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Losses

News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.

COVID-19 P&C losses as high as $80bn: analysts

23rd April 2020

Analysts at research firm Dowling & Partners believe the property and casualty insurance industry should expect between a $40 billion and $80 billion loss from the coronavirus pandemic. If insurance losses were to hit the upper limit of this estimate, the reinsurance industry could expect to pay out a double-digit billion ... Read the full article

Uncertainty for re/insurers as experts imply Olympics go-ahead requires vaccine

20th April 2020

As insurers and reinsurers prepare to manage the economic fallout from the one-year delay to the Tokyo Olympics, experts have suggested that the games will only go ahead in 2021 if there's a vaccine for the COVID-19 coronavirus. It was announced on March 24th that for the very first time, the ... Read the full article

Q1 results to see lighter catastrophe load, auto frequency benefits: MS

20th April 2020

Analysts at Morgan Stanley have lowered catastrophe loss estimates for both U.S. primary insurers and reinsurers ahead of Q1 2020 results season, driven in part by lower-than-expected U.S. spring storm activity. Unsurprisingly, the focus of first-quarter 2020 results is expected to be the ongoing COVID-19 coronavirus pandemic, but a reduction in ... Read the full article

Cost of severe US weather outbreak could surpass $1bn: Aon

17th April 2020

A  number of southern and eastern US states were hit with a prolific severe weather outbreak between April 10 and 14, according to the latest catastrophe report from Aon. At least 41 people were killed and hundreds more injured by an outbreak which prompted a minimum of 121 confirmed tornado touchdowns ... Read the full article

Arch sees Q1 COVID-19 losses at up to $145m across P/C & mortgage

16th April 2020

Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has announced estimated pre-tax losses of up to $95 million across its property casualty insurance and reinsurance segments, and losses of up to $50 million in its mortgage segment, as a result of the impacts of the COVID-19 pandemic. Arch has underlined the ... Read the full article

Greenlight Re sinks to $43mn Q1 net loss

14th April 2020

Hedge fund-backed reinsurer Greenlight Re expects to incur a net loss of between $38 million and $43 million for the first quarter of 2020. This loss is driven by an investment loss in the Solasglas Investments, LP fund of $42.2 million, representing a loss of 8.1% for the quarter as previously ... Read the full article

Separate billion-dollar events mark active month for US tornadoes: Aon

14th April 2020

The month of March was a particularly active one for US weather losses, with separate billion-dollar tornado events marking significant losses for the re/insurance industry, according to the latest Global Recap report from Aon. Most notably, deadly tornados tracked across central Tennessee on March 3, including an EF4 and EF3 in ... Read the full article

PERILS pegs insured loss from Febuary’s UK floods at £297mn

3rd April 2020

Catastrophe insurance data provider PERILS has estimated the insured loss from the UK floods in February 2020 at £297 million. The February 2020 Floods were the result of record-breaking rainfall on saturated grounds which led to extensive river flooding. Heavy rainfall was mainly associated with the three named storms of Ciara, Dennis ... Read the full article

PERILS pegs industry loss from storm Victoria (Dennis) at €286mn

31st March 2020

Catastrophe loss data aggregator PERILS has released a €286 million initial loss estimate for extratropical cyclone Victoria (also known as Dennis), which affected the British Isles and north-western Europe from 15 to 17 February 2020. It occurred only six days after extratropical cyclone Sabine (Ciara, Elsa) which PERILS has since ... Read the full article

PERILS puts industry loss from Storm Sabine (Ciara) at €1.6bn

24th March 2020

Catastrophe loss data aggregator PERILS has released its initial loss estimate for extratropical cyclone Sabine (also known as Ciara), putting re/insurance industry losses at €1.551 billion (US $1.680 billion). The estimate from PERILS is some way below the €1.8 billion figure previously released by RMS and the €1.9 billion ... Read the full article

Aspen wraps up “transitional” 2019 with $48mn operating loss

17th March 2020

Bermuda domiciled re/insurer Aspen fell to a $48.4 million operating loss in 2019, as the company navigated what it describes as a “transitional year.” Losses, which also included a net loss of $241.7 million, were driven by costs relating to the acquisition of the company by certain investment funds managed by ... Read the full article

Windstorm Ciara/Sabine insured loss to exceed $1.1bn: Aon

11th March 2020

Re/insurance broker Aon has estimated that Windstorm Ciara (also known as Sabine) will cause industry losses of well above €1 billion (US $1.1 billion), with even larger economic losses. Ciara swept across 17 separate European countries over February 9th and 10th, killing at least 14 people and causing major wind-related damage ... Read the full article

PERILS settles on industry loss of €782mn for Cyclone Dragi-Eberhard

9th March 2020

Catastrophe loss data aggregator PERILS has settled on a figure of €782 million (US $889 million) as its fourth and final estimate for the insurance market loss resulting from Extratropical Cyclone Dragi-Eberhard in March 2019. Dragi-Eberhard affected the British Isles, and Western and Central Europe on 9 and 10 March and ... Read the full article

Who’s exposed to Tennessee tornado damage?

6th March 2020

Financial analysis firm Demotech has compiled a list of re/insurers who are likely to face the most exposure from the recent outbreak of tornadoes that impacted Tennessee on March 3rd. The tornadoes, which caused major damage in the state capital of Nashville, caused at least two dozen deaths and are expected ... Read the full article

Aon expecting sizeable industry losses from deadly US tornadoes

6th March 2020

A spate of powerful tornadoes in Tennessee, as well as further instances of hail and non-tornadic wind damage across several other US states, is expected by Aon to inflict economic damage well into the hundreds of millions of dollars, with most of that insured. Powerful and deadly tornadoes tracked across central ... Read the full article

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