Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Insurance Council of Australia raises Sydney hail loss estimate to AUD $1.27bn
18th April 2019
The Insurance Council of Australia (ICA) has increased its insured loss estimate to AUD $1.271 billion (USD $910 million) for the hailstorm that affected Sydney and New South Wales in December 2018. Almost 50% of the 136,424 insurance claims received after the hailstorm have already been resolved, according to the ICA. The ... Read the full article
PERILS estimates Cyclone Dragi-Eberhard industry losses at €740mn
18th April 2019
Catastrophe loss data aggregator PERILS has released its initial industry loss estimate for Extratropical Cyclone Dragi-Eberhard, which puts insured property losses at €740 million. Dragi-Eberhard consisted of two low pressure systems that affected areas of the British Isles, and Western and Central Europe on 9 and 10 March 2019. Given the storms ... Read the full article
Significant Brevard County hailstorms to cost HCI Group up to $7m
9th April 2019
A recent hailstorm that impacted several areas of the Brevard County, Florida, is expected to drive a loss of between $4 million and $7 million for HCI Group, Inc. According to the National Weather Service, recent thunderstorms that brought hail to parts of Canaveral Groves, Cocoa, Rockledge, Merritt Island and Satellite Beach, ... Read the full article
“Vast majority” of Midwest flood damage to go uninsured: A.M. Best
5th April 2019
According to A.M. Best, the “vast majority” of the damages to property from the ongoing flooding in Nebraska and other states along the Missouri River, which is expected to exceed $3 billion, will be uninsured. The Midwestern U.S has experienced major floods since mid-March 2019, partly caused by a blizzard early ... Read the full article
Pilots not at fault in Ethiopia Airlines crash, say investigators
4th April 2019
Investigators have reported that the pilots of the Ethiopian Airlines flight that crashed on March 10 “repeatedly” followed the procedures recommended by Boeing and were not responsible for the crash. The Ethiopian government said data from the plane’s recorders showed “repetitive uncommanded aircraft nose-down conditions” and said Boeing should review its ... Read the full article
Boeing faces first lawsuit from Ethiopian Airlines crash
3rd April 2019
U.S aircraft manufacturer Boeing is facing its first liability lawsuit from the family of a victim of the March 10 Ethiopian Airlines crash, which resulted in the death of all 157 passengers. The lawsuit was filed in Chicago federal court by the family of Jackson Musoni, a citizen of Rwanda, and ... Read the full article
Aon raises industry loss estimates to $11bn for Michael, $5.5bn for Florence
2nd April 2019
Re/insurance broker Aon has released the highest industry loss estimates yet for the two major hurricanes that hit the U.S last year, estimating total re/insured losses of $11 billion for Hurricane Michael and $5.5 billion for Hurricane Florence. The updated figures came as part of Aon’s March Event Recap Reports, which ... Read the full article
Boeing crash could be biggest non-war aviation reinsurance loss: Willis Re
1st April 2019
The recent Ethiopian Airlines crash and subsequent grounding of Boeing’s global fleet of 737 Max aircraft could potentially be the largest ever non-war claim incurred by the aviation reinsurance market, according to Willis Re. The broker said that losses from the incident could erode three to four years’ worth of reinsurers’ ... Read the full article
Norsk Hydro says cyber attack could cost $41mn, names AIG as lead insurer
26th March 2019
Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk ... Read the full article
PCS looks into Norsk Hydro cyber attack losses
26th March 2019
Property Claims Services (PCS), a Verisk business, has begun investigating the loss potential of the recent cyber attack on aluminium manufacturing giant Norsk Hydro. Co-Head of PCS Tom Johansmeyer told our sister publication, Artemis, that the firm was watching the event to determine whether it qualifies for designation under PCS Global ... Read the full article
Boeing losses could become “major event” for re/insurers: Deutsche Bank
25th March 2019
Losses resulting from the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max 8 aircraft have the potential to spread throughout the industry and become a “major event” for re/insurers, according to analysts at Deutsche Bank. The firm stated that the complexity of the case means claims could come ... Read the full article
Chinese chemical plant explosion rocks northeastern city of Yancheng
22nd March 2019
A chemical plant explosion has rocked China’s northeastern city of Yancheng, demolishing several factory buildings and blowing out windows a number of kilometres away. It has been reported that Tianjiayi Chemical, the plan's owner, has been flagged up multiple times in the past year due to safety regulation failings. Local media reports ... Read the full article
Munich Re expects €120mn Boeing/Ethiopian Airlines loss
22nd March 2019
Munich Re is expecting to incur losses in the range of €100 million to €120 million as a result of the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max aircraft. Speaking at a press conference this week, Munich Re’s CEO of Reinsurance, Torsten Jeworrek, said that the firm ... Read the full article
ICA Townsville industry loss estimate exceeds AU$1bn
20th March 2019
The Insurance Council of Australia’s updated industry loss estimate for the flooding in Townsville, Queensland has hit AU$1.04 billion (US$737.4 million), an increase of AU$434 million from a month ago. ICA Chief Executive Officer Rob Whelan said insurers have so far received 25,778 claims, with around 90% of those consisting of ... Read the full article
Swiss Re confirmed as co-insurer for Boeing & Ethiopian Airlines
18th March 2019
Swiss Re has confirmed that it is one of the minor insurance providers for Boeing Co, as well as for Ethiopian Airlines, both of which face large claims following a fatal plane crash on March 10. Boeing was pressured into grounding its entire fleet of 737 Max 8 aircraft last ... Read the full article