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Reinsurance News


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

Loss creep could push Typhoon Jebi claims above $10bn, says PCS Co-Head

26th February 2019

Property Claim Services (PCS), a Verisk business, has estimated that insured losses resulting from Typhoon Jebi in Japan have now reached $10 billion, with the potential for further loss creep to push costs even higher, according to Tom Johansmeyer, Co-Head of PCS. PCS recently expanded its re/insurance market data aggregation and ... Read the full article

Townsville flooding triggers Suncorp’s aggregate reinsurance program

14th February 2019

Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article

Some reinsurance claims expected from Australia’s Townsville flooding

12th February 2019

Damages from the torrential rainfall and flooding in the Australian city of Townsville, Queensland are expected to trigger reinsurance protection for some exposed insurers, according to reports from the Courier Mail. The latest data from the Insurance Council of Australia shows that 14,600 insurance claims have been lodged as of Tuesday ... Read the full article

Townsville flooding claims rise again, cost now estimated at AUD 165mn: ICA

11th February 2019

Insurance companies have now received 13,560 claims, amounting to losses of an estimated AUD 165 million (USD 117mn), in relation to the torrential rainfall and flooding in the City of Townsville, Queensland, according to data from the Insurance Council of Australia (ICA). The latest figures are as of 10am local time, and the ... Read the full article

Initial property loss estimate for Sydney hailstorms pegged at AU$635mn by PERILS

31st January 2019

Catastrophe loss data aggregator PERILS has provided an initial property loss estimate of AU$635 million (US$462mn) for the December 2018 Sydney hailstorms and severe convective weather that impacted the greater Sydney region. This initial estimate covers the insured property market loss for the hailstorms that hit the greater Sydney region on ... Read the full article

Attritional losses drive $198m Q4 net loss for AXIS

31st January 2019

Bermudian re/insurance group AXIS Capital Holdings has announced a $198 million net loss for the fourth quarter of 2018, driven by heavy attritional property and catastrophe activity. This $198 million Q4 net loss, with a 117.3% Combined Ratio (CR), compares to the $38 million net loss and 100.7% CR reported in ... Read the full article

Analysts say December Sydney hailstorm could cost re/insurers AU$2bn

30th January 2019

The total loss to insurers and reinsurers from the major hailstorm that struck Sydney and the surrounding area in December 2018, could be as much as AU$2 billion (US$1.44bn), according to analysts. Analysts at Firetrail Investments, an Australian investment management firm, have said that the hailstorm and severe convective weather outbreak ... Read the full article

Catastrophes hit RenRe’s fourth-quarter results

30th January 2019

Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced a net loss of $83.9 million for the fourth-quarter of 2018, driven by the impact of catastrophe losses. The $83.9 million Q4 net loss compares with a net loss of $3.5 million for the same period in 2017. The reinsurer states that Hurricane Michael, ... Read the full article

Industry wildfire losses near $20bn in record year for insurers: Aon

29th January 2019

Global insured losses for catastrophic fire events set a new record at near $20 billion in 2018, with the majority of losses driven by wildfires in California, according to estimates from Aon. The broker noted that wildfires caused extremely elevated losses and human casualties for a second consecutive year in 2018, ... Read the full article

Insured losses from November California wildfires surpass $11.4bn

29th January 2019

Ricardo Lara, California's Insurance Commissioner, has revealed that insured losses of more than $11.4 billion have now been reported from the November 2018 Wildfires. The new figure represents growth of roughly 25%, or more than $2.3 billion from the total reported by the Department of Insurance in December 2018. Insurers have reported ... Read the full article

Everest Re estimates Q4 losses at $695m

25th January 2019

Bermuda-headquartered reinsurer Everest Re Group has announced Q4 catastrophe losses of $695 million, a figure net of reinsurance, reinstatement premiums and taxes. The group states that these Q4 losses can primarily be attributed to hurricane Michael, the Camp and Woolsey California wildfires, and hailstorms which hit Australia in December. Michael made landfall ... Read the full article

Increased cat losses dent Travelers’ results, further reinsurance secured

22nd January 2019

American insurer Travelers’ losses and results overview shows the company had a net income of $621 million in Q4 2018, which included a pre-tax catastrophe loss of $610 million, increasing from $499 million in the prior year quarter. This Q4 cat loss figure consists primarily of $453 million pre-tax ($358 million ... Read the full article

Aon puts insured cat losses at $90bn in 2018, economic costs at $225bn

22nd January 2019

Re/insurance broker Aon has estimated that the re/insurance industry will incur $90 billion of catastrophe losses in 2018, or around 40% of the total $225 billion economic cost. Aon reported that losses were generated by 394 natural disaster events in 2018, with weather catastrophes driving the majority of losses. The broker also ... Read the full article

Insured weather losses across Canada reach $1.9bn in 2018: Cat IQ

21st January 2019

Severe weather across Canada resulted in approximately $1.9 billion of re/insured losses in 2018, according to data from Catastrophe Indices and Quantification Inc. (Cat IQ). The Insurance Bureau of Canada (IBC) noted that 2018 had the fourth-highest amount of losses on record, with ice storms, floods, windstorms and tornadoes damaging homes, ... Read the full article

Chubb pegs pre-tax Q4 cat losses at $585m

21st January 2019

Global re/insurer Chubb has released an updated Q4 catastrophe loss estimate of $585 million ($505 million after tax), a figure which includes previously reported costs incurred by the California wildfires and hurricane Michael. The Camp and Woolsey wildfires destroyed more than 20,000 structures between them after springing up in California’s ... Read the full article

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