Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
PERILS settles on AU $839m industry loss from Queensland hailstorm
19th April 2021
Catastrophe insurance data provider PERILS has settled on a fourth and final industry loss estimate of AU $839 million (US $653 million) for the April 2020 Central Queensland Hailstorms. This represents a significant increase on PERILS’ previous loss estimate of $604 million, which was issued in October 2020, six months ... Read the full article
United pegs Q1 cat losses at $24m; strengthens reserves for litigation in Florida
19th April 2021
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), recently announced first-quarter 2021 current year catastrophe losses of $24 million, pre-tax and net of expected reinsurance recoveries. UPC Insurance's Q1 2021 cat loss bill comes in at approximately $19 million after-tax, and includes claims from winter storm Uri, ... Read the full article
The Hartford reaches $650m settlement with the BSA; pre-announces cat losses
19th April 2021
Property and casualty insurer The Hartford has pre-announced unfavourable prior year reserve development of approximately $225 million (pre-tax) and current accident year catastrophe losses of $214 million (pre-tax) for the first-quarter of 2021. The estimates for unfavourable reserve development includes, among other items, a charge to increase reserves related to a ... Read the full article
Arch’s reinsurance segment takes bulk of $180m-$190m Q1 cat bill
16th April 2021
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has announced a pre-tax catastrophe loss range of between $180 million to $190 million for the first-quarter of 2021, of which roughly 80% falls to its reinsurance segment. The up to $190 million loss range is almost entirely from natural catastrophe events that ... Read the full article
The Hanover announces Q1 catastrophe losses of $133m
16th April 2021
The Hanover Insurance Group, Inc. expects to incur catastrophe losses of approximately $133 million, pre-tax ($105m after-tax), for the first-quarter of 2021, primarily as a result of the impacts of Winter storms Uri and Viola. For the carrier, the largest impact from the severe weather was in Texas, where it estimates ... Read the full article
Allstate calls on agg reinsurance in March as cat losses hit $252m
15th April 2021
US primary insurer Allstate Corporation has announced estimated catastrophe losses of $466 million for the first-quarter of 2021, after tax and $1.08 billion in anticipated reinsurance and subrogation recoveries. All in all, gross losses from catastrophe events during the opening quarter of 2021 amounted to $1.67 billion for Allstate, but were ... Read the full article
RenRe expects to report Q1 net loss on $180mn winter storm Uri loss
15th April 2021
RenaissanceRe Holdings Ltd. (RenRe), the Bermuda-based reinsurance company, expects to report a net loss for the first-quarter of 2021, with losses related to Winter storm Uri forecast to have a net negative impact of $180 million on its results of operation for the period. The Uri losses are net, so after ... Read the full article
AXIS pegs Q1 catastrophe and weather losses at up to $115mn
15th April 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, estimates net losses from catastrophes and other weather-related events in the range of $105 million to $115 million, pre-tax, for the first-quarter of 2021. Between $80 million and $90 million of the pre-tax net loss estimate relates to Winter Storms Uri and Viola, ... Read the full article
US weather drives $1bn+ industry loss in March: Aon
12th April 2021
Re/insurance broker Aon has estimated that insured catastrophe losses are likely to exceed $1 billion in March, following an active month for severe weather in the US. Weather outbreaks in the US included hail, flooding and a total of 122 tornadoes, which was the highest monthly count since 2017. Of these, ... Read the full article
Above-average activity, higher chance of landfalls forecast for 2021 Atlantic hurricane season
12th April 2021
Initial projections from forecasters suggests that the 2021 Atlantic hurricane season could be very active, while the chance of major hurricane landfalls occurring is also seen as above-average. The Atlantic hurricane season begins on June 1st and runs until the end of November. In 2020, the season witnessed an unprecedented 30 named ... Read the full article
Winter storms drive $80m loss for State Auto Financial
9th April 2021
Ohio-based property and casualty (P&C) insurer State Auto Financial Corporation has estimated that it incurred catastrophe losses of between $80 million and $82 million during the first quarter of 2021. The estimate includes $66 million of net catastrophe losses from winter storms Uri and Viola, a significant portion of which related ... Read the full article
CRESTA records decrease in major cat losses
8th April 2021
CRESTA, the insurance industry organisation that provides a global standard for risk accumulation zones and industry losses, has found that major insurance losses from catastrophes were well below average in 2020. CLIX, the CRESTA Industry Loss Index, provides industry loss data on international catastrophe events (excluding US) which have generated industry ... Read the full article
How catastrophe events can affect elections: Q&A with PCS’s Johansmeyer
6th April 2021
So far, there hasn't been a catastrophe that has directly affected a U.S. presidential election, but as highlighted by Hurricane Zeta in October of last year, there's clearly potential for major events to impact society more broadly. In reality, not that many states in the U.S. are prone to large catastrophes ... Read the full article
Q4 reporting sees COVID-19 losses jump 21% for re/insurers: PeriStrat
6th April 2021
Overall, publicly reported COVID-19 pandemic-related losses, IBNR reserves and estimates from insurers and reinsurers now stands at just shy of $38 billion, according to data compiled by Zurich-based financial services advisory, PeriStrat LLC. With the fourth-quarter and full-year 2020 results season now complete, COVID-19 loss numbers have, unsurprisingly, continued to trend ... Read the full article
Suncorp estimates current flood loss at $250m as ICA sees claims rise
31st March 2021
Australian insurer Suncorp has announced an expected losses of between $230 million and $250 million from the recent heavy rainfall and flooding across New South Wales, South East Queensland and Victoria. Concurrently, the Insurance Council of Australia has raised its estimate from the $438 announced earlier this week to $497 ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
