Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Aon expecting sizeable industry losses from deadly US tornadoes
6th March 2020
A spate of powerful tornadoes in Tennessee, as well as further instances of hail and non-tornadic wind damage across several other US states, is expected by Aon to inflict economic damage well into the hundreds of millions of dollars, with most of that insured. Powerful and deadly tornadoes tracked across central ... Read the full article
APRA spotlights reinsurance adequacy after $5bn disaster season
6th March 2020
The Australian Prudential Regulation Authority (APRA) has been focused on the adequacy of insurers’ reinsurance arrangements following a summer of extreme weather events that are projected to cause industry losses of around AU $5 billion (US $3.35 billion). Addressing the Senate Economics Legislation Committee today, APRA Chairman Wayne Byres explained that ... Read the full article
Retailer insured losses from Chile riots could hit $1bn, says PCS
5th March 2020
Property Claim Services (PCS), a Verisk Analytics business, estimates that around 33% of the insured losses from the 2019 Chilean riots will come from retailers, and could reach as high as USD 1 billion. Earlier this week, PCS announced the expansion of its industry loss index coverage to the Latin ... Read the full article
Property damage from Tennessee tornadoes to exceed $1bn, says CoreLogic
5th March 2020
An outbreak of tornadoes that severely impacted parts of Nashville, Tennessee on March 3rd, 2020 is expected to result in total damage to property of more than $1 billion, according to catastrophe risk modeller, CoreLogic. Around 2am local time, a line of severe thunderstorms produced tornadoes with an estimated intensity of ... Read the full article
PERILS estimates Australia’s January hailstorm loss at AU $670mn
4th March 2020
Catastrophe loss data aggregator PERILS has released its first industry loss estimate for the January 2020 hailstorms that impacted south-eastern Australia, putting losses at AU $670 million (US $443 million). This figure compares with the latest estimate of AU $805 million (US $527 million) from the Insurance Council of Australia ... Read the full article
Tornadoes cause major damage in Nashville & central TN
3rd March 2020
Two tornadoes have caused widespread damage across central Tennessee, including in the state capital of Nashville, destroying at least 40 buildings and leaving 19 people dead. Parts of Nashville were left in darkness as the tornadoes arrived overnight on March 2-3, leaving about 44,000 people without power. Strong winds also blew down ... Read the full article
Latest estimates put Australian hailstorm losses at AU $805mn
2nd March 2020
The latest estimates from the Insurance Council of Australia (ICA) put re/insurance industry losses from the recent January hailstorm events in the region of AU $805 million (US $527 million). Losses are related to a series of destructive hailstorms that struck parts of Victoria, Australian Capital Territory (ACT), Queensland, and New ... Read the full article
Bank of Montreal (BMO) hit by typhoons after decision to exit reinsurance
25th February 2020
The Bank of Montreal (BMO) has revealed that it was hit by CAD 25 million (USD 19 million) of reinsurance claims from the Japanese typhoons in 2019, which occurred just week’s after its decision to wind down its reinsurance business. BMO underwrites reinsurance, including catastrophe risk, through its BMO Reinsurance Limited ... Read the full article
Allstate records $58mn cat losses for January, reverts back to threshold
21st February 2020
US primary insurer Allstate Corporation has announced an estimated $58 million in pre-tax catastrophe losses for January 2020. Allstate has also reverted back to a cat loss reporting threshold of $150 million in a calendar month. The company had previously dropped this threshold last October. This practice, Allstate says, is consistent with its ... Read the full article
Storms Ciara & Dennis could push UK insurers to underwriting loss: Fitch
20th February 2020
Analysts at Fitch Ratings believe that costs from storms Ciara and Dennis will increase pressure on UK household insurers’ profitability in 2020, potentially pushing them to an underwriting loss. The storms brought strong winds, torrential rain and widespread flooding to the UK before moving across to other parts of Europe, with ... Read the full article
Storm Sabine (Ciara) insured losses pegged at €675mn in Germany: GDV
18th February 2020
Storm Sabine (also known as Ciara in the UK) is estimated to have caused re/insurance industry losses of around €675 million in Germany, according to the General Association of the German Insurance Industry (GDV). Sabine caused major disruption in Germany over February 10th and 11th, as winds in excess of 120kmh ... Read the full article
Extreme pandemic could exhaust 12% of US life capital: S&P
17th February 2020
Analysts at S&P Global Ratings have estimated that an extreme pandemic event could result in $52 billion of excess net mortality claims for US life re/insurers, or about 12% of aggregate industry capital. This hypothetical stress test was conducted against the backdrop of the coronavirus outbreak, which has infected 71,442 people ... Read the full article
PERILS estimates peak industry bushfire losses at AU $1.6bn
17th February 2020
Catastrophe loss data aggregator PERILS has estimated that insurance industry losses resulting from the recent bushfire outbreak in southeast Australia will amount to AU $1.568 billion (US $1.05 billion). The figure is well below the AU $1.9 billion estimated released by the Insurance Council of Australia (ICA) last week, but ... Read the full article
Storm Ciara insured loss estimated at up to €1.8bn by RMS
14th February 2020
Catastrophe risk modeller RMS has estimated that the insurance industry loss from windstorm Ciara, also known as windstorm Sabine, will likely range between €1.1 billion (USD 1.2 billion) and €1.8 billion (USD 1.95 billion). The RMS loss estimate for storm Ciara, which struck parts of Ireland and the UK on Sunday ... Read the full article
AIR puts storm Ciara insured losses at up to €1.9bn
14th February 2020
The insurance industry loss from last weekend's European windstorm Ciara (also known as Sabine) is expected to be between €1.1 billion (USD 1.2 billion) and €1.9 billion (USD 2.1 billion), according to catastrophe risk modeller AIR Worldwide, a Verisk business. Known as windstorm Ciara in the UK, or windstorm Sabine in ... Read the full article
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