Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
W. R. Berkley puts Q2 cat losses at $145mn; includes $85mn COVID-19 hit
13th July 2020
W. R. Berkley Corporation has revealed that it expects to incur net catastrophe losses of roughly $145 million (pre-tax) for the second-quarter of 2020, most of which is attributable to the COVID-19 pandemic. The firm estimates that approximately $85 million, or 59% of its Q2 loss estimate relates to the ongoing ... Read the full article
Japan flood damage to reach hundreds of millions USD: Aon
10th July 2020
Economic damage from the recent monsoonal flooding in Japan is expected to reach well into the hundreds of millions USD or higher, according to re/insurance broker Aon. The latest catastrophe report by Aon’s Impact Forecasting team also anticipates thousands of insurance claims will result from the flooding, although the General Insurance ... Read the full article
Dorian claims sees Bahamian insurer call on reserves for the first time: reports
9th July 2020
For the first time in its 25-year history, Bahamian insurer, Summit Insurance has released a portion of its catastrophe reserves owing to the substantial volume of claims from 2019's Hurricane Dorian, reports The Tribune. The devastating Category 5 storm hit the Bahamas over September 1st to 3rd, 2019 with sustained wind speeds ... Read the full article
Global insurance premiums to recover in 2021 after COVID-19-induced dip: Swiss Re
9th July 2020
Global insurance premiums are expected to recover in 2021 after contracting this year on the back of a COVID-19-induced economic recession, according to the latest Swiss Re Institute sigma report. While expected to be short-lived, Swiss Re warns that this year's recession is set to be the deepest since the Great ... Read the full article
Argo expecting $10-20mn Q2 virus loss
8th July 2020
Argo Group International Holdings, Ltd., the Bermuda based insurance and reinsurance company, has said that it is anticipating net losses of between $10 million and $20 million related to COVID-19 to be recorded in its second quarter earnings. The company fell to a net loss of $18.8 million in Q1 ... Read the full article
Chubb reports Q2 cat losses of $1.8bn; COVID-19 hit of $1.37bn
7th July 2020
Global insurer and reinsurer Chubb has announced that the impacts of the COVID-19 pandemic, combined with severe weather-related events and civil unrest in the U.S., has resulted in global net catastrophe losses of $1.807 billion (pre-tax) for the second-quarter of 2020. Chubb reveals that its Q2 catastrophe loss estimates include COVID-19 ... Read the full article
UPC Insurance pegs Q2 cat losses at $30 million
3rd July 2020
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has announced estimated catastrophe losses of roughly $30 million pre-tax ($23mn after-tax) for the second-quarter of 2020. The approximately $30 million of pre-tax cat losses is net of expected reinsurance recoveries, and compares with net retained cat losses ... Read the full article
COVID-19 losses “entirely manageable” for Lloyd’s: report
2nd July 2020
A new report by Syndicate Research Limited (SRL) has claimed that COVID-19 losses will be “entirely manageable” for re/insurance marketplace Lloyd’s of London in light of the investment market’s recovery. The Lloyd’s Market has estimated pre-tax underwriting losses from COVID-19 of £2.5 billion to £3.5 billion, equivalent to 9.7% to 13.6% ... Read the full article
Berenberg estimates global COVID-19 claims at $50-70bn
23rd June 2020
Analysts at investment bank Berenberg have estimated that global re/insurance claims related to the COVID-19 pandemic will be between $50 billion and $70 billion. Notably, this range is well below the $107 billion estimate put forward by Lloyd’s of London back in May. “Fundamentally, insurers are doing well,” Berenberg stated in ... Read the full article
Allstate reports catastrophe losses of $982mn for April & May
18th June 2020
The Allstate Corporation has announced that in the month of May it incurred estimated catastrophe losses of $350 million, pre-tax ($277 million after-tax). In April, U.S. primary insurer Allstate announced an estimated $632 million in pre-tax ($499 million after-tax) catastrophe losses. Combined, estimated catastrophe losses for the months of April ... Read the full article
P&C industry has entered into a “new era of catastrophe losses” – KBRA
10th June 2020
The ongoing COVID-19 pandemic, coupled with the recent wave of civil unrest and the looming cyber risk threat, has altered the risk landscape for property and casualty (P&C) insurers and reinsurers, reports Kroll Bond Rating Agency (KBRA). As explained by KBRA, for the global P&C sector the definition of "catastrophe" has, ... Read the full article
KCC puts Tropical Storm Cristobal insured loss at $150mn
10th June 2020
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured loss from Tropical Storm Cristobal, which made landfall along the US Gulf Coast on June 8th, will be close to $150 million. This KCC estimate includes the privately insured wind and storm surge damage to residential, commercial, and ... Read the full article
Cyclone Amphan’s $15bn impact mostly uninsured: Aon
10th June 2020
Analysts at re/insurance broker Aon estimate that Cyclone Amphan will drive $15 billion of economic losses across India, Bangladesh and Sri Lanka, although most of the damage is expected to be uninsured. The cyclone made landfall in coastal areas on May 20th as a Category 3 storm with winds gusting up ... Read the full article
Kenya Re expects 5% earnings loss due to pandemic
8th June 2020
State-controlled Kenya Reinsurance Corporation is forecasting a Sh 1 billion (US $9.4 million) decrease in its revenues this year due to the COVID-19 pandemic, according to reports from Capital Business. The loss, which is equivalent to 5% of the company’s total earnings, would mainly be caused by increased claims and rebates ... Read the full article
PCS designates US riots as a catastrophe in multiple-states
3rd June 2020
For the first time in its history, Property Claim Services (PCS) has designated the rioting and civil commotion across the U.S. as a catastrophe event in multiple-states. The death of unarmed George Floyd last Monday in police custody in Minneapolis has resulted in widespread protesting across the U.S. While many demonstrations started ... Read the full article
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