Reinsurance News


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

Allstate takes $202mn cat losses in October, $136mn driven by Michael

15th November 2018

Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that it will incur $202 million of catastrophe losses for the month of October 2018, $136 million of which were caused by Hurricane Michael. This estimate follows catastrophe losses of $177 million for the month of September ... Read the full article

Japan’s top insurers to pay out over $8.7bn in FY2018

15th November 2018

Japan’s top three insurers look set to pay out over ¥1 trillion ($8.7 billion) in combined claims in fiscal 2018 through March 2019 after a series of powerful weather events including Typhoons Jebi and Trami hit the country, according to reports from Asia-focused publication Nikkei. MS&AD Insurance Group is likely to ... Read the full article

Wildfire losses climb as property destruction continues

15th November 2018

The Camp and Woolsey Wildfires have continued to burn through huge areas of the Butte, Ventura and Los Angeles Counties in California, destroying a combined total of more than 10,800 structures at present count. The Camp Fire has become the deadliest and most destructive wildfire in California’s history, claiming 56 lives ... Read the full article

Up to $6bn insured loss from devastating Californian wildfires: Moody’s

14th November 2018

The Camp and Woolsey Wildfires, which last Thursday broke out in California’s Butte and Ventura Counties and continue to rage despite containment efforts, are expected to cause an estimated $3 billion to $6 billion in insured losses, according to Moody’s. The financial services company says that, assuming the California Department ... Read the full article

California wildfire losses to reach record levels in 2018: A.M. Best

14th November 2018

The Camp and Woolsey Wildfires, which continue to burn through vast areas of the Butte, Ventura and Los Angeles Counties in California, are expected to contribute to what will likely be a record year for insured wildfire losses in the state, according to A.M. Best. The rating agency noted that ... Read the full article

Goldman Sachs anticipates muted 1/1 renewal season

13th November 2018

Goldman Sachs expects a muted 1/1 renewal season with flat pricing across the property and casualty lines. Meanwhile, the firm says the main questions around catastrophe losses in 4Q18 will likely be the scale of insured losses from the wildfires currently raging in California, and loss creep from last year's ... Read the full article

Camp Wildfire insured losses could reach $4bn: Morgan Stanley

12th November 2018

Insured losses from the Camp Wildfire, which has burnt through roughly 110,000 acres and 6,700 structures in Northern California, are likely to be between $2 billion and $4 billion, with higher total economic losses, according to estimates from Morgan Stanley. The Camp Wildfire became the most destructive in California’s history ... Read the full article

California’s deadly Camp Wildfire to cause billions of insured losses

12th November 2018

The Camp Wildfire, which sprang up last Thursday and quickly engulfed the town of Paradise in California’s Butte County, has now claimed more than 6,700 structures and 110,000 acres, making it the most destructive wildfire on record and likely to drive multi-billion dollar losses for the re/insurance industry. A further ... Read the full article

AXIS Capital estimates up to $120mn Hurricane Michael losses

9th November 2018

Bermudian re/insurance group AXIS Capital has released a preliminary pre-tax loss estimate for losses related to Hurricane Michael in the fourth quarter, which it puts in the range of $100 million to $120 million. AXIS said that its estimate was consistent with industry insured losses of approximately $10 billion. This compares with ... Read the full article

Zurich anticipates $175mn Hurricane Michael loss

8th November 2018

Zurich Insurance Group has released its results for the first nine months of 2018, in which it estimates that losses related to Hurricane Michael in the fourth quarter are likely to be around US $175 million. Category 4 Michael made landfall in the Florida Panhandle on October 10th as the strongest ... Read the full article

Insured losses from Hurricane Michael likely to reach $8bn, says Aon

8th November 2018

The latest Global Catastrophe Recap report from re/insurance broker Aon has estimated that total economic losses from Hurricane Michael will exceed US $15 billion, with public and private re/insurers likely to incur pay-outs of at least $8 billion. Aon’s Impact Forecasting team based their estimate on both physical damage and net ... Read the full article

Premium growth and rate rises outweigh cat losses for Beazley at Q3

8th November 2018

Strong premium growth across all divisions and an average 3% rate increase on renewal business have driven profits for specialist insurer Beazley at the third quarter of 2018 despite significant catastrophe losses. Gross premiums written by Beazley for the nine months ended 30 September 2018 increased by 11% year-on-year to $1.96 ... Read the full article

Italy storms caused over €3bn in economic losses, says Minister

8th November 2018

The storms that battered Italy with flooding and windspeeds of up to 190km/h (118mph) towards the end of October 2018 are expected to cause economic losses in excess of €3 billion (US $3.44 billion), according to the country's Transport and Infrastructure Minister, Danilo Toninelli. "I think that the total bill of ... Read the full article

Petya cyber industry loss passes $3bn driven by Merck & silent cyber: PCS

7th November 2018

The insurance and reinsurance industry loss caused by the Petya / NotPetya cyber attack continues to creep northwards and shows that these types of cyber events are driven more by silent losses than affirmative. According to Property Claim Services (PCS) the total industry loss from the Petya / NotPetya cyber attack ... Read the full article

Re/insurance will cover almost a quarter of $17bn Florence losses, says NC Governor

6th November 2018

Private insurance and reinsurance is expected to cover $4.6 billion of the estimated $16.7 billion in economic losses caused by Hurricane Florence in North Carolina, according to state Governor Roy Cooper. Initial estimates indicate at least $2.5 billion of potential federal aid and $0.8 billion will also go towards funding losses ... Read the full article