Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Munich Re’s Q3 catastrophe losses said to be within budget
19th October 2018
German reinsurance giant Munich Re was hit by large natural catastrophe losses during the third quarter of 2018, although claims are likely to remain within the company’s budget, according to sources at Reuters. The company also saw some losses related to claims from the Genoa bridge collapse in Italy, although these ... Read the full article
Everest Re anticipating $240m Q3 catastrophe losses
19th October 2018
Global reinsurer Everest Re Group has announced preliminary Q3 pre-tax catastrophe losses of an approximately $240 million, net of reinsurance. The estimate includes Q3 losses from hurricane Florence, California wildfires, typhoon Jebi, typhoon Trami and Japan floods. “Our thoughts are with those affected by these devastating catastrophe ... Read the full article
AIG expects up to $1.7 billion of third-quarter catastrophe losses
19th October 2018
Global insurance and reinsurance firm American International Group (AIG) has pre-announced that it expects to suffer between $1.5 billion and $1.7 billion of catastrophe losses from third-quarter events. The Q3 loss total will have caused AIG to call on some of its reinsurance partners for support. As we explained recently AIG ... Read the full article
Allstate estimates $177m pre-tax cat loss for September
18th October 2018
Allstate Corporation, one of the largest primary insurers in the U.S, has announced estimated pre-tax - and likely post-reinsurance, although this is unable to be confirmed - catastrophe losses for September 2018 of $177 million ($140 million after-tax). This follows the $186 million pre-tax loss estimate Allstate posted for the ... Read the full article
Travelers’ Q3 results boosted by significantly lower cat losses
18th October 2018
American insurer Travelers’ Q3 results have been boosted by a less volatile catastrophe year relative to 2017, posting an increased net income of $709 million and improved 96.6% consolidated combined ratio (CR). Cat losses of $264 million after reinsurance and pre-tax decreased significantly from $700 million in the prior year quarter. Net ... Read the full article
2018 by no means a benign catastrophe year: Peel Hunt
18th October 2018
With Hurricane Michael the latest in a string of medium-sized catastrophes to have impacted the re/insurance industry in 2018 it has by no means been a benign cat year, according to analysts at Peel Hunt. Swiss Re estimates up to $18 billion of insured losses in H1 2018, with H2 adding ... Read the full article
RenaissanceRe forecasts $155m of catastrophe losses for Q3 2018
18th October 2018
Bermudian reinsurance firm RenaissanceRe has pre-announced third-quarter 2018 catastrophe losses of $155 million net, largely driven by Typhoon Jebi and Hurricane Florence. RenaissanceRe expects an estimated net negative impact to its Q3 results of roughly $155 million, with Typhoon Jebi set to drive around $70 million of the losses and hurricane ... Read the full article
Swiss Re sees $1.4bn catastrophe & man-made loss hit from Q3 2018
18th October 2018
Global reinsurance giant Swiss Re said this morning that it is expected to take $1.4 billion of losses from natural catastrophes and man-made disasters that occurred during the third-quarter of 2018. Given Swiss Re's global operations in reinsurance and commercial insurance, the firm was always going to experience a significant hit ... Read the full article
Blue Capital posts $10.2mn third quarter nat cat losses
17th October 2018
Blue Capital Reinsurance Holdings Ltd. has revealed that its third quarter 2018 results will be impacted by approximately $10.2 million of natural catastrophe losses, the majority of which are due to loss creep from Hurricane Irma. The loss estimate, which is net of reinsurance and reinstatement premiums, includes a $6.1 million ... Read the full article
Progressive anticipating $120mn hit from Hurricane Michael
16th October 2018
Insurance group The Progressive Corporation has said that it currently expects to incur losses of approximately $120 million from Hurricane Michael, which hit Florida last week as a Category 4 hurricane. This estimate consists of $60 million in losses for Progressive’s vehicle business and $60 million for its property business, ... Read the full article
Smaller Q3 catastrophes will add up to “sizeable” losses: KBW
16th October 2018
Catastrophe losses for property and casualty (P&C) re/insurers over the third quarter of 2018 will drop dramatically year-on-year, but the large number of smaller events over this period will still produce sizeable losses, according to analysts at Keefe, Bruyette & Woods (KBW). KBW estimates that global insured catastrophe losses for Q3 ... Read the full article
Satellite imagery hastening Florence and Michael claims payments
16th October 2018
Aided by the London Market Association's satellite imagery and intelligence service, Lloyd’s managing agents have started the process of assessing and paying claims to policyholders affected by hurricanes Florence and Michael. The service, which was introduced last year and is now used by all Lloyd’s managing agents, utilises detailed satellite imagery ... Read the full article
Cincinnati Financial announces $120m Q3 cat losses
16th October 2018
Cincinnati Financial Corporation has today announced that its property and casualty business expects its Q3 results to include pre-tax catastrophe losses of approximately $120 million, representing an impact on the Q3 2018 combined ratio of approximately 9.5% to 10%, based on estimated P&C earned premiums. The company's 10‑year historical average contribution ... Read the full article
Insured Hurricane Michael losses may reach $10bn, says AIR Worldwide
15th October 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has estimated that industry insured losses resulting from Hurricane Michael’s winds and storm surge will be between $6 billion and $10 billion. Michael made landfall in Florida last week as a Category 4 storm, with sustained wind speeds of up ... Read the full article
Reinsurers to absorb the majority of FedNat’s Michael exposure
15th October 2018
FedNat Holding Company estimates that its aggregate gross losses from Hurricane Michael will be approximately $275 million, of which it will retain just $23 million, with the remainder being passed on to its reinsurers. The firm has a combined reinsurance program for its subsidiaries FedNat Insurance Company and Monarch National Insurance ... Read the full article
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