Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
CatIQ reduces 2024 Ontario flash flooding loss estimate by 9% to CAD 899m
16th July 2025
CatIQ, a Toronto-based independent catastrophe insurance data provider and a subsidiary of PERILS, has released its fifth industry loss estimate for the flash flooding that impacted southern Ontario on 15th and 16th July 2024, estimating CAD 899 million. As a reminder, in July 2024, southern Ontario, including Toronto and the Greater ... Read the full article
US nat cat activity drives $84bn global insured losses in H1’25: Gallagher Re
16th July 2025
Global insured losses reached $84 billion in the first half of 2025 — 55% higher than the decadal average and the highest H1 total since 2011 ($136 billion) — driven largely by US activity, according to a recent report by reinsurance broker Gallagher Re. The report found that 92% of all ... Read the full article
US wildfires & SCS push global insured losses to at least $100bn in H1’25: Aon
15th July 2025
Global insured losses from catastrophe events in the first half of 2025 increased to at least $100 billion, the second highest on record after 2011's $140 billion, driven by the Los Angeles wildfires and severe convective storm (SCS) activity in the US, reports insurance and reinsurance broker Aon. The broking group's ... Read the full article
Global insured cat losses could reach $90bn in H1’25, second-highest on record: Jefferies
14th July 2025
Global insured catastrophe losses in H1 2025 could reach as high as $90 billion, according to Jefferies, making it the second-highest first-half total on record. This projected figure sharply exceeds both the $58 billion recorded in H1 2024 and the five-year average of $55 billion. The elevated losses were driven primarily ... Read the full article
Low NFIP uptake in rural areas to limit insured losses from deadly Texas flooding: Aon
11th July 2025
Given the low NFIP take-up rates across rural areas, Aon has noted that the recent deadly Texas flooding is not likely to be a major insured industry loss event, though total economic losses may still reach into the billions of USD. As widely reported by major news outlets around the world, ... Read the full article
Hail responsible for 55% of solar PV weather claims in North America: AXIS Capital
11th July 2025
A new report from AXIS Capital Holdings Limited reveals that hail accounts for 55% of the total gross claims related to natural catastrophes and extreme weather for solar photovoltaics (PV) in the US and Canada. AXIS's Global Energy team has published a report, "Solar vs. Hail Pivoting Away From Danger", to ... Read the full article
Texas floods may cause up to $22bn in economic loss, says AccuWeather
8th July 2025
AccuWeather has estimated that the catastrophic flash flood disaster in Texas has caused an estimated $18 billion to $22 billion in total damage and economic loss. According to the firm, these figures include the cost of search and recovery efforts, the extensive cleanup ahead, insurance claims and impacts on future tourism ... Read the full article
Thai insurance claims from March earthquake could reach $1.53bn
7th July 2025
According to the Thai General Insurance Association (TGIA), insurance claims stemming from the earthquake that struck Myanmar and impacted Thailand in March could total up to 50 billion baht (approximately $1.53 billion), with an estimated 150,000 claims. TGIA President Somporn Suebthawilkul noted that with the claims process expected to continue through ... Read the full article
Extreme weather losses in Australia exceed AUD 1.8bn in H1’25: ICA
2nd July 2025
According to new data released by the Insurance Council of Australia (ICA), the total insured cost of extreme weather events in the first half of 2025 has now surpassed AUD 1.8 billion from 148,437 claims. A breakdown of these claims shows that the most recent event, the Mid-North Coast and Hunter ... Read the full article
Hurricane Erick insured losses expected to be contained: AM Best
27th June 2025
Insured losses from Mexico’s Hurricane Erick, which made landfall last week, are expected to be contained, with parametric insurance contracts unlikely to be triggered, according to a recent report by AM Best. Hurricane Erick made landfall last Thursday morning as a dangerous Category 3 storm, striking Mexico’s southern Pacific coast. It ... Read the full article
Severe storms in Europe & US to cause significant insurance losses: Aon
27th June 2025
Aon has reported that recent severe convective storm (SCS) activity is expected to drive economic and insured losses into the hundreds of millions of dollars in Europe, while similar events in the United States are projected to result in losses in the tens of millions. According to the firm's weekly catastrophe ... Read the full article
Allstate estimates May cat losses at $777m
18th June 2025
The Allstate Corporation has estimated catastrophe losses for May 2025 of $777 million or $614 million, after-tax. These losses stemmed from 11 separate events, with roughly 70% attributable to three widespread wind and hailstorms. By comparison, May 2024 saw catastrophe losses of $1.4 billion, approximately 70% of which resulted from five ... Read the full article
PERILS lowers industry loss estimate for Cyclone Alfred 12% to AUD 2.25bn
12th June 2025
Zurich-domiciled catastrophe insurance data provider PERILS AG has disclosed its second industry loss estimate for Cyclone Alfred to AUD 2.25 billion, a 12% dip from its initial loss estimate of AUD 2.568 billion issued in April 2025, six weeks after the event. Cyclone Alfred affected the Australian states of Queensland ... Read the full article
US P/C insurers hit by $1.1bn underwriting loss in Q1’25 primarily due to LA wildfires: AM Best
9th June 2025
According to credit rating agency AM Best, the US property and casualty (P/C) insurance industry recorded a $1.1 billion net underwriting loss in the first quarter of 2025—a significant decline from the $9.4 billion gain reported during the same period in 2024. The drop was primarily driven by elevated losses from ... Read the full article
GIC Re reports underwriting loss of ₹392.3 crore for Q4
27th May 2025
General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has reported an underwriting loss of ₹392.3 crore for the fourth quarter ended March 31st, 2025, compared to a profit of ₹570.06 crore in the prior year fourth quarter. The combined ratio for Q4’25 deteriorated to 103.56%, compared to ... Read the full article
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