Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Industry cat losses totalled $83bn this year, says Swiss Re
15th December 2020
Swiss Re has estimated that insurance industry losses from natural catastrophes and man-made disasters amounted to a total of $83 billion in 2020, making it the fifth-costliest year since 1970. Losses were primarily driven by a record number of severe convective storms, Swiss Re data shows, as well as wildfires in ... Read the full article
October Queensland hailstorms to drive AUD 1.2bn industry loss: PERILS
11th December 2020
Catastrophe insurance data provider PERILS has estimated that the South East Queensland hailstorms that occurred on October 31, 2020, will drive industry losses in the region of AUD 1.23 billion (USD 930 million). PERILS’ initial estimate of the insured property and motor market loss is based on data collected from the ... Read the full article
November storms raise Atlantic season financial toll: Aon
11th December 2020
Aon's November monthly Global Catastrophe report highlights an estimated $9 billion in additional losses as a result of North America hurricane landfalls in the period, as well as record-setting tropical cyclones. After making landfall and driving significant losses in Nicaragua, Hurricane Eta then moved to Honduras and Guatemala, subsequently making a ... Read the full article
Historic cats, large pandemic losses dent NA P/C insurers in 9M20: Fitch
2nd December 2020
The high frequency of catastrophe events experienced in the U.S. through the third-quarter of 2020, coupled with a substantial level of additional losses related to the ongoing COVID-19 pandemic, hindered the performance of North American (NA) property/casualty (P/C) re/insurers in 9M 2020, reports Fitch Ratings. Fitch's analysis looks at the 9M ... Read the full article
Munich Re adds €1.1bn of COVID-19 losses; 2020 total hits €3.4bn
1st December 2020
Global reinsurance giant Munich Re has reported that its reinsurance operation is set to book COVID-19 related losses of €3.4 billion in 2020, while additional burdens of roughly €500 million are anticipated to come from the pandemic in 2021. For Q3 2020, the reinsurer announced a further €800 million of ... Read the full article
Allstate pegs October cat losses at $345mn
20th November 2020
US primary insurer Allstate incurred an estimated $345 million in catastrophe losses throughout October. This loss figure includes 10 events at an estimated pre-tax cost of $324 million, plus increased estimated catastrophe losses for prior quarter events. Estimated catastrophe losses for the month include the impacts of hurricane Zeta and hurricane Delta, ... Read the full article
Lloyd’s expects industry-wide COVID losses to exceed $107bn estimate: reports
19th November 2020
The Chairman of Lloyd's of London, Bruce Carnegie-Brown, said at a recent Reuters event that the global insured loss from the ongoing COVID-19 pandemic will exceed the market's previous estimate of $107 billion. Back in May, the specialist insurance and reinsurance marketplace said that it expects to pay customers up to ... Read the full article
Iowa Derecho claims hit $1.6bn, with a quarter left to pay
10th November 2020
According to the Iowa Insurance Division, a major derecho event that impacted the state in August has driven more than 200,000 insurance claims. Out of these, nearly 160,000 have already been paid, worth a total of around $1.6 billion. The Division believes that re/insurers are currently holding more than $1 billion in ... Read the full article
COVID losses “by no means over,” warn experts
9th November 2020
Executive panellists at the S&P Global Reinsurance Conference have warned that re/insurance industry losses due to COVID-19 are “by no means over.” Charles Mathias, Group Executive Director and Group Chief Risk Officer at Fidelis Insurance Holdings, suggested that many companies may have reserved on the basis that the pandemic would be ... Read the full article
Heightened catastrophe losses eat into Suncorp’s aggregate retention
6th November 2020
Suncorp, a giant Australian primary insurer, has announced estimated natural catastrophe losses of between $348 million and $408 million for the first four months of its financial year, the majority of which comes from the Queensland hailstorm event in October. As a result of this active period for catastrophe activity, the ... Read the full article
Hurricane Eta insured losses expected to be minimal: AM Best
5th November 2020
The insurance industry losses from the impacts of Hurricane Eta are expected to be minimal and contained, according to analysis by ratings agency AM Best. Hurricane Eta made landfall on November 3rd, 2020 as a strong Category 4 storm south of Puerto Cabezas, a coastal community of more than 60,000 people ... Read the full article
Onshore U.S. insured losses from Hurricane Zeta seen at up to $5bn by RMS
4th November 2020
Total onshore U.S. insurance and reinsurance industry losses from Hurricane Zeta are estimated to be between USD 3 billion and USD 5 billion, according to catastrophe risk modeller RMS. Hurricane Zeta, which first made landfall in Mexico’s Yucatan Peninsula as a Category 1 storm on October 24th, and again in the ... Read the full article
AIR pegs Hurricane Zeta loss at between $1.5bn – $3.5bn
2nd November 2020
Catastrophe risk modelling firm AIR Worldwide has revealed its estimated losses from Hurricane Zeta’s winds and storm surge to be from USD 1.5 billion to USD 3.5 billion. Included in AIR’s estimates are losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage. According ... Read the full article
Hurricane Zeta’s insured property loss put at $4.4bn by KCC
2nd November 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured loss to onshore properties caused by Hurricane Zeta will be close to $4.4 billion. This figure includes $4.3 billion of wind and storm surge losses in the US and $80 million of wind losses in Mexico. KCC explained that ... Read the full article
$925mn cat losses sees Chubb’s Q3 operating income fall 27%
28th October 2020
Global re/insurer Chubb saw catastrophe losses reach $925 million in the third quarter, up from $232 in the prior year quarter. The current quarter pre-tax catastrophe losses are primarily attributable to severe weather-related events globally of $696 million and wildfires of $110 million. Core operating income fell 26.6% to $907 million against ... Read the full article
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