Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Aon warns of $4.5bn insured loss from June storms in Europe
12th July 2021
Re/insurance broker Aon has estimated that total insured losses from the prolonged stretch of severe weather that impacted Europe between June 17th and 25th could exceed $3.4bn, with overall losses reaching even higher. And looking at the larger period of storm outbreaks up to June 30th, insured losses could reach $4.5 ... Read the full article
Actuaries forecast €2.5bn+ loss following European storms
2nd July 2021
Actuaries from Meyerthole Siems Kohlruss (MSK) are forecasting that insurance industry losses from the severe weather that impacted parts of Europe over the last ten days could exceed €2.5 billion. The estimate follows analysis from Aon’s Impact Forecasting unit, which put the cost of the storms in the region of hundreds ... Read the full article
Fukushima quake largest insured loss outside US at $2.63bn: CRESTA
1st July 2021
CRESTA, the insurance industry organisation that provides a global standard for risk accumulation zones and industry losses, has reported that February’s Fukushima Earthquake is the largest insured loss recorded outside of the US so far in 2021, with costs estimated to be around $2.63 billion. In a Q2 update to its ... Read the full article
Allstate announces $213mn in cat losses for May
17th June 2021
US primary insurer Allstate is braced for estimated pre-tax catastrophe losses of $213 million for May. Cat losses for April and May totaled $598 million, after-tax. In May, Allstate says losses consisted of seven events, at an estimated cost of $193 million, plus unfavorable prior period reserve estimates. Two large hail events, primarily ... Read the full article
IAG sees rising Victoria flood & storm claims, may tap reinsurance
17th June 2021
IAG has received roughly 4,300 claims as a result of the property damage caused by Victoria's recent exposure to destructive weather events. The Australian insurer expects claims to continue rising as residents return to their homes and inspect the damage and warned that its stop loss reinsurance could be close to attaching. As ... Read the full article
Analysts predict another difficult year for insurers amid elevated cat claims
14th June 2021
Year-to-date, catastrophe claims look to be running 17% above the long-term average (2008-2020), leading analysts at Jefferies to forecast another difficult year for the global insurance industry. At more than $30 billion, YTD insured catastrophe losses also exceed the 10-year average by more than 9%, but is an improvement from Jefferies' ... Read the full article
US insurers face multi-billion-dollar payout over May storms: Aon
11th June 2021
Re/insurance broker Aon has reported that US re/insurers will likely face a multi-billion-dollar payout over a series of convective storms in May that resulted in extensive hail, tornado, wind and flood damage. Of note was a severe storm that swept across the Plains, Lower and Middle Mississippi Valley, Southeast and Mid-Atlantic ... Read the full article
Allstate cat losses total $544m in April
20th May 2021
US primary insurer Allstate Corporation has announced estimated catastrophe losses for the month of April of $544 million, or $430 million after-tax. Catastrophe losses in April comprised five events at an estimated cost of $490 million plus unfavorable prior period reserve estimates. One large hail event, primarily impacting Texas and Oklahoma, accounted ... Read the full article
Benign April helps offset heavy YTD cat losses: Jefferies
17th May 2021
Analysts at Jefferies have characterised April as a largely "benign" month in terms of global insured catastrophe losses, which should help to ease the pressure on what has been a remarkably active year for catastrophes to date, with claims running at about 30% above the long-term average over the first ... Read the full article
US insurers face multi-billion-dollar bill for April storms: Aon
12th May 2021
Analysts at re/insurance broker Aon estimate that the US insurance industry faces a multi-billion-dollar bill for thunderstorm-related claims payouts over the month of April. As we previously reported, Aon expects economic losses of more than $1 billion dollars from just the San Antonio (TX), Fort Worth (TX), and Norman (OK) ... Read the full article
United Fire Group announces $29mn Q1 cat hit
4th May 2021
US property and casualty insurer United Fire Group has announced an estimated $29 million pre-tax catastrophe loss for the first quarter of 2021. These above average catastrophe losses in the first quarter of 2021 were mainly attributable to winter storm Uri. As previously released as an estimate back in March, this catastrophic ... Read the full article
PERILS releases third industry loss estimate for 2020 Queensland Hailstorms
4th May 2021
Zurich-based catastrophe insurance data provider PERILS is now anticipating a AU$1.173 billion industry hit from last October’s South East Queensland Hailstorms. During the afternoon of 31 October, severe thunderstorms impacted South East Queensland, including the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast. The corridor from Amberley through ... Read the full article
US April storms to drive $1bn+ loss: Aon
4th May 2021
Analysts at Aon have reported that the severe storms that impacted the US from April 23rd to 29th will cause total economic losses in excess of $1 billion, of which the majority will be insured. Storms affected the Southern Plains and Southeast, with tornado, large hail, and straight-line wind damage in ... Read the full article
Despite a muted Q1 COVID impact, P&C isn’t in the clear yet: Swiss Re CFO
30th April 2021
For Swiss Re, COVID-19-related losses in its P&C Reinsurance segment were muted for the first-quarter of 2021, but that doesn't mean the business is "all clear for the rest of the year," according to Group Chief Financial Officer (CFO), John Dacey. Early this morning, Swiss Re announced COVID-19 losses of ... Read the full article
Swiss Re’s Q1 net income hits $333m despite over $1bn of COVID & cat losses
30th April 2021
Global reinsurance giant Swiss Re has reported net income of $333 million for the first quarter of 2021 against a loss of $225 million in the prior year period, despite losses related to COVID-19 and large natural catastrophes of more than $1 billion. Alongside growth in net income across the Group, ... Read the full article
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