Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Hannover Re’s income robust but large losses (COVID) dent underwriting result
11th March 2021
Global reinsurer Hannover Re has outperformed its Group profit guidance of more than €800 million for 2020 despite the significant impacts of the COVID-19 pandemic, which, alongside other large losses pushed the firm's property and casualty (P&C) combined ratio into unprofitable territory. Group net income declined from the €1.3 billion posted ... Read the full article
Hiscox falls to 2020 loss on COVID-19 reserves
3rd March 2021
COVID-19 reserves of $475 million, net of reinsurance, has pushed insurer and reinsurer Hiscox to a loss of $268.5 million for full-year 2020, against income of more than $53 million in 2019. The majority of the company's pandemic claims relate to event cancellation business, with the second largest chunk concerning business ... Read the full article
Reinsurance will help insurers absorb unusually severe storm Uri losses: S&P
1st March 2021
Early insured loss estimates for the unusually severe winter storm Uri in the United States appear significant, but carriers should be able to absorb the shock thanks to robust capital levels and reinsurance protection, according to S&P Global Ratings. Winter storm Uri has caused significant disruption across a number of southern ... Read the full article
AIR says winter storm Uri industry loss likely to exceed $10bn
26th February 2021
The damaging impacts of winter storm Uri and associated severe winter weather in the U.S. is expected to result in an insurance and reinsurance industry loss of more than $10 billion, according to catastrophe risk modeller AIR Worldwide. The winter storm arrived on the country’s President’s Day weekend bringing damaging ice ... Read the full article
Munich Re’s profit falls in 2020; P/C combined ratio deteriorates on major losses
25th February 2021
German reinsurer Munich Re has reported profit of €1.211 billion and €212 million for the full-year and fourth-quarter 2020, respectively, in spite of a substantial level of claims related to major losses and the ongoing COVID-19 pandemic. For the year, profit fell from the more than €2.7 billion reported a year ... Read the full article
ICA estimates October hailstorm loss at $805m
25th February 2021
The Insurance Council of Australia (ICA) has released its loss estimate from the South East Queensland hailstorms which took place in October last year. Insurers have received more than 33,500 claims to date, with losses estimated at $805 million, an estimate which is lower than PERILS estimate of AUD 1.3bn. Read the full article
2020 losses overshadow reinsurance pricing gains: Moody’s
23rd February 2021
Reinsurers have reported “lackluster” results for 2020, according to analysts at Moody’s, who argue that the catastrophe and COVID-19 losses incurred last year overshadowed pricing gains. For the full year, Moody’s noted that reinsurers’ combined ratios were generally in the 102% to 110% range, even as investment gains helped to lift ... Read the full article
Heaviest volume of Uri claims from homeowners, commercial property & auto: AM Best
22nd February 2021
AM Best analysts believe the heaviest volume of claims from winter storm Uri will be in the homeowners, commercial property, and auto lines of business. Uri has caused significant disruption across a number of southern US states, especially Texas, which has faced record-low temperatures and had seen several inches of snow ... Read the full article
COVID claims among ABI members reach £2.5bn
22nd February 2021
Members of the Association of British Insurers (ABI) expect to pay up to £2.5 billion for COVID-19 insurance claims incurred in 2020, according to new data. The majority of this figure (£2 billion) stems from business interruption claims, while another £204 million is attributed to protection insurance claims, including life, critical ... Read the full article
US winter storm Uri insurance industry loss lifted to $18bn by KCC
19th February 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has updated its insurance and reinsurance industry loss for U.S. winter storm Uri, which is currently impacting southern states, to $18 billion. The devastating storm arrived on the country's President’s Day weekend bringing damaging ice in the Northwest and snow across the Midwest ... Read the full article
US winter storm Uri set to inflict record-breaking, multi billion-dollar industry losses
19th February 2021
Winter storm Uri, currently wreaking havoc across southern US states, looks set to become the largest on record for re/insurers, potentially surpassing the cost of 2017’s hurricane Harvey. Storm Uri landed over the US’ President's Day weekend bringing damaging ice in the Northwest and snow across the Midwest and Northeast. Texas has ... Read the full article
As the world reopens, event cancellation coverage will be an issue: Mumenthaler, Swiss Re
19th February 2021
The significant and unexpected impacts of the global COVID-19 pandemic on the property and casualty (P&C) space suggest that once the world reopens, event cancellation coverage will either be very expensive or excluded altogether, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. In announcing its full-year 2020 ... Read the full article
PERILS finalises storm Victoria (Dennis) loss at €350m
18th February 2021
Catastrophe insurance data provider PERILS has released its fourth and final industry loss estimate for storm Victoria, also known as storm Dennis, settling on a figure of €350 million. This represents a slight upward revision on the previous €344 million estimate that PERILS released back in August 2020. Storm Victoria affected ... Read the full article
PERILS settles on AU $989mn loss for Australian East Coast Low
15th February 2021
Catastrophe insurance data provider PERILS has settled on a final industry loss estimate of AU $989 million (US $769 million) for the East Coast Low that hit Australia in February 2020. This fourth update, which comes a full 12 months on from the event, is slightly above the previous $954 ... Read the full article
Perth Hills bushfire losses exceed $40mn: ICA
5th February 2021
The Insurance Council of Australia (ICA) has declared a catastrophe event for the bushfires that continue to rage around the north-east of Perth. So far, bushfires in the Perth Hills region have destroyed 85 homes, as well as sheds and many kilometres of farm fences. According to ICA data, insurers have received ... Read the full article
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