Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
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
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