Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Iowa’s August derecho could drive $5bn insured loss: Holborn
13th October 2020
Analysts at US domiciled reinsurance broker Holborn Corporation have estimated that a major derecho event that impacted the state of Iowa in August could drive $5 billion of insured property losses. A derecho is a widespread, long-lived, straight-line wind storm that is associated with a fast-moving group of severe thunderstorms, and ... Read the full article
Hurricane Delta losses expected to fall within cat reinsurance limits
12th October 2020
Hurricane Delta came ashore in the region of Creole, Louisiana as a Category 2 storm at 18:00 local time on Friday October 9th, making it the 10th named storm to make US landfall so far in 2020. Following its impact on Mexico's Yucatan Peninsula early last week, hurricane Delta tracked into ... Read the full article
Hurricane Delta’s storm surge threat to US homes up to $63bn: CoreLogic
8th October 2020
Catastrophe risk modeller CoreLogic has released data analysis showing 293,685 homes with a reconstruction cost value of around $62.85 billion are at risk of storm surge damage from Hurricane Delta, based on its projected Category 2 status at landfall. The data includes single-family and multifamily homes across Louisiana and the US ... Read the full article
Kingstone estimates Q3 cat losses of up to $9 million
8th October 2020
Property & casualty insurer, Kingstone Companies, Inc., has announced its expectation to record estimated pre-tax catastrophe losses of between $8.5 million to $9 million, net of reinsurance, for the third-quarter of 2020. The company explains that these losses are from Hurricane Isaias and three other smaller PCS events that occurred during ... Read the full article
Palomar braced for $38mn Q3 nat cat hit
6th October 2020
California-based insurance holding company Palomar has estimated between $34 million and $38 million in pretax catastrophe losses for the third quarter of 2020. These estimates are net of reinsurance and include the impacts of hurricanes Hanna, Isaias, Laura and Sally. Palomar’s loss estimates are subject to change due to the complexity of ... Read the full article
Beirut port explosion economic loss seen at $7.5bn
6th October 2020
The Association of Insurance Companies in Lebanon (ACAL) has put the economic losses from the Beirut port explosion at $7.5 billion, according to Elie Tarabay, President of the ACAL and Vice President of the General Arab Insurance Federation (GAIF). UPDATE: It’s now become clear that the $7.5bn figure has been wrongly ... Read the full article
Restructuring, real estate exit costs & low interest rates to dent Allstate in Q3
1st October 2020
The Allstate Corporation has warned of a restructuring charge of approximately $290 million (pre-tax) to be recognised in the final two quarters of the year, alongside real estate exit costs of around $80 million (pre-tax) and the negative impact of low interest rates on third-quarter earnings. The insurer has provided some ... Read the full article
CoreLogic report highlights opportunity in flood under-insurance
25th September 2020
A report from leading global property information company CoreLogic has highlighted the opportunities for private insurers to protect homeowners from flood risk inside and outside of the National Flood Insurance Program (NFIP). After Hurricane Harvey in 2017, CoreLogic estimated that 70% of the flood damage was uninsured. Dr. Howard Botts, executive and ... Read the full article
Hurricane Sally could drive $3.5bn industry loss in US, says RMS
24th September 2020
Catastrophe risk modeller RMS has estimated that total insured losses from Hurricane Sally in the US will be between $2.0 billion and $3.5 billion. The estimate includes losses to the National Flood Insurance Program (NFIP) of between $400 million and $800 million. The range compares with recent estimates from AIR Worldwide, Read the full article
Universal reports full retention cat losses for hurricanes Isaias & Sally
24th September 2020
Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has announced Q3 2020 estimated catastrophe losses resulting in "full retention events" for Hurricane Isaias and Hurricane Sally. An announcement from the insurer on its catastrophe losses for the third-quarter related to the two hurricanes, suggests the firm has called ... Read the full article
United Insurance estimates Q3 cat losses at $135mn
23rd September 2020
Property and casualty insurance holding company United Insurance Holdings Corp. (UPC Insurance) has announced its estimated catastrophe losses for the third quarter of 2020. Currently, UPC Insurance estimates that it incurred catastrophe losses of approximately $135 million in Q3 before income taxes, or about $107 million after tax. This figure is net ... Read the full article
Hurricane Sally’s onshore industry loss could reach $3bn: AIR Worldwide
21st September 2020
Catastrophe risk modelling firm AIR Worldwide (AIR) has estimated that the insured cost of onshore property damages resulting from Hurricane Sally will be between $1 billion and $3 billion. Losses were caused by wind, storm and inland flood, with wind representing the majority of the onshore loss. Although Sally included a major ... Read the full article
Progressive recovers $80mn from reinsurance in August
18th September 2020
Property and auto-focused insurance group Progressive recovered a total of $80 million from its reinsurance during August. $70 million was recovered after its 2020 cat losses and associated allocated loss adjustment expenses (ALAE) in its property business exceeded the $375 million annual retention threshold. An additional $10 million was recovered because the Property ... Read the full article
Hurricane Sally losses will largely fall to NFIP: AM Best
18th September 2020
Analysts at AM Best do not expect Hurricane Sally to constitute a major insurance industry loss due to its large flood component, which will mainly be covered by the US National Flood Insurance Program (NFIP). Hurricane Sally made landfall on the US Gulf Coast early on Wednesday morning, dropping massive amounts ... Read the full article
Allstate pegs August cat losses at $985mn
18th September 2020
US primary insurer Allstate has estimated its catastrophe losses for the month of August at $985 million, pre-tax. Losses during the period consisted of 11 events at an estimated cost of $969 million, pre-tax, plus unfavorable prior period reserve reestimates. Estimated catastrophe losses for the month include a $430 million impact of ... Read the full article
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