Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Typhoon Faxai could drive domestic market loss of $2.8bn, says GIAJ
20th September 2019
Typhoon Faxai could result in a loss of JPY 300 billion (USD 2.8 billion) for the domestic insurance market in Japan, according to the General Insurance Association of Japan (GIAJ). At this level, losses would be roughly in line with 2018’s Typhoon Trami, GIAJ’s Chairman, Yasuzo Kanasugi, said at a press ... Read the full article
Storm Imelda losses will reach into hundreds of millions: Aon
20th September 2019
Tropical Storm Imelda, which caused devastating flooding after making landfall in Texas earlier this week, is expected to cause hundreds of millions of dollars of total economic losses, if not more, according to re/insurance broker Aon. Imelda brought wind speeds of 40 mph and more than 40 inches of rain to ... Read the full article
Spanish floods to drive industry loss upwards of €287mn, says Aon
20th September 2019
The major flooding that occurred in southeast and central Spain last week is likely to drive an insurance and reinsurance industry loss in excess of €287 million (US $318 million), according to analysts at Aon. The broker also estimated that insured losses would represent only a fraction of the total economic ... Read the full article
Combined, Typhoon Faxai to cost Sompo, MS&AD at least $2 billion
19th September 2019
Typhoon Faxai, which struck Japan on September 9th, will cost Japanese insurers MS&AD Insurance Group Holdings, Inc. and Sompo Japan Nipponkoa Insurance Inc. a combined USD 2 billion, at least. Typhoon Faxai hit Japan on September 9th, impacting the Tokyo area with some of the most severe damage seen in the ... Read the full article
Insurance consortium CCS expects €203mn loss from Spanish floods
19th September 2019
The Consorcio de Compensación de Seguros (the Insurance Compensation Consortium, or CCS) is expecting to face a loss of approximately €203 million as a result of the recent flooding in Spain. Record-breaking rainfall in the south-east of the country last week caused catastrophic flash-flooding, bursting river banks, sweeping away cars, and ... Read the full article
Jebi sized loss in Japan to hit re/insurers at least once every 20 years, says KCC
17th September 2019
Catastrophe risk modeller Karen Clark & Company (KCC) has revealed that according to its new high resolution Japan Typhoon Reference Model, insurers and reinsurers can expect losses of a similar magnitude to Typhoon Jebi at least once every 20 years, on average. KCC's model shows that re/insurers can anticipate insured losses ... Read the full article
Jebi losses stabilising, set to drive price firming in April: JMP Securities
16th September 2019
Analysts at JMP Securities believe that insured losses from Typhoon Jebi appear to be stabilising in the region of $15 billion to $16 billion. If losses do ultimately settle at this level, the cost to the insurance and reinsurance industry will have been more than twice as high as initial estimates ... Read the full article
Total industry losses from Dorian could reach $8.5bn: RMS
16th September 2019
Catastrophe risk modeller RMS has estimated that insured losses driven by Hurricane Dorian in the US, Canada and the Caribbean will total between US $4 billion and $8.5 billion. The firm previously released an industry loss estimate of between $3.5 billion and $6.5 billion for the impact of Dorian in ... Read the full article
AIR puts Typhoon Faxai insured industry loss at up to $7 billion
16th September 2019
Catastrophe risk modeller AIR Worldwide has estimated that insurance and reinsurance industry losses from Typhoon Faxai will be between $3 billion (JPY 340 billion) and $7 billion (JPY 740 million). Typhoon Faxai hit Japan on September 9th, impacting the Tokyo area with some of the most severe damage seen in the ... Read the full article
KCC pegs total insured losses from Dorian at $5.2bn
10th September 2019
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the total insured cost of Hurricane Dorian in both the Caribbean and the US will be $5.2 billion. The estimate reflects a $3.6 billion loss in the Caribbean and a $1.5 billion loss in the US, as well as losses ... Read the full article
Annual global cyber losses to reach $6 trillion by 2021
10th September 2019
With analysts suggesting that annual global cyber losses could reach US $6 trillion by 2021, Aon has gathered views from cyber-focused business leaders in the EMEA region on how to build more cyber-resilient organisations. This research, which was conducted by CyberSecurity Ventures, also forecast that cyber security spending is set to ... Read the full article
Dorian could drive industry loss of $6.5bn in the Caribbean, says RMS
10th September 2019
Hurricane Dorian is likely to drive an insured loss of between $3.5 billion and $6.5 billion in the Caribbean, according to estimates from risk modelling and analytics firm RMS. The estimate represents insured losses from wind and storm surge damage across the Caribbean, but most notably in the Bahamas, parts of ... Read the full article
Evolving risk landscape pivotal in shaping future of re/insurance: GC
8th September 2019
A recent report from Guy Carpenter has highlighted how players within the re/insurance industry are increasingly being forced to reassess their views of risk in light of loss accumulation from recent extreme weather events, uncertainty around climate change and higher loss cost trends in a number of long-tail business lines. Despite ... Read the full article
Re/insurers could face $3bn loss from Dorian in the Caribbean: AIR Worldwide
6th September 2019
Catastrophe risk modelling firm AIR Worldwide has estimated that industry insured losses resulting from Hurricane Dorian’s impact in the Caribbean will be between US $1.5 billion and $3 billion. Dorian is currently moving northeast away from the coast of North Carolina at 14 mph, having weakened considerably during its track along ... Read the full article
Carolinas brace for Dorian landfall, as Bahamas reels
5th September 2019
With Florida now largely out of danger, the Carolinas are bracing for dangerous storm surge and destructive winds from a newly strengthened Hurricane Dorian, which is threatening the states with a major landfall. The latest forecasts from the National Hurricane Center (NHC) show that Dorian has once again built up in ... Read the full article