Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Natural hazard costs erode ~72% of Suncorp’s FY allowance
8th May 2025
In a new market update, Australian insurer Suncorp has disclosed that it incurred natural hazard costs of AUD 1.115 billion in the 10 months to April 30th, 2025, which has eroded almost 72% of the carrier's AUD 1.560 billion full year natural hazard allowance. Suncorp explained that there have been 15 ... Read the full article
James River posts Q1’25 net income of $9m and CoR of 99.5%
6th May 2025
James River Group Holdings, a Bermuda-domiciled insurance holding company, has reported first quarter 2025 net income of $9 million and adjusted net operating income of $9.1 million, compared to $20.9 million and $14.8 million, respectively, in Q1’24. For the quarter, gross written premium (GWP) was $294.4 million, and Excess and Surplus ... Read the full article
Everest reports positive net income as catastrophes drive underwriting loss
1st May 2025
Bermuda-domiciled insurer and reinsurer Everest Group has reported $472 million of pre-tax catastrophe losses, net of recoveries and reinstatement premiums, in the first quarter of 2025, primarily driven by the California wildfires, compared to $85 million in Q1’24, driving an underwriting loss for the firm. The carrier states that reinstatement premiums ... Read the full article
Arch Capital’s Q1’25 GPW up to $6.5bn as CoR rises to 90.1%
30th April 2025
Bermuda-headquartered insurer and reinsurer Arch Capital Group Ltd. has reported an 8.9% increase in group-wide gross premiums written (GPW) to $6.5 billion for the first quarter of 2025, compared to $5.9 billion last year, as the firm's combined ratio deteriorated to 90.1% on higher catastrophe losses driven by the California ... Read the full article
Reinsurance sector critical amid $300bn loss risk, says Swiss Re
29th April 2025
With the potential for 'peak year' insured losses to exceed $300 billion, the Swiss Re Institute has emphasised that the reinsurance sector, supported by $500 billion in capital, is crucial for absorbing large shocks. While losses from secondary perils remain substantial, Swiss Re noted in a new report that primary perils, ... Read the full article
PERILS lifts industry loss estimate for windstorm Éowyn to €696m
28th April 2025
Zurich-domiciled catastrophe insurance data provider, PERILS, has upped the industry loss in its second estimate for extratropical windstorm “Éowyn”, also known as “Gilles”, at €696 million from €619 million in March. The loss estimate covers the property lines of business and is based on loss data collected from affected insurers. The storm ... Read the full article
PERILS estimates Cyclone Alfred insurance losses at AUD 2.57bn
23rd April 2025
Zurich-based catastrophe insurance data provider PERILS AG has issued its initial industry loss estimate for Cyclone Alfred, placing the total insurance market loss at AUD 2.568 billion. For those unaware, Cyclone Alfred impacted the Australian states of Queensland and New South Wales between 28 February and 12 March 2025. Although the system's ... Read the full article
Gallagher Re estimates $56bn in Q1 insured losses driven by LA wildfires
22nd April 2025
Reinsurance broker Gallagher Re has estimated that preliminary total insured losses for Q1’25 totalled at least $56 billion, marking the costliest first quarter for the private insurance market and government-sponsored insurance entities since 2011, and 176% higher than the Q1 decadal average of $20 billion (2015–2024). Gallagher Re noted that while ... Read the full article
LA wildfires drive Q1’25 insured losses above $53bn: Aon
17th April 2025
According to Aon's Q1 Global Catastrophe Recap, insured losses in the opening quarter exceeded $53 billion, well above the 21st-century Q1 average of $17 billion, marking the second-highest total on record after Q1 2011. As per the firm's report, the California wildfires contributed approximately $38 billion to this insured loss total, ... Read the full article
Definity Financial expects cat losses of CAD 50m in Q1’25
15th April 2025
Canadian property and casualty insurer Definity Financial Corporation has disclosed that catastrophe losses in the first quarter of 2025 would negatively impact operating income by approximately CAD 50 million, net of reinsurance recoveries. The insurer stated that this amount was approximately double of what it expected based on first quarter historical ... Read the full article
Intact estimates Q1’25 cat losses at $244m
14th April 2025
Intact Financial Corporation, a Canadian property and casualty insurer, has estimated total catastrophe losses for the first quarter of 2025 of approximately $244 million, pre-tax and net of reinsurance. Personal lines contributed $82 million, while commercial lines losses were higher at $162 million. The insurer’s personal line losses were in Canada, driven ... Read the full article
April US floods & SCS outbreak to cause insured losses up to $3bn: Gallagher Re
14th April 2025
Reinsurance broker Gallagher Re has pegged preliminary insured losses from the persistent flooding and severe weather across the central and southern US in early April at between $1 billion and $3 billion, but warns that this initial range is subject to change. The loss estimate range provided by the broker combines ... Read the full article
Insurers exposed to billions in potential losses from hail-related roof damage: ZestyAI
10th April 2025
ZestyAI, a company specialising in property and climate risk analytics, has disclosed that over 12.6 million US properties are at high risk of hail-related roof damage, costing about $189.5 billion in potential replacement costs. The information was obtained through ZestyAI’s Z-HAIL model, and highlights the growing financial threat of severe convective ... Read the full article
Conduit Re CEO Trevor Carvey to retire
31st March 2025
Trevor Carvey, Chief Executive Officer (CEO) and Director of Bermuda-domiciled property and casualty reinsurance group and the ultimate parent company of Conduit Re, Conduit Holdings, has notified the Board of his decision to step down from the roles and retire on April 11th, 2025. Conduit has confirmed that Carvey's retirement is ... Read the full article
Cyclone Reinsurance Pool faces A$1.7bn loss from Alfred
26th March 2025
Australian Reinsurance Pool Corporation (ARPC) has provided preliminary loss estimates on ex-Tropical Cyclone Alfred, with initial modelling indicating that total losses covered by the Cyclone Reinsurance Pool are approximately A$1.7 billion. The ARPC noted that this estimate is likely to change as further assessments are conducted and more claims data becomes ... Read the full article
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