk modeller AIR Worldwide has estimated the insured loss from the Woolsey fire, which tore through Southern California for 13 days last month, at $2.5 billion. This estimate is based on the assumption of nearly 100% take-up rates as damage from fire, including wildfire, is included in standard homeowners' policies ... Read the full article
AXA anticipating $70bn cat losses in 2018, says AXA XL CEO Hendrick
30th November 2018
AXA Group is expecting the global insurance industry to incur at least $70 billion of natural catastrophe losses over 2018, AXA XL's Chief Executive Officer (CEO) Greg Hendrick told attendees at the Group’s annual investor day on Wednesday. “That makes '17 and '18 together the single largest two-year period,” Hendrick noted. ... Read the full article
Market expects sizeable cyber loss from Marriott hotel chain data breach
30th November 2018
The insurance and reinsurance market is awaiting official notification for a sizeable cyber loss from the Marriott hotel chain, after a data breach exposed up to 500 million customer details, Reinsurance News understands. This cyber loss has literally just hit the mainstream press headlines in the last hour and involves around ... Read the full article
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