Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
AXIS announces Q4 losses of up to $205mn from COVID-19 and cats
19th January 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a preliminary Q4 2020 net claims estimate of between $195 million to $205 million, pre-tax, for catastrophes and weather-related events. Of this range, AXIS states that a significant $125 million, pre-tax, relates to the COVID-19 pandemic, while an additional $70 million ... Read the full article
Hiscox adds $48mn to Covid-19 BI losses following Supreme Court judgement
15th January 2021
Specialist re/insurer Hiscox has said that after the Supreme Court's ruling in favour of insureds earlier today in the appeal of the business interruption (BI) insurance test case, it has added a further $48 million, net of reinsurance, to its 2020 estimate for COVID-19 BI losses. This morning, the UK ... Read the full article
RenRe warns of Q4 operating loss amid $345mn weather & COVID impact
14th January 2021
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has reported that losses from weather-related catastrophe events and the ongoing COVID-19 pandemic will push the firm to a fourth-quarter operating loss. The reinsurer has announced that estimated losses from catastrophe events will have a net negative impact of roughly $170 million on its Q4 ... Read the full article
The U.S. endured a record 22 billion-dollar nat cats in 2020: NOAA
11th January 2021
A record number of tropical storm formations in the Atlantic, coupled with an unprecedented number of landfalls and the most active wildfire year on record, saw the U.S. experience 22 billion-dollar natural disaster events in 2020, according to analysis by the National Oceanic and Atmospheric Administration (NOAA). During the 2020 Atlantic ... Read the full article
Global insured nat cat losses up 44% in 2020 to $82bn: Munich Re
7th January 2021
A record hurricane season, historic wildfires in the western U.S. and a series of events in other parts of the world saw global, re/insured losses from natural disasters increase to $82 billion in 2020, which is approximately 44% higher than in the previous year, reports Munich Re. Economic losses from natural ... Read the full article
2020 a benign year for international cat losses: CRESTA
5th January 2021
CRESTA, the re/insurance industry organisation that provides a standard global system of risk accumulation zones, has reported that 2020 represented a “very benign year” for major catastrophe losses outside of the US. CRESTA’s industry loss index, CLIX, shows that five catastrophe events outside the US generated re/insurance industry losses in excess ... Read the full article
German re/insurers paid €2.5bn for weather losses in 2020: GDV
30th December 2020
New data from the General Association of the German Insurance Industry (GDV) shows that the German re/insurance industry paid around €2.5 billion this year for damage caused by storms, hail and other natural hazards such as heavy rain. Overall, 2020 was a below-average year in terms of claims, standing at around ... Read the full article
COVID-19 loss reports approach low-end of industry estimates at $30bn
21st December 2020
Data from financial services advisory PeriStrat shows that total tracked public loss estimates from re/insurers are now approaching the low-end of market loss estimates, which range from $30 billion to $80 billion. PeriStrat believes that reported losses now amount to $29.5 billion, and warned that Q4 financial reporting will probably reveal ... Read the full article
Kyushu flood & Typhoon Haishen losses estimated at $1.7bn
18th December 2020
The General Insurance Association of Japan (GIAJ) has released new data relating to the Kyushu floods and Typhoon Haishen that impacted Japan earlier this year, showing combined re/insurance industry losses to be around US $1.7 billion. The southern Japanese island of Kyushu experienced record-breaking heavy rain in the prefectures of Kumamoto ... Read the full article
UIHC Q4 cat losses stand at up to $100mn
16th December 2020
Property and casualty insurance holding company UIHC has announced estimated current year catastrophe losses, incurred between October 1 to November 30, of between $85 million and $100 million. This figure is before income taxes and totals approximately $67 million to $79 million after tax, net of expected reinsurance recoveries. The company’s fourth ... Read the full article
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
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