Reinsurance News


News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.

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

Reinsurers face losses from South Africa storm and fires

9th June 2017

Losses from South Africa's recent Cape storm and fires in Knysna have made it a tough start to the year for insurers in the region, as analysts warn the industry will come under pressure to manage the growing claims costs, although a cushion will be provided by reinsurance cover. Earlier this week Cape ... Read the full article

Canada hit with heavy flooding, too early to call losses

16th May 2017

Canadian provinces of British Columbia, Quebec, Ontario, and the Canadian Maritimes were hit with severe floods after persistent, heavy rainfall combined with snowmelt, causing rivers and lakes in the region to swell. Losses are expected to be felt in the millions of dollars (USD), but it's too early to call industry ... Read the full article

Insured losses reach AU$42 million after Sydney freak summer storm

20th February 2017

The Insurance Council of Australia (ICA) has reported insured losses of AU $42 million (US$32 million) and rising after a freak summer storm ravaged Sydney and parts of New South Wales. And insured loss estimates for the NSW bushfires have risen to AU$28.5 million (US $21 million) - a figure that ... Read the full article

U.S. weather & Chile fires lead January Catastrophe losses: Aon Benfield

8th February 2017

U.S. severe weather and Chile wildfires have led January’s catastrophe loss events, with U.S. weather losses exceeding $1 billion and Chile following with $890 million in losses after its worst wildfire event in modern history. Aon Benfield’s monthly Global Catastrophe report has released figures for January, revealing a month ... Read the full article