Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Hurricane Isaias insured losses seen at up to $5bn by RMS
17th August 2020
Catastrophe risk modeller RMS has estimated that total insured losses from the impacts of Hurricane Isaias will be between $3 billion and $5 billion, which includes National Flood Insurance Program (NFIP) losses of between $400 million and $700 million. The large majority of the insured loss, between $3 billion and $4.5 ... Read the full article
PERILS raises Australian East Coast Low loss to AU $954mn
14th August 2020
Catastrophe insurance data provider PERILS has raised its industry loss estimate for the East Coast Low that hit Australia in February 2020 to AU $954 million (US $683 million). This updated estimate, which comes six months on from the event, is significantly higher than PERILS’ initial loss estimate of $794 million. The ... Read the full article
Global insured cat losses below average at $31bn in H1: Swiss Re
11th August 2020
Swiss Re Institute estimates that global insured catastrophe losses were $31 billion in the first half of 2020, up from $23 billion last year but well below the average H1 cost of $36 billion. Global economic losses from natural catastrophes and man-made disasters came to $75 billion in H1 2020, according ... Read the full article
Beirut port explosion insured loss seen at up to $3bn: reports
11th August 2020
The insurance industry loss from the Beirut port explosion, thought to have been caused by 2,750 metric tons of ammonium nitrate that was stored unsafely, is estimated at up to $3 billion by the Association of Insurance Companies in Lebanon (ACAL). According to a report by Al Roeya, the ACAL has ... Read the full article
Isaias to drive $4bn industry loss in US, $200mn in Caribbean: KCC
10th August 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that Hurricane Isaias will drive an insured loss of $4 billion in the United States and $200 million in the Caribbean. The estimate includes the privately insured wind and storm surge damage to residential, commercial, and industrial properties and automobiles, but ... Read the full article
Guy Carpenter puts insured Beirut port losses at $250mn
10th August 2020
Reinsurance broker Guy Carpenter has estimated that the insured bill for combined hull, cargo and port facility losses from the recent Beirut explosion should be within $250 million. The estimate comes after the Governor of Beirut said that the economic impacts of the blast would be in the region of ... Read the full article
Hurricane Isaias to drive $1bn+ insured & economic losses: Aon
7th August 2020
Economic and insured loss totals from the impact of Hurricane Isaias are each individually expected to surpass the $1 billion threshold, according to analysts at Aon. Isaias swept across the Caribbean over July 28th to August 1st with notable impacts in the Dominican Republic, Puerto Rico, and the Bahamas. It later tracked ... Read the full article
Beirut explosion could drive $15bn economic loss, says Governor
6th August 2020
A huge explosion in the Lebanese capital of Beirut is likely to cause between US $10 billion and $15 billion of economic losses, according to officials. The blast, which originated in the port area of Beirut, was large enough to damage buildings several kilometers away and has devastated parts of the ... Read the full article
RMS places hurricane Hanna insured losses at less than $400mn
31st July 2020
Catastrophe risk modeller and solutions company, RMS, estimates that the U.S. insurance losses from Hurricane Hanna will not exceed $400 million. Losses to the National Flood Insurance Program are expected to be $100 million or less. Jeff Waters, senior product manager, RMS North Atlantic Hurricane Models commented: “Wind and storm surge-driven losses ... Read the full article
KCC puts Hurricane Hanna insured losses at close to $350mn
28th July 2020
Karen Clark & Company (KCC) has estimated that insurance industry losses from Hurricane Hanna, the first hurricane of the 2020 North Atlantic hurricane season, will near $350 million. Catastrophe risk modeller KCC notes that its estimate includes privately insured wind and storm surge damage to residential, commercial, and industrial properties and ... Read the full article
Re/insurers’ public COVID-19 losses reach $20.2bn: PeriStrat
27th July 2020
Data compiled by Zurich-based financial services advisory PeriStrat LLC shows that publicly reported COVID-19 losses among the largest global insurers and reinsurers have now reached $20.2455 billion. Analysts noted that loss estimates have generally trended upwards in second quarter earnings releases. However, the tracked public loss figure is still less than most ... Read the full article
Everest Re pegs Q2 COVID-19 losses at $160mn
24th July 2020
Bermuda-based reinsurer Everest Re Group, Ltd. has reported losses related to the COVID-19 pandemic of $160 million in the second-quarter of 2020, taking the firm's total hit from the ongoing crisis to $310 million. The reinsurer states that of its total Q2 2020 pandemic hit, $130 million is allocated to its ... Read the full article
Insured losses from nat cats hit $27 billion in H1, says Munich Re
23rd July 2020
In the first half of the year, natural catastrophes resulted in overall economic losses of approximately $68 billion, of which just over 18%, or $27 billion was covered by re/insurance protection, according to Munich Re. Globally, economic losses of $68 billion in H1 2020 is below the 30-year average of $74 ... Read the full article
Insured nat cat losses exceed 20-year average in H1 at $30bn+, says Aon
22nd July 2020
Globally, insured losses from natural catastrophes exceeded $30 billion in the first six months of 2020, which is roughly 8% above the 20-year average of $28 billion, according to the latest Global Catastrophe Recap report from Impact Forecasting, re/insurance broker Aon's catastrophe model development team. The report notes that a total ... Read the full article
QBE reports $335mn COVID-19 loss ahead of H1 results
22nd July 2020
Ahead of the release of its results for H1 2020, Australian insurer QBE has reported that it expects to incur a COVID-19 underwriting impact of around $335 million for the period. The group is anticipating a combined operating ratio of around 104% for the first half of the year, reflecting COVID-19 ... Read the full article
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