Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Sasria says riot claims could hit US $1.34bn, reinsurance costs to rise
25th August 2021
South Africa's state-owned insurer, Sasria, has reported that it now anticipates the bill for claims from civil unrest and rioting in the country in July could reach as much as US $1.34 billion. At the same time, Sasria told Reuters that it will be raising its premiums for political violence protection, ... Read the full article
Improved underwriting results to continue for reinsurers, says Fitch
23rd August 2021
Global non-life reinsurers are poised to report improved underwriting results for 2022 as rate increases start to have an effect, with further rises supported by elevated catastrophe losses, still low interest rates and ongoing inflation concerns, according to Fitch Ratings. For the global reinsurance companies in Fitch's universe, net premiums written ... Read the full article
Insured loss from July flooding in Europe seen at up to USD 7.7bn by RMS
23rd August 2021
Catastrophe risk modeller RMS estimates that insurance and reinsurance industry losses from the July flooding in Western and Central Europe will likely range between €5 billion (USD 6 billion) and €6.5 billion (USD 7.7 billion). The devastating flooding occurred between July 12th and 18th, 2021, impacting parts of Western and Central ... Read the full article
Allstate braced for $227mn July cat losses
19th August 2021
US primary insurer Allstate has announced July catastrophe losses totalling an estimated $227 million, or $179 million after-tax. July saw 18 events rack up $211 million in losses, plus unfavourable prior period reserve estimates. In contrast, losses from the prior year period were $145 million and driven by hurricane Hanna and two ... Read the full article
Reinsurance to limit W&W’s up to €400m gross loss from July flooding
18th August 2021
Germany-based financial services company, the Wüstenrot & Württembergische Group (W&W), has said that it expects storm events and subsequent flooding in mid-July to drive gross expenses of up to €400 million. The company's loss estimate for the impacts of storm Bernd in Europe, which arrived in Central Europe in July, is ... Read the full article
Insured Haiti quake loss estimated at $250mn by KCC
17th August 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that insured losses from the M7.2 earthquake that hit Haiti last week will be around $250 million. However, with insurable, or economic, losses estimated at around $1.7 billion, only around 14.7% of the overall cost of the quake will be covered ... Read the full article
Munich Re’s profit rises to €1.1bn despite higher than expected COVID impact
10th August 2021
Global reinsurer Munich Re has announced profit of €1.1 billion for the second quarter of 2021, as profits improved in both its property and casualty (P&C) and life and health (L&H) reinsurance segments despite ongoing losses related to the COVID-19 pandemic. The company's reinsurance operation contributed €951 million to the consolidated ... Read the full article
Provinzial reports €761m of Bernd losses
6th August 2021
Primary German insurer Provinzial has estimated that it faces at least €761.3 million of losses following Storm Bernd, which caused catastrophic flooding in the country last month. The company had recorded a total of 33,142 claims related to the series of storms as of August 2nd. Of these, property business accounted for ... Read the full article
Retro cover to cap Deutsche Rück’s Bernd loss at €40-50mn
6th August 2021
German reinsurer Deutsche Rückversicherung AG (Deutsche Rück) has said that it is expecting only a “moderate” net loss of €40 million to €50 million from Storm Bernd, which brought catastrophic flooding to Germany last month. The storm is expected to drive overall economic losses of over $10 billion, with insured ... Read the full article
Hannover Re’s H1 profit rises as P&C result offsets COVID losses in L&H
5th August 2021
Global reinsurer Hannover Re has reported Group net income of €670.6 million for the first half of 2021, supported by a significant improvement in the performance of its property and casualty (P&C) business, somewhat offset by COVID-19 losses of €236.4 million in its life and health (L&H) operation. For H1 2021, ... Read the full article
RGA announces higher income in 2021 as COVID-19 claims subside
4th August 2021
Global life reinsurance carrier, Reinsurance Group of America, Incorporated (RGA), has reported a higher net income, year-on-year, for both the second quarter and first half of the year, while premiums increased by 11% to $3.1 billion. Overall, RGA has announced net income of $344 million for Q2 2021, compared with $158 ... Read the full article
July floods trigger Generali’s reinsurance coverage
3rd August 2021
Italian insurer Generali has confirmed that its July flood losses in Germany have been capped at €100 million, after the disaster triggered the company’s per occurrence reinsurance coverage. Catastrophic flooding and storms across parts of Western and Central Europe last month are expected to drive overall economic losses of over ... Read the full article
Germany sees drop in lightning damage claims, but losses up
3rd August 2021
New data from the General Association of the German Insurance Industry (GDV) shows that German insurers received fewer lightning damage reports than ever before in 2020. However, despite the lowest number of lightning damage, German household and residential building insurers again paid more compensation last year. Accordingly, the total damage increased by ... Read the full article
Swiss Re returns to profit as P&C improvement offsets COVID-related L&H loss
30th July 2021
Global reinsurance giant Swiss Re has reported net income of $1 billion for the first half of 2021, as an improved performance in its property and casualty (P&C) business more than offset a COVID-19 driven loss in its life and health (L&H) reinsurance division. Swiss Re's H1 2021 Group-wide profit would ... Read the full article
Germany to see roughly €5bn insured hit from July flooding, AIR says
28th July 2021
Catastrophe risk modeling firm AIR Worldwide has stated that insured losses in Germany from July’s flooding could approach €5 billion. For five days a low pressure system known as “Bernd” sat over central Europe and brought about significant flooding. Germany’s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in ... Read the full article
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