Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
AXIS to report modest Q4 income amid catastrophes and Irma creep
21st January 2020
Bermuda domiciled insurer and reinsurer, AXIS Capital Holdings Limited, expects to report modest operating income for the fourth-quarter of 2019, driven in part by pre-tax catastrophe losses of $140 million. The firm's Q4 2019 results were impacted by a pre-tax loss for catastrophes and other weather-related events of $140 million, net ... Read the full article
ICA puts Australian hailstorm losses at A$320mn, further claims expected
21st January 2020
The Insurance Council of Australia (ICA) has said that insurers have now received more than 29,000 claims as a result of damages caused by recent hailstorms that hit parts of the country, driving estimated insurance industry losses of AUD 320 million (USD 219 million). The ICA has declared a catastrophe for ... Read the full article
Dorian reinsurance inflows to Bahamas exceed $1bn
20th January 2020
More than $1 billion in reinsurance payments are set for flow to the Bahamas, of which residents will receive 50%, according to reports from The Tribune. The publication quoted John Rolle, Governor of the Central Bank of the Bahamas, who disclosed the figure to attendees at the recent Bahamas Business Outlook ... Read the full article
Severe hailstorms hit Australia, as bushfire losses climb
20th January 2020
Storms have brought severe hailstorms and heavy downpours to parts of south-east Australia, causing major damage in areas already ravaged by the ongoing bushfire crisis. The rains and resultant flooding have helped to ease bushfire conditions in some regions, but authorities have warned that the danger is “far from over.” Insured losses ... Read the full article
KBW pegs Q4 global catastrophe losses at $19.2bn
17th January 2020
Analysts at KBW have estimated that global catastrophe losses in the fourth quarter of 2019 amounted to $19.2 billion. Losses stemmed mostly from Typhoon Hagibis, US storms, Chilean and Hong Kong riots, and Australian wildfires. KBW is anticipating rising insured loss estimates for the Australian wildfires in particular, as claimants increasingly begin ... Read the full article
California fires push Mercury General’s 2019 cat losses to $53mn
17th January 2020
Mercury General Corporation, a Los Angeles-based multi-line insurer, has disclosed that it incurred $53 million ($52 million net of tax) of catastrophe losses in 2019. More than two thirds of these losses were incurred in the fourth quarter of the year alone, and primarily resulted from the wildfires in California and ... Read the full article
Allstate’s 2019 cat losses down after quiet end to year
16th January 2020
The Allstate Corporation has announced that catastrophe losses in the month of December reached $25 million (pre-tax), taking its fourth-quarter 2019 estimated cat loss total to $295 million (pre-tax). Combined with the firm's loss experience throughout the rest of 2019, Allstate's 2019 catastrophe loss bill stands at approximately $2.6 billion, which ... Read the full article
The Hanover’s Q4 non-cat property losses above expectations
16th January 2020
The Hanover Insurance Group, Inc. has revealed that it expects its fourth-quarter 2019 non-catastrophe property losses to exceed expectations by roughly $20 million, pre-tax. The holding company states that the losses were mainly driven by non-catastrophe weather activity in homeowners, and also large property losses in commercial multiple peril and certain ... Read the full article
Chubb puts Q4 cat losses at $430mn
15th January 2020
Global insurer and reinsurer Chubb has announced net catastrophe losses of an estimated $430 million pre-tax ($353 million after-tax) for the fourth-quarter of 2019, net of reinsurance. Chubb states that the losses are primarily a result of severe, global weather-related events, including tornadoes in Texas, the California wildfires, and also typhoon ... Read the full article
ICA puts Australian bushfire losses at A$1.34bn, expects sharp increase
14th January 2020
The Insurance Council of Australia (ICA) has revealed that insurers have now received 13,750 bushfire catastrophe-related claims since November 8th, with industry losses estimated at AUD 1.34 billion (approximately USD 925 million). The ICA has warned that it is anticipating a further "sharp increase" in claims this week after commercial claims ... Read the full article
Insured bushfire losses jump to $645mn in Australia
10th January 2020
Re/insurance industry losses from the catastrophic bushfires still burning through southeastern Australia continue to increase, with the Insurance Council of Australia (ICA) now estimating total insured losses at US $645 million (AU $939 million). The new figure represents a jump of 33% compared with the ICA’s previous loss estimate on ... Read the full article
Suncorp states that bushfire losses could hit its reinsurance as claims soar
9th January 2020
Suncorp Group has announced that it has received more than 2,600 bushfire-related claims since September 2019 with a total estimated cost of up to AUD 345 million (USD 237 million), and has noted that losses from the event could trigger its reinsurance protection. The large Australian primary insurer is the latest ... Read the full article
Bushfire losses to rise but remain manageable, says Moody’s
9th January 2020
Moody's Investors Service has warned of a dent to profits from the ongoing bushfires ravaging parts of Australia, but says that the strong fundamentals of the region's property and casualty (P&C) insurers suggests that losses will be manageable. As of January 7th, 2020 the Insurance Council of Australia (ICA) had ... Read the full article
Fitch expects limited insured losses from Puerto Rico quake
8th January 2020
Global financial services ratings agency, Fitch Ratings, has said that the insurance industry loss from the recent 6.4 magnitude earthquake in Puerto Rico is likely to be lower than the losses the island experienced from Hurricane Maria. While many were asleep in the early hours of Tuesday morning, a devastating 6.4 ... Read the full article
Munich Re pegs insured nat cat losses at $52bn in 2019
8th January 2020
New data from reinsurer Munich Re estimates that natural catastrophes caused global economic losses of $150 billion in 2019, of which $52 billion was covered by re/insurance. Analysts noted that the insured portion of overall losses – slightly above 35% - was broadly in line with the average over the past ... Read the full article
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