Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
Sasria counting on government aid with $386mn of riot claims paid
5th October 2021
South Africa’s state-owned insurer, Sasria, says it has paid around R5.8 billion (USD 386 million) of claims two months on from the unprecedented civil unrest and rioting in the country. The insurer also acknowledged there are “valid” concerns about its ability to honour claims, following warnings that the eventual bill Read the full article
Over-reserving sees PERILS drop Australia flood loss estimate to AU$751mn
24th September 2021
Catastrophe insurance data provider PERILS has cited over-reserving as the sole driver behind its significantly lower industry loss estimate from the New South Wales and Queensland flooding in March; what six weeks ago was AU$1.055 billion now stands at $751 million. Between March 18 and 24 the East Coast of Australia ... Read the full article
RMS says hurricane Nicholas insured loss could reach $2.2bn
24th September 2021
Hurricane Nicholas, which made landfall near Matagorda, Texas as a minimal Category 1 hurricane on September 14th, is expected to drive insurance industry losses in the U.S. of between USD 1.1 billion and USD 2.2 billion, according to analysis by RMS. This RMS estimate represents insured losses associated with wind, storm ... Read the full article
The Hanover Q3 cat losses could reach $165m, nearly half from Ida
22nd September 2021
Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has released a preliminary estimate of its catastrophe losses for the third quarter of 2021, which it says will be in the range of $150 million to $165 million, before tax. Estimated losses from Hurricane Ida alone are approximately $75 ... Read the full article
KCC pegs Nicholas’ industry cost at $950mn
20th September 2021
Based on its high-resolution US Hurricane Reference Model, KCC estimates that the insured loss from hurricane Nicholas will be close to $950 million. On September 9, a tropical wave formed over the western Caribbean Sea and moved toward the northwest steadily until it reached the southern Gulf of Mexico the following ... Read the full article
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