Reinsurance News


News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.

Lower-than-expected cat losses benefit AXIS in Q3: Analysts

25th October 2018

AXIS Capital Holdings has announced its results for the third-quarter of 2018, posting net income of $43 million compared with a net loss of $468 million a year earlier. According to analysts, the firm's performance in the third-quarter benefited from lower-than-expected catastrophe losses. The Bermuda-based re/insurer's financial results for the third-quarter ... Read the full article

CCRIF completes $5.8m Kirk payout to Barbados government

25th October 2018

CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, has completed the previously-announced $5.8 million payout to the government of Barbados, triggered by heavy rainfall that occurred during the passage of tropical storm Kirk, within 14 days of the event. The payout is CCRIF’s first of ... Read the full article

Cat losses hit Chubb in Q3 but operating profit up year-on-year

24th October 2018

Global insurer Chubb has reported pre-tax catastrophe losses of $450 million ($372 million after-tax) for the third-quarter of 2018, and a core operating profit of $1.1 billion, compared with a $60 million loss a year earlier. Chubb announced previously that it expected Q3 2018 catastrophe losses to amount to $450 ... Read the full article

AIG cat losses a “concern” with Q4 still looming: Goldman Sachs

24th October 2018

American International Group’s consolidated year-to-date (YTD) catastrophe losses are already 81% higher than its full year expected average annual loss (AAL), raising concerns over the efficacy of the company's reinsurance program, according to Goldman Sachs. AIG expects between $1.5 billion and $1.7 billion in cat losses for the third quarter (double ... Read the full article

Maria loss-creep exhausts Assurant’s per-event Caribbean reinsurance program

23rd October 2018

Assurant, Inc. has posted catastrophe losses of between $82 million and $89 million pre-tax ($65-70 million after tax) for the third quarter of 2018, of which $16-19 million was due to loss creep from 2017’s Hurricane Maria. The company said that the additional Q3 2018 losses for Hurricane Maria are above ... Read the full article

HCI Group estimates up to $18m hurricane Michael losses

23rd October 2018

Florida-headquartered re/insurance focused holding company HCI Group has issued an initial loss estimate from hurricane Michael of between $6 million and $18 million. Michael struck the Florida panhandle on 10 October, coming ashore as a major Category 4 storm with wind speeds of up to 155mph. This made the hurricane one of ... Read the full article

Hurricane Michael insured loss up to $10bn: RMS

22nd October 2018

The insurance industry loss from hurricane Michael is estimated to be between $6.8 billion and $10 billion, according to catastrophe risk modeller RMS. The estimate from RMS consists of insured losses from hurricane Michael's wind and storm surge damage across Florida, Georgia, as well as other areas of the Southeast and ... Read the full article

National Security expecting $4m hit from hurricane Michael

19th October 2018

Insurance holding company The National Security Group is expecting to be hit with $4 million pre-tax, net of reinsurance losses as a result of hurricane Michael. Based on analysis of historical reporting patterns, preliminary post-event model output and assessment of early reports of claims to date, the group estimates its ultimate ... Read the full article

$25m Q3 catastrophe losses expected by Argo Group

19th October 2018

International underwriter of specialty re/insurance products Argo Group International Holdings has announced a preliminary pre-tax catastrophe loss estimate for Q3 2018 of approximately $25 million. Hurricane Florence, typhoon Jebi and other cat and weather-related events in Q3 are all included in the estimate. Also included are claims costs net of ceded reinsurance ... Read the full article

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