Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Allstate pegs October cat losses at $345mn
20th November 2020
US primary insurer Allstate incurred an estimated $345 million in catastrophe losses throughout October. This loss figure includes 10 events at an estimated pre-tax cost of $324 million, plus increased estimated catastrophe losses for prior quarter events. Estimated catastrophe losses for the month include the impacts of hurricane Zeta and hurricane Delta, ... Read the full article
Lloyd’s expects industry-wide COVID losses to exceed $107bn estimate: reports
19th November 2020
The Chairman of Lloyd's of London, Bruce Carnegie-Brown, said at a recent Reuters event that the global insured loss from the ongoing COVID-19 pandemic will exceed the market's previous estimate of $107 billion. Back in May, the specialist insurance and reinsurance marketplace said that it expects to pay customers up to ... Read the full article
Iowa Derecho claims hit $1.6bn, with a quarter left to pay
10th November 2020
According to the Iowa Insurance Division, a major derecho event that impacted the state in August has driven more than 200,000 insurance claims. Out of these, nearly 160,000 have already been paid, worth a total of around $1.6 billion. The Division believes that re/insurers are currently holding more than $1 billion in ... Read the full article
COVID losses “by no means over,” warn experts
9th November 2020
Executive panellists at the S&P Global Reinsurance Conference have warned that re/insurance industry losses due to COVID-19 are “by no means over.” Charles Mathias, Group Executive Director and Group Chief Risk Officer at Fidelis Insurance Holdings, suggested that many companies may have reserved on the basis that the pandemic would be ... Read the full article
Heightened catastrophe losses eat into Suncorp’s aggregate retention
6th November 2020
Suncorp, a giant Australian primary insurer, has announced estimated natural catastrophe losses of between $348 million and $408 million for the first four months of its financial year, the majority of which comes from the Queensland hailstorm event in October. As a result of this active period for catastrophe activity, the ... Read the full article
Hurricane Eta insured losses expected to be minimal: AM Best
5th November 2020
The insurance industry losses from the impacts of Hurricane Eta are expected to be minimal and contained, according to analysis by ratings agency AM Best. Hurricane Eta made landfall on November 3rd, 2020 as a strong Category 4 storm south of Puerto Cabezas, a coastal community of more than 60,000 people ... Read the full article
Onshore U.S. insured losses from Hurricane Zeta seen at up to $5bn by RMS
4th November 2020
Total onshore U.S. insurance and reinsurance industry losses from Hurricane Zeta are estimated to be between USD 3 billion and USD 5 billion, according to catastrophe risk modeller RMS. Hurricane Zeta, which first made landfall in Mexico’s Yucatan Peninsula as a Category 1 storm on October 24th, and again in the ... Read the full article
AIR pegs Hurricane Zeta loss at between $1.5bn – $3.5bn
2nd November 2020
Catastrophe risk modelling firm AIR Worldwide has revealed its estimated losses from Hurricane Zeta’s winds and storm surge to be from USD 1.5 billion to USD 3.5 billion. Included in AIR’s estimates are losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage. According ... Read the full article
Hurricane Zeta’s insured property loss put at $4.4bn by KCC
2nd November 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured loss to onshore properties caused by Hurricane Zeta will be close to $4.4 billion. This figure includes $4.3 billion of wind and storm surge losses in the US and $80 million of wind losses in Mexico. KCC explained that ... Read the full article
$925mn cat losses sees Chubb’s Q3 operating income fall 27%
28th October 2020
Global re/insurer Chubb saw catastrophe losses reach $925 million in the third quarter, up from $232 in the prior year quarter. The current quarter pre-tax catastrophe losses are primarily attributable to severe weather-related events globally of $696 million and wildfires of $110 million. Core operating income fell 26.6% to $907 million against ... Read the full article
AIG announces Q3 cat losses of $790mn; 23% relates to COVID-19
27th October 2020
Global insurer and reinsurer, American International Group, Inc. (AIG), has announced estimated third-quarter 2020 catastrophe losses, net of reinsurance, of $790 million (pre-tax) within its General Insurance segment. Of this total, $185 million, or approximately 23% is for claims related to the ongoing COVID-19 pandemic, primarily in the segment's travel, event ... Read the full article
Re/insurers’ public COVID-19 losses hit $23.7bn with more to come in Q3 & Q4
26th October 2020
Publicly recorded COVID-19-related losses among the largest global re/insurance companies have reached USD 23.7 billion, with further increased loss estimates anticipated for both the third and fourth quarters, according to analysis by Zurich-based financial services advisory, PeriStrat LLC. Losses related to the ongoing pandemic continue to trend upwards, and with Q3 ... Read the full article
HCI reports estimated Q3 losses
23rd October 2020
Florida-based insurtech HCI Group announced its initial catastrophe loss estimate for the third quarter of 2020. HCI’s homeowners and flood insurance operations, which are primarily in Florida, experienced only one catastrophic event during the quarter, which was Hurricane Sally. The hurricane made landfall near Gulf Shores, Alabama, but impacted the Florida panhandle ... Read the full article
Everest Re announces estimated Q3 catastrophe losses
23rd October 2020
Bermuda-based reinsurer Everest Re Group has announced its estimated Q3 2020 catastrophe losses. Everest is estimating pre-tax net catastrophe losses in the amount of $300 million, net of reinsurance and reinstatement premiums. The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including ... Read the full article
Argo warns of $54mn catastrophe hit ahead of Q3 results
22nd October 2020
Speciality re/insurer Argo Group has warned that its third quarter results will be impacted by approximately $54 million of catastrophe losses, in addition to $17 million of losses due to COVID-19. Catastrophe losses will be primarily related to Hurricanes Hanna, Laura and Sally, as well as the US wildfires and Midwest ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
