Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Insured losses from Germany floods rise to an estimated €4.5-5.5bn, says GDV
27th July 2021
The German Insurance Association (GDV) has updated its insurance and reinsurance industry loss estimate for the recent flooding that devastated parts of the country to between €4.5 billion and €5.5 billion, of which around two-thirds are for damages in Rhineland-Palatinate. Over July 13th to 18th, major flooding impacted parts of Central ... Read the full article
BMA pegs Bermuda re/insurers’ Uri payments to US clients at $2.7bn
23rd July 2021
The Bermuda Monetary Authority (BMA) has said that Bermuda insurers and reinsurers are set to incur gross claim losses of $2.7 billion as payments to U.S. policyholders and cedents as a result of the impacts of winter storm Uri. The devastating storm arrived on the country’s President’s Day weekend bringing damaging ... Read the full article
Aon expecting $10bn economic hit from recent European floods
23rd July 2021
The catastrophic floods seen recently across parts of Western and Central Europe are expected to drive preliminary economic losses of over $10 billion, according to a new Aon report. Torrential rainfall caused by a slow-moving area of low pressure “Bernd” resulted in catastrophic flooding across parts of Western and Central Europe ... Read the full article
Heritage reports Q2 weather losses of $35mn
22nd July 2021
Super-regional property and casualty insurance holding company Heritage is expecting to incur net current accident catastrophe losses of around $35.5 million in the second quarter. Of this amount, $11 million is represented by net current accident quarter weather losses. Heritage also expects to incur $9.4 in additional ceded premium for the quarter, reflecting ... Read the full article
Aon pegs first-half insured catastrophe losses at $42bn
21st July 2021
Analysts at re/insurance broker Aon have estimated that insured catastrophe losses during the first half of 2021 amounted to $42 billion. This is roughly in line with the 10-year average of $41 billion, but 39% above the average for the 21st Century so far, which stands at roughly $30 billion. On the ... Read the full article
Insured loss from North Rhine-Westphalia & Rhineland-Palatinate floods at €4-5bn: GDV
21st July 2021
The devastating flooding experienced in the German states of North Rhine-Westphalia and Rhineland-Palatinate is expected to drive insurance and reinsurance industry losses of between €4 billion and €5 billion, according to the German Insurance Association (GDV). Last week’s flooding impacted parts of Central and Western Europe, including Belgium, the Netherlands, and ... Read the full article
H1 catastrophes eat through almost 80% of Travelers agg reinsurance retention
21st July 2021
Despite US primary insurer Travelers reporting a slowdown in catastrophe losses for the second quarter, year-to-date, the firm has accumulated approximately $1.5 billion of qualifying losses towards its aggregate retention of $1.9 billion. When reporting its Q2 2021 financials yesterday, Travelers announced catastrophe losses, net of reinsurance, of $475 million. While ... Read the full article
Munich Re’s Q2 profit hits €1.1bn; COVID losses in L&H exceed expectations
20th July 2021
Global reinsurer Munich Re has said that while major-loss costs in its property / casualty (P&C) reinsurance operation came in below average for the second-quarter of 2021, COVID-19 had an adverse effect on its life & health (L&H) business in the period. For the second-quarter of 2021, Munich Re has announced ... Read the full article
PCS looking at $1bn industry loss from South Africa riots
20th July 2021
Property Claim Services (PCS), a Verisk business, is currently looking at an insurance industry loss of between US $600 million and $1 billion from the South Africa riots, PCS Head Tom Johansmeyer has told us, although the ultimate cost is still dependent on a number of variables. This range is based ... Read the full article
Berenberg says European floods to cost reinsurers up to €3bn
20th July 2021
Analysts at Berenberg have warned that recent flooding in parts of Europe will drive reinsurance industry losses of between €2 billion and €3 billion, while the economic hit from the event is projected to be much higher. Last week’s flooding impacted many parts of Central and Western Europe, including Belgium, the ... Read the full article
2021 one of the worst years this century for Germany’s nat cat claims: Fitch
19th July 2021
Factoring in typical levels of hailstorm activity this summer and expected winter storm-related claims, Fitch Ratings says 2021 could be one of the worst years for German so far this century in terms of natural catastrophe claims. Furthermore, Fitch Ratings estimates that the severe floods in Germany could add up to ... Read the full article
Allstate’s June cat losses hit $154m, bringing Q2 total to $752m
16th July 2021
US primary insurer Allstate has announced estimated catastrophe losses for the month of June of $195 million or $154 million, after-tax. Together with losses of $598 million between the months of April and May, this brings Allstate’s total catastrophe losses for the second quarter of 2021 to $752 million, after-tax. Catastrophe losses ... Read the full article
Insured losses from flooding across Europe to reach into the billions
16th July 2021
The insurance and reinsurance industry is expecting losses in the billions of Euros as a result of catastrophic flooding across parts of Europe, with the event poised to become one of the costliest flood episodes on record. In Germany, hundreds of people are missing and more than 100 lives have been ... Read the full article
KCC estimates Storm Elsa insured costs at $290m in US & Caribbean
12th July 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured loss to onshore properties from Hurricane Elsa will be around $290 million. This figure consists of around $240 million in the US from both wind and storm surge and $50 million in the Caribbean from wind. Elsa was the ... Read the full article
Olympics crowd ban could cost reinsurers up to $400m: Fitch
12th July 2021
Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector between $300 million and $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. However, the rating agency notes that this total is only 10%–15% of the amount reinsurers would ... Read the full article
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