Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
Insured losses from Maui wildfire to fall between $2.5bn and $4.5bn: Bloomberg Intelligence
16th August 2023
The property and casualty insurance equity analyst team at Bloomberg Intelligence has estimated that the insurance industry loss from the Maui wildfires will fall between $2.5 billion and $4.5 billion. This estimate gives an insured loss mid-point of $3.5 billion, which is higher than the $3.2 billion insured property loss ... Read the full article
Insured property losses from Lahaina Fire estimated at $3.2bn: KCC
16th August 2023
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured property losses from the Lahaina Fire will be around $3.2 billion, with more than 2,200 structures damaged or destroyed. KCC estimates that in total more than 3,000 structures were impacted by the fire, with approximately 2,170 acres burned, making ... Read the full article
Hawaii wildfires insured losses will be at least $1bn, says Moody’s
15th August 2023
Moody's estimates that insured losses for the Hawaii wildfires will be at least $1 billion and will primarily affect P&C insurers with significant homeowners and commercial property market share in Lahaina, a town on the island of Maui’s western coast. The Pacific Disaster Center and FEMA recently estimated that 2207 structures ... Read the full article
Hallmark anticipates Hawaii wildfires net loss exposure to be $7.5m
15th August 2023
"Due to the Maui, Hawaii wildfires on August 9, we preliminarily estimate our net loss exposure to be $7.5 million plus additional cost in the form of reinstatement premiums to restore any necessary reinsurance layers," Hallmark Financial has said amid its Q2 results. The wildfire outbreaks in Hawaii have caused mass ... Read the full article
Claims for China floods reach 260,600 as loss estimate hits $1.37bn
14th August 2023
China's insurance institutions have so far received 260,600 claims in the 16 regions affected by floods and geological disasters triggered by recent extreme rainfall, with the estimated losses set out in the claims totalling 9.78 billion yuan ($1.37 billion), according to the National Financial Regulatory Administration. In July, China was hit ... Read the full article
Severe convective storms account for 70% of all insured nat cat losses in H1: Swiss Re
9th August 2023
A series of severe convective storms struck the US and accounted for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils. Severe convective storms caused USD $35 billion, nearly 70%, in insured losses worldwide during H123. According to analysts from ... Read the full article
Nayms launches the world’s first crypto-denominated industry loss warranty
9th August 2023
The crypto-native insurance marketplace, Nayms SAC Ltd., has announced issuing the world's first crypto-denominated industry loss warranty (ILW) through the second segregated account within its marketplace. This type of instrument is index-based and used for providing retrocession reinsurance protection to property reinsurers. Through this program Nayms provides coverage for US named ... Read the full article
PERILS raises Turkey earthquakes insured loss estimate to $4.9bn
8th August 2023
Zurich-based catastrophe insurance data provider PERILS AG has updated its insured property market loss estimate for the Kahramanmaras Earthquake Sequence to TRY 92.8 billion, which is approximately $4.9bn at February 2023 exchange rates and $3.4bn at the current exchange rates. This new loss figure compares to the previous PERILS estimates of ... Read the full article
PERILS updates industry loss estimate for New Zealand floods to NZ $1.995bn
3rd August 2023
Zurich-based catastrophe insurance data provider PERILS AG has released its third industry loss estimate for the late January floods across the North Island of New Zealand, pegging the total at NZ $1.995 billion. According to PERILS, the updated industry loss figure is based on detailed loss data by postcode and property ... Read the full article
Conifer Holdings expecting Q2 loss due to recent storms
31st July 2023
Conifer Holdings, a specialty insurance holding company, has said that it expects pre-tax catastrophe losses of about $5.4 million in the second quarter of 2023. The firm stated that the losses stemmed predominantly from multiple convection storms that largely impacted Oklahoma and Texas in the quarter ended June 30. As a result, ... Read the full article