Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Hurricane Ida insured loss could reach $21 billion: CoreLogic
2nd September 2021
Analysis by catastrophe risk modeller CoreLogic estimates an overall loss from Hurricane Ida of between $27 billion and $40 billion, of which up to $21 billion could be covered by re/insurance protection. The economic loss range from CoreLogic is for losses from wind, storm surge and inland flooding damages to residential ... Read the full article
Ida losses “manageable” for diversified Louisiana insurers: AM Best
1st September 2021
Analysts at AM Best expect losses from Hurricane Ida to be “manageable” for Louisiana insurers, constituting more of an earnings event than a capital event. The rating agency notes that most of the insurers writing direct business in Louisiana are geographically well diversified, with only six having more than 75% of ... Read the full article
Hurricane Ida to drive insured losses of close to $18bn, says KCC
1st September 2021
Analysis by catastrophe risk modeller Karen Clark & Company (KCC) estimates that the insurance and reinsurance industry loss from Hurricane Ida will near $18 billion, the large majority of which is attributable to wind and storm surge losses in the U.S. This industry loss estimate from KCC includes privately insured damage ... Read the full article
AM Best stable on global reinsurance despite ongoing uncertainties
31st August 2021
Despite improved pricing trends across most business lines, AM Best says uncertainty and abundant capital has resulted in the issuance of stable outlook for the global reinsurance segment. Further compounding this were the unprecedented events of 2020, dominated by the COVID-19 pandemic and higher frequency of medium-sized catastrophe losses. AM Best believes ... Read the full article
Reinsurers could suffer meaningful losses from Hurricane Ida, warns Moody’s
31st August 2021
With the U.S. Gulf Coast being a peak catastrophe zone for reinsurance companies, analysts at Moody's have warned that the impact of Hurricane Ida could drive meaningful losses for those with exposure to Louisiana and surrounding states. Hurricane Ida hit Louisiana on Sunday as a Category 4 hurricane with 150 ... Read the full article
Hurricane Ida losses to shift more to reinsurers, but not expected to move rates
31st August 2021
Analysts have said that losses from Hurricane Ida could shift more to reinsurance as the heavy catastrophe load in the first half of 2021 saw primary insurers erode a significant amount of their catastrophe budgets. However, analysts don't expect the storm to have a meaningful impact on rates ahead of ... Read the full article
Hurricane Ida slams Louisiana as Cat 4 storm with 150mph winds
30th August 2021
Hurricane Ida roared ashore in Louisiana yesterday, with sustained winds of 150 mph and higher gusts after the hurricane rapidly intensified on approach to land. Ida remains a hurricane at this time and is now soaking the state, while still causing damage. Hurricane Ida's winds gained 65 mph in strength in ... Read the full article
Insured loss from flooding in Germany now estimated at €7 billion by the GDV
27th August 2021
Jörg Asmussen, General Manager of the German Insurance Association (GDV) has said that it is now expecting insurance and reinsurance industry losses of around €7 billion (USD 8.3 billion) for the July flooding that devastated parts of the country. The new estimate from the GDV comes as the extent of the ... Read the full article
Insurers face $330mn Storm Grace loss across Mexico & Caribbean: KCC
26th August 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that insured losses from Tropical Storm Grace will be $300 million in Mexico and $30 million in the Caribbean, for a total of $330 million. This estimate includes the privately insured damage to residential, commercial, and industrial properties. In the Caribbean, Grace ... Read the full article
Hurricane Henri insured loss estimated at $155mn by KCC
25th August 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that insured losses from Hurricane Henri, which impacted parts of the US Northeast earlier this week, will be close to $155 million. KCC’s estimate includes the privately insured damage to residential, commercial, and industrial properties and automobiles. Henri made landfall in Rhode ... Read the full article
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
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