Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
High Q3 losses could see AIG call on aggregate reinsurance cover: Analysts
5th October 2018
Global insurer American International Group (AIG) has roughly $125 million of net potential H218 qualifying severe losses before its aggregate reinsurance coverage is triggered, according to data from investment banking firm Keefe, Bruyette & Woods (KBW). Of the firm’s $428 million H118 severe losses, $290 million counts towards its loss aggregate ... Read the full article
PERILS reveals €324m final loss estimate for cyclone Xavier
5th October 2018
Catastrophe data loss aggregation and estimation firm PERILS has released its final loss estimate for extratropical cyclone Xavier, which primarily affected Germany on October 5, 2017. PERILS’ estimate of the insured property market loss for the cyclone, based on loss data collected from affected insurers, is €324 million. This compares to the ... Read the full article
H2 2018 losses by no means benign, but reinsurers able to absorb major event: Analysts
4th October 2018
Despite catastrophe and man made losses in the second-half of 2018 falling below the levels seen last year, so far, analysts at Peel Hunt have said that by no means is H2 2018 a benign loss period, with losses starting to have a meaningful P&L impact. Notable natural catastrophe losses so ... Read the full article
2018 Typhoons may impact creditworthiness of Japan’s insurers: S&P
4th October 2018
The recent run of large natural disasters to hit Japan such as typhoon Jebi and typhoon Trami has likely put downward pressure on the creditworthiness of the nation's three largest non-life insurance groups, says S&P Global Ratings. Japan's three largest non-life insurance groups - Tokio Marine Group, MS&AD Insurance Group, ... Read the full article
UIHC estimates $35m Q3 cat losses
2nd October 2018
Property and casualty insurance holding company United Insurance Holdings Corp revealed estimated catastrophe losses incurred during the third quarter ending September 30, of approximately $35 million before income taxes - approximately $27 million after tax - net of expected reinsurance recoveries. UIHC's third quarter catastrophe losses included claims from hurricane Florence, ... Read the full article
Citizens to claim back $126.4mn from private reinsurers for Hurricane Irma
27th September 2018
Citizens Property Insurance Corporation (Citizens), Florida's insurer of last resort, has announced that it has incurred losses of $1.81 billion from Hurricane Irma, and that it expects to recover $126.4 million from the private reinsurance market and a further $534.7 million from the Florida Hurricane Catastrophe Fund (FHCF). Not long after ... Read the full article
Insured Typhoon Mangkhut losses as high as $2bn: AIR
26th September 2018
Typhoon Mangkhut - which made landfall in the Philippines before passing close enough to Hong Kong and Macau to inflict widespread damage to infrastructure - is estimated to cause between $1 billion and $2 billion in insured losses, according to catastrophe risk modelling firm AIR Worldwide. AIR states that, after causing ... Read the full article
Claims paid from recent Japanese catastrophes rise into the billions
25th September 2018
The latest data from the General Insurance Association of Japan (GIAJ) reveals that insurance claims paid for July rains and floods in the country has now approached $1.5 billion (JPY 165.7 billion), while insurance claims paid following the Osaka prefecture area earthquake now total almost $770 million (JPY 86.6bn). In recent ... Read the full article
Up to $10bn insured flood losses from Florence, estimates CoreLogic
25th September 2018
Catastrophe risk modelling specialist CoreLogic estimates that industry flood losses resulting from hurricane Florence will fall between $6 billion and $10 billion, with the National Flood Protection Program shouldering between $2 billion and $5 billion of that figure. CoreLogic estimates the uninsured flood loss to be between $13 billion and $18.5 ... Read the full article
Insured Florence losses as high as $5bn: RMS
25th September 2018
Global catastrophe risk modeller RMS estimates an insured loss from hurricane Florence of between $2.8 billion and $5 billion; a figure that includes a $800 million to $1.2 billion loss for the National Flood Insurance Program. The estimate includes losses associated with wind, storm surge, and inland flood damage across North ... Read the full article
Allstate reports cat losses of $186mn for August 2018
21st September 2018
The Allstate Corporation, one of the largest primary insurers in the U.S, has reported estimated catastrophe losses of $186 million pre-tax ($147 million after-tax) for the month of August 2018. Catastrophe losses consisted of 16 events that cost an estimated $137 million pre-tax, as well as unfavourable reserve re-estimates for prior ... Read the full article
PCS designates Lürssen shipyard fire, as market braces for major loss
21st September 2018
Property Claim Services (PCS) has designated the recent Lürssen shipyard fire as an event under its PCS Global Marine & Energy product, triggering the process to monitor, aggregate and report on the insurance and reinsurance industry loss. PCS launched its Global Marine and Energy loss aggregation solution in April 2017, ... Read the full article
RMS and CCRS collaborate on new data schema covering $554tn of insurance exposure
19th September 2018
Global catastrophe risk modeller RMS has collaborated with the Cambridge Centre for Risk Studies (CCRS), part of The University of Cambridge, to develop and launch a new Data Definitions Document v1.0 for 14 different classes of insurance exposure. The new, published insurance exposure Data Definitions Document v1.0 offers a standardised schema ... Read the full article
Hurricane Florence insured losses between $1.7bn & $4.6bn: AIR
18th September 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, estimates that insured losses inflicted by Hurricane Florence’s winds and storm surge will range from $1.7 billion and $4.6 billion; though these figures do not include a range of factors including the ongoing flooding that is expected. “Hurricane Florence, once a ... Read the full article
$15bn Florence losses could support P&C pricing, says Morgan Stanley
17th September 2018
Morgan Stanley has released an insured loss estimate of between $5 billion and $15 billion for damages relating to Hurricane Florence, which made landfall in North Carolina on Thursday night, and has suggested that losses could support property and casualty (P&C) re/insurance pricing. Florence was downgraded from a Category 4 to ... Read the full article
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