Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Aon tallies cost of August storms
11th September 2020
Re/insurance broker Aon has estimated that the combined cost of the nine tropical cyclones that made landfall around the globe in August will be nearly $20 billion. The most significant event during the month was Hurricane Laura, which made landfall as a high-end Category 4 storm in Louisiana with sustained over-water ... Read the full article
Lloyd’s sticks by $107bn COVID-19 industry loss estimate
11th September 2020
Lloyd's of London has confirmed that it is sticking to the estimated loss of $107bn as a result of the COVID-19 pandemic. In a recent webinar hosted by John Neal, CEO of Lloyd's of London, he was asked if he could confirm this amount to be an accurate estimate. Neal commented: “The ... Read the full article
“Undisputed” re/insurance market hardening to persist: Jeworrek, Munich Re
7th September 2020
Re/insurance market hardening, in relation to price increases and renewed discussions around terms and conditions (T&Cs), is expected for "probably the next two years, or even a bit longer," according to Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance at Munich Re. With the annual, September meeting of the reinsurance industry ... Read the full article
Munich Re updates loss estimates for 2020 events
7th September 2020
Reinsurer Munich Re has released updated loss estimates for some of the major loss events of the year, including for the major hurricanes this summer, the coronavirus pandemic, and the Beirut explosion. The company is anticipating a low triple-digit-million euro amount in claims expenditure for the damage caused by hurricanes Hanna, ... Read the full article
Typhoon Haishen threatens Korean Peninsula days after Maysak landfall
4th September 2020
As Typhoon Haishen continues to track toward the Korean Peninsula, forecast to reach Category 4 status as it approaches southern Japan's Kyushu island, there's potential for a relatively significant insurance and reinsurance industry loss. For a peninsula that typically experiences just one landfalling typhoon a year, Haishen threatens to be the ... Read the full article
RMS puts Hurricane Laura’s onshore insured loss at up to $13bn
4th September 2020
Catastrophe risk modeller RMS has estimated that total onshore US insured losses from Hurricane Laura will be between $9.0 billion and $13.0 billion. This includes wind and storm surge losses of between $8.5 billion and $12 billion, inland flood losses of $100 million to $400 million, and NFIP losses of $400 ... Read the full article
PERILS puts insured property loss for Feb UK floods at £375m
1st September 2020
Zurich-based insurance data company, PERILS, has released an updated industry loss footprint for the floods in the United Kingdom in February 2020. The floods mainly affected Wales, the Midlands and Yorkshire from 9 to 29 February 2020. In total, an estimated 4,800 properties were flooded, although many more buildings were successfully ... Read the full article
Hurricane Laura onshore insured property loss close to $9bn: KCC
31st August 2020
Onshore property insurance market losses in the United States and Caribbean will be close to $9 billion, according to an estimate from Karen Clark & Company (KCC). Karen Clark & Company's industry loss estimate includes $8.7 billion of insured losses in the U.S., driven by hurricane Laura's wind and storm surge ... Read the full article
Hurricane Laura onshore insured losses estimated up to $8bn by AIR
31st August 2020
Catastrophe risk modelling specialist AIR Worldwide has estimated that onshore insured property losses from recent hurricane Laura will fall between $4 billion and $8 billion. The estimate, which is the first of the official post-landfall figures from a catastrophe risk modeller, is based only on industry insured losses to onshore property ... Read the full article
Hurricane Laura insured wind & surge losses seen at up to $12bn: CoreLogic
28th August 2020
Catastrophe risk modeller, CoreLogic, has released an estimate range of between $8 billion and $12 billion for insured wind and storm surge losses for residential and commercial properties in Louisiana and Texas, as a result of the devastating impacts of Hurricane Laura. The fourth hurricane and first major hurricane of ... Read the full article
Australia’s natural disaster payouts reach $3.85bn: ICA
27th August 2020
According to data from the Insurance Council of Australia (ICA), re/insurers have already paid out AU $3.85 billion (US $2.79 billion) to customers affected by last summer’s bushfires, floods and hailstorms. ICA CEO Rob Whelan said the industry was well ahead of its normal natural disaster response, with more than 83% ... Read the full article
Hurricane Laura makes Cat 4 landfall; NHC warns of “unsurvivable” storm surge
27th August 2020
Just before 1am local time, Hurricane Laura made landfall near Cameron, Louisiana, as an extremely dangerous Category 4 storm, packing sustained winds of 150 mph with the potential to impact more than 1 million homes. Hurricane Laura continued to strengthen throughout yesterday, almost reaching Category 5 hurricane status before making landfall ... Read the full article
Hurricane Laura continues to strengthen, storm surge threat significant
26th August 2020
Hurricane Laura has intensified further securing major Category 3 hurricane status, raising concerns for the offshore energy market as the storm continues to head for the Gulf Coast, with forecasters warning of a major landfall. As at 16:00 BST, Wed 26th August, data from the National Hurricane Center (NHC) shows that ... Read the full article
World economic resilience to fall in 2020; protection gap hits $1.24tn: Swiss Re
26th August 2020
The impact of the ongoing COVID-19 pandemic is expected to drive an almost 20% reduction in global macroeconomic resilience in 2020, while the global protection gap (disparity between economic and insured losses) has hit a new high of $1.24 trillion, according to Swiss Re Institute. In its latest annual resilience indices, ... Read the full article
KBW forecasts growing reinsurance losses & stronger rate increases
24th August 2020
Analysts at KBW are forecasting growing reinsurance losses in 2020 and stronger reinsurance rate increases next year, based on loss activity over the year so far. Reinsurers Munich Re and Swiss Re have already estimated that insured catastrophe losses will total $27 billion and $31 billion over the first ... Read the full article
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