Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Hurricane Idalia insured losses to near $2.2 billion, says KCC
1st September 2023
Catastrophe risk modeller Karen Clark & Company (KCC) has pegged privately insured losses from Hurricane Idalia at close to $2.2 billion, the majority of which relates to wind and storm surge impacts in the U.S. KCC's estimate is low compared with other early insured loss estimates for Idalia, and includes privately ... Read the full article
Intact Financial reports catastrophe losses of $570m in Q3 2023
1st September 2023
Intact Financial Corporation has estimated that catastrophe losses incurred so far in the third quarter of 2023 from wildfires and other weather events amount to approximately CAD 570 million pre-tax. The firm highlights that these estimated losses relate to a number of events in July and August, none of which met ... Read the full article
Initial estimates point to Hurricane Idalia insured loss of below $10 billion
31st August 2023
Initial estimates for insurance industry losses from Hurricane Idalia, which made landfall in Florida on Wednesday as a major Category 3 storm, are lower than previously feared and point to insured losses of less than $10 billion. So far, there's been a range of early estimates for insured losses from Hurricane ... Read the full article
Hurricane Idalia insured losses manageable, but to sustain reinsurance demand: KBW
30th August 2023
Hurricane Idalia insured losses seem to be very manageable as they are estimated to remain in the low-single-digit billions - well below $10 billion -, according to Keefe, Bruyette & Woods (KBW) analysts. Having made landfall on the big bend section of the Florida coast as a major Category 3 ... Read the full article
Hurricane Idalia makes landfall as a Cat 3 with 125mph sustained winds
30th August 2023
Hurricane Idalia has now made landfall on the big bend section of the Florida coast as a major Category 3 hurricane, and continues to move towards the north-northeast at a speed near 18mph, according to the latest update from the NHC. The NHC reports that hurricane-force winds extend outward up to ... Read the full article
Hurricane Idalia rapidly intensifies and now forecast for Cat 4 landfall on Florida coast
30th August 2023
Idalia has rapidly intensified into a major Category 3 hurricane with sustained winds of 125 mph and the latest forecast from the NHC is for peak sustained winds of up to 132 mph before landfall, with peak gusts estimated to exceed 160 mph. Update: The latest NHC advisory, published since our ... Read the full article
Nova Scotia flooding causes over $170m in insured damage: IBC
29th August 2023
Citing initial estimates from CatIQ, the Insurance Bureau of Canada (IBC) has reported that the flooding in Nova Scotia on July 23 is estimated to have caused over $170 million in insured damage. According to IBC, this severe weather event produced more than 250 millimetres of rain in the hardest hit ... Read the full article
Guy Carpenter estimates industry loss of between $4bn and $6bn from Hawaii wildfire
29th August 2023
Reinsurance broker Guy Carpenter has estimated that the Lahaina wildfire will result in an insured loss of between $4 billion and $6 billion, making it the second costliest disaster in Hawaii's history since Hurricane Iniki in 1992. The devastating wildfire caused 115 fatalities and over 1,000 people are still missing, making ... Read the full article
Idalia now a hurricane and could be a multi-billion dollar event for re/insurers
29th August 2023
Idalia has now reached hurricane strength and the latest update from the NHC says that the storm is expected to become an extremely dangerous major hurricane before making landfall on the Florida coast early Wednesday. With sustained winds of 75 mph and stronger gusts, Hurricane Idalia is now a Category 1 ... Read the full article
KCC estimates privately insured loss for Hurricane Hilary at $600m
29th August 2023
Based on its high-resolution US Hurricane Reference Model, catastrophe modeller Karen Clark & Company (KCC) has estimated the privately insured loss from Hurricane Hilary will be close to $600 million in the US. As per KCC, this estimate includes the privately insured damage to residential, commercial, and industrial properties, as well ... Read the full article
Losses from Canada wildfires could reach into the billions: Aon
29th August 2023
Losses from the ongoing wildfire season across Canada could reach into the billions of USD, according to a new report from Aon. As per Aon's weekly cat report released on August 25, more than 1,000 fires were burning in Canada across several provinces and territories. "Over the past week, parts of the ... Read the full article
Economic losses from Hawaii wildfire to be between $4-6bn: Moody’s RMS
23rd August 2023
The global catastrophe risk modeling and solutions company, Moody’s RMS, has estimated $4 billion to $6 billion of economic losses from the recent Lahaina conflagration and Kula wildfires in Hawaii. The estimate includes property damage, contents, and business interruption, across residential, commercial, industrial, automobile, and infrastructure assets. Although the economic loss estimate ... Read the full article
PERILS ups Emilia-Romagna flood industry loss estimate to €488m
22nd August 2023
Zurich-based catastrophe insurance data provider PERILS AG has increased its industry loss estimate for the floods in the Emilia-Romagna region of Italy during May to €488 million. According to PREILS, the loss estimate covers the property lines of business and is based on loss data collected from the Italian insurance market. This ... Read the full article
US crop insurance premiums reach record high in 2022, widespread drought drives losses: AM Best
17th August 2023
With US crop insurance premiums reaching a record high in 2022 to $21.5 billion, the segment witnessed an underwriting loss due to challenging growing conditions amid widespread drought, reports AM Best. However, looking back at 2021, insurers reported weaker results, which was due to challenging growing conditions amid widespread drought throughout the ... Read the full article
PERILS increases Cyclone Gabrielle insured loss estimate to NZ $2.018bn
17th August 2023
Zurich-based catastrophe insurance data provider PERILS AG has released its third insured loss estimate for Cyclone Gabrielle, which impacted the North Island of New Zealand in February, pegging the total at NZ $2.018 billion. According to PERILS, the figure is composed of personal lines property losses, which represent 54%, and commercial ... Read the full article