Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Restructuring, real estate exit costs & low interest rates to dent Allstate in Q3
1st October 2020
The Allstate Corporation has warned of a restructuring charge of approximately $290 million (pre-tax) to be recognised in the final two quarters of the year, alongside real estate exit costs of around $80 million (pre-tax) and the negative impact of low interest rates on third-quarter earnings. The insurer has provided some ... Read the full article
CoreLogic report highlights opportunity in flood under-insurance
25th September 2020
A report from leading global property information company CoreLogic has highlighted the opportunities for private insurers to protect homeowners from flood risk inside and outside of the National Flood Insurance Program (NFIP). After Hurricane Harvey in 2017, CoreLogic estimated that 70% of the flood damage was uninsured. Dr. Howard Botts, executive and ... Read the full article
Hurricane Sally could drive $3.5bn industry loss in US, says RMS
24th September 2020
Catastrophe risk modeller RMS has estimated that total insured losses from Hurricane Sally in the US will be between $2.0 billion and $3.5 billion. The estimate includes losses to the National Flood Insurance Program (NFIP) of between $400 million and $800 million. The range compares with recent estimates from AIR Worldwide, Read the full article
Universal reports full retention cat losses for hurricanes Isaias & Sally
24th September 2020
Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has announced Q3 2020 estimated catastrophe losses resulting in "full retention events" for Hurricane Isaias and Hurricane Sally. An announcement from the insurer on its catastrophe losses for the third-quarter related to the two hurricanes, suggests the firm has called ... Read the full article
United Insurance estimates Q3 cat losses at $135mn
23rd September 2020
Property and casualty insurance holding company United Insurance Holdings Corp. (UPC Insurance) has announced its estimated catastrophe losses for the third quarter of 2020. Currently, UPC Insurance estimates that it incurred catastrophe losses of approximately $135 million in Q3 before income taxes, or about $107 million after tax. This figure is net ... Read the full article
Hurricane Sally’s onshore industry loss could reach $3bn: AIR Worldwide
21st September 2020
Catastrophe risk modelling firm AIR Worldwide (AIR) has estimated that the insured cost of onshore property damages resulting from Hurricane Sally will be between $1 billion and $3 billion. Losses were caused by wind, storm and inland flood, with wind representing the majority of the onshore loss. Although Sally included a major ... Read the full article
Progressive recovers $80mn from reinsurance in August
18th September 2020
Property and auto-focused insurance group Progressive recovered a total of $80 million from its reinsurance during August. $70 million was recovered after its 2020 cat losses and associated allocated loss adjustment expenses (ALAE) in its property business exceeded the $375 million annual retention threshold. An additional $10 million was recovered because the Property ... Read the full article
Hurricane Sally losses will largely fall to NFIP: AM Best
18th September 2020
Analysts at AM Best do not expect Hurricane Sally to constitute a major insurance industry loss due to its large flood component, which will mainly be covered by the US National Flood Insurance Program (NFIP). Hurricane Sally made landfall on the US Gulf Coast early on Wednesday morning, dropping massive amounts ... Read the full article
Allstate pegs August cat losses at $985mn
18th September 2020
US primary insurer Allstate has estimated its catastrophe losses for the month of August at $985 million, pre-tax. Losses during the period consisted of 11 events at an estimated cost of $969 million, pre-tax, plus unfavorable prior period reserve reestimates. Estimated catastrophe losses for the month include a $430 million impact of ... Read the full article
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
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