Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Re/insurance industry losses from Irma surpass $9.7bn
18th June 2018
According to data from the Florida Office of Insurance Regulation, claims data filed from insurers as of June 12th, 2018, show that the total estimated insurance and reinsurance industry loss from hurricane Irma has increased to more than $9.7 billion. Artemis reported in April that data from the Florida regulator ... Read the full article
Damage from Australia’s Hobart storm reaches $50mn: Impact Forecasting
21st May 2018
Overall economic damage from the storm that hit the Australian city of Hobart, Tasmania over May 10-11 is currently estimated by local officials to have reached around AUD $50 million (USD $38 million), according to Impact Forecasting, Aon Benfield’s catastrophe risk modeller. A complex low-pressure system brought rain, wind, hail and ... Read the full article
Allstate estimates $211mn of catastrophe losses for April
18th May 2018
Following 10 events throughout April totalling a pre-tax estimated cost of $195 million and unfavorable reserve reestimates of prior reported cat losses, The Allstate Corporation (ALL) has announced an overall estimated catastrophe loss of $211 million for the month, pre-tax ($167mn after-tax). Accounting for approximately 60% of catastrophe losses for April ... Read the full article
Insured losses from Canada’s April ice storms reach $190mn, reports CatIQ
14th May 2018
The ice storms which ravaged Canada’s eastern provinces of Ontario and Quebec in mid-April will cost re/insurers around CAD $190 million (USD $149 million), according to Catastrophe Indices and Quantification (CatIQ), a loss index and estimates provider. Strong winds, flooding, heavy snow, and ice build-up affected the provinces’ southern regions over ... Read the full article
April storms drive $2.3 billion economic loss in the U.S.
10th May 2018
Impact Forecasting, the catastrophe risk modelling unit of reinsurance broker Aon Benfield, has reported that severe April storms resulted in combined economic losses of $2.3 billion in the U.S., with approximately $1.5 billion of this covered by re/insurance. According to the firm's April Global Catastrophe Recap, five separate storm systems caused ... Read the full article
Reinsurers exposed to Direct Line losses as weather budget exhausted
3rd May 2018
Direct Line Insurance Group PLC has reported that the UK’s ‘Beast from the East’ cold spell over February and March has already utilised the company’s full annual weather budget, potentially exposing reinsurers to any further weather-related losses the company suffers over 2018. UK primary insurer Direct Line, which also sells home ... Read the full article
10 years of catastrophes cost Canadian re/insurers $17.4bn: CatIQ
24th April 2018
April 2018 marked the month that Canada exceeded 100 catastrophes over the span of a decade, with combined losses estimated to have cost the Canadian re/insurance industry around CAD $17.4 billion (USD $13.6 billion). Catastrophe Indices and Quantification, Inc. (CatIQ), Canada’s loss index provider, stores insured loss catastrophe data back to ... Read the full article
Allstate estimates $361mn of pre-tax catastrophe losses in Q1
20th April 2018
Primary insurance giant Allstate has announced estimated pre-tax catastrophe losses for the first-quarter of 2018 of $361 million ($285mn after-tax), with the majority of this occurring in the month of March. The insurer expects catastrophe losses in March alone to reach $222 million pre-tax ($175 million after-tax), which amounts to approximately ... Read the full article
The Hanover Insurance Group estimates Q1 cat losses of up to $76mn
17th April 2018
The Hanover Insurance Group has announced that the estimated impact of catastrophe activity on its first quarter 2018 results is in the range of US $66 to $76 million before taxes. The Hanover announced the results in line with their recently implemented policy of releasing quarterly catastrophe loss estimates if they ... Read the full article
Everest Re’s Q1 cat losses reveal rising California wildfire costs
12th April 2018
Everest Re Group has reported that it expects to incur $100 million of estimated catastrophe losses in the first quarter of 2018, largely due to rising industry loss estimates from the California wildfires, which are now projected at over $13 billion. Loss estimates have risen dramatically since the fourth quarter of ... Read the full article
Adverse weather in March drives $3bn economic loss in the U.S: Aon Benfield
6th April 2018
According to reinsurance broker Aon Benfield's catastrophe risk modelling unit, Impact Forecasting, active weather events in March are expected to cost the U.S. economy $3 billion, with approximately $2 billion of this being assumed by insurers and reinsurers. Impact Forecasting has released its March 2018 Global Catastrophe Recap report, which states ... Read the full article
January storms expected to cost European insurers over $2 bn
9th February 2018
The Atlantic storm systems that impacted Western and Central Europe in January are expected to cost European insurers more than $2 billion, according to Aon's latest catastrophe report. The German Insurance Association (GDV) said the most significant windstorm Friederike, was the costliest windstorm in the country since Windstorm Kyrill in 2007, ... Read the full article
California mudslide losses will reach into tens of millions: Aon
12th January 2018
The devastating mudslides that struck southern California after torrential rains are likely to cause an economic loss of over $100 million and insured losses of at least tens of millions of dollars, according to an Aon Benfield division. The latest weekly catastrophe recap report from Aon Benfield's Impact Forecasting unit explains ... Read the full article
American Financial Q3 catastrophe losses estimated at $105 million
4th October 2017
American Financial Group’s (AFG) initial third quarter losses for catastrophe events including Hurricanes Harvey, Irma and Maria and the Mexico earthquakes are estimated at $105 million net of reinsurance coverage, pretax, and inclusive of reinstatement premiums and other associated offsets. On an after-tax basis, this amount represents $0.95 per share. AFG is backed ... Read the full article
Higher catastrophe losses dent Travelers’ Q2 performance
21st July 2017
High levels of both catastrophe and non-catastrophe weather losses saw insurer Travelers record lower net income in the second-quarter of 2017 when compared with the previous year, while the insurer's combined ratio weakened to 96.7%. The firm has reported pre-tax catastrophe losses, net of reinsurance, of $433 million for the second-quarter ... Read the full article
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