Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
SCOR confident it can “recoup” on Dorian & Faxai losses
25th October 2019
SCOR executives have said they are confident that the reinsurer will be able to "recoup" on its losses in the Caribbean and Japan due to the relatively short payback periods in both regions. The company released its financial results for the third quarter of 2019 yesterday, which saw “heavy loss ... Read the full article
Re/insurers face $2bn loss from Dallas tornado outbreak, says ICT
25th October 2019
The recent outbreak of tornadoes around Dallas County, Texas could result in an industry loss of $2 billion, according to the Insurance Council of Texas (ICT), making it the costliest tornado loss in the state’s history. A total of nine tornadoes impacted the county on the night of Sunday 20th October, ... Read the full article
Dorian drives $46mn of cat losses for Assurant in Q3
24th October 2019
US specialty insurance group Assurant has announced that it expects to record approximately USD 46 million pre-tax (USD 36 million after-tax) of catastrophe losses for the third-quarter of 2019, mainly driven by the impacts of Hurricane Dorian. Assurant states that the majority of its Q3 catastrophe hit is expected in its ... Read the full article
Norsk Hydro claims first $3.6mn from its cyber insurance
23rd October 2019
Aluminium manufacturing giant Norsk Hydro has announced that it has claimed approximately USD 3.6 million (NOK 33 million) from its insurers in the third-quarter of 2019 following the cyber-attack on its operations in March. After detecting unusual activity on its servers that disabled part of its smelting operations on March 19th, ... Read the full article
AIR puts Typhoon Hagibis insured loss at up to USD 16 billion
22nd October 2019
Global catastrophe risk modeller AIR Worldwide has provided an industry insured loss estimate of between USD 8 billion (JPY 865bn) and USD 16 billion (JPY 1,730bn) from Typhoon Hagibis, which made landfall in Japan on October 12th, 2019. According to AIR, typhoon Hagibis made landfall along Japan’s east coast as an ... Read the full article
Munich Re announces €850mn result in Q3 despite cats
18th October 2019
Despite the costly impacts of catastrophe events in the period, global reinsurance giant Munich Re produced a consolidated result of approximately €850 million in the third-quarter of 2019. The German reinsurer states that the Q3 result is driven by good operational performance, strong currency gains, and a very good investment result, ... Read the full article
Typhoons to boost Japanese reinsurance rates, but not market-wide: Barclays
17th October 2019
The substantial industry losses stemming from Japanese typhoons in 2019 will provide a boost to affected regional lines, but are unlikely to trigger a sharp recovery in wider property and casualty (P&C) reinsurance prices, according to analysts at Barclays. With insured losses from Typhoons Faxai and Hagibis now pegged at between ... Read the full article
Japan’s three largest non-life insurers profitable despite Faxai, Hagibis
17th October 2019
AM Best analysis suggests that, barring any further major catastrophes in the next five months to fiscal year-end, Japan’s three largest non-life insurance groups are unlikely to report an overall loss despite the recent impacts of typhoon Faxai and Hagibis. In fact, due to effective catastrophe risk management and strong capitalisation, ... Read the full article
United Insurance anticipating $46m Q3 cat hit
17th October 2019
Property and casualty insurance holding company United Insurance Holdings (UPC) is anticipating pre-tax catastrophe losses of approximately $46 million in the third quarter of 2019. The company has attributed the net retained cat losses from tropical storms Barry and Imelda, hurricane Dorian and increased retention from non-tropical events related to its ... Read the full article
Dorian, Faxai drive $280mn of cat losses for Everest in Q3
16th October 2019
Bermuda-based reinsurer Everest Re Group, Ltd. has announced a preliminary pre-tax catastrophe loss estimate of $280 million for the third-quarter of 2019, net of reinsurance recoveries and reinstatement premiums. Net of tax, and Everest Re's catastrophe loss estimate for the third-quarter falls to an estimated $225 million. The catastrophe losses recorded in ... Read the full article
RenRe estimates Q3 cat losses at $155 million
16th October 2019
Bermudian reinsurance firm RenaissanceRe Holdings Ltd. (RenRe) is anticipating that its catastrophe losses will total $155 million for the third quarter of 2019. The figure consists of $100 million in costs from Typhoon Faxai, and $55 million from Hurricane Dorian. RenRe added that it is also in the preliminary stage of assessing ... Read the full article
FedNat forecasts Q3 cat losses at $11mn, with no reinsurance triggered
16th October 2019
Florida-based primary insurer FedNat Holding Company has estimated that it will incur gross catastrophe losses of $11.0 million in the third quarter of 2019. This figure includes $8.0 million from FedNat’s non-Florida property business, which is subject to a 50% profit-sharing agreement with the non-affiliated managing general underwriter that writes FedNat ... Read the full article
Swiss Re, Munich Re may exceed Q3 cat budgets: analysts
16th October 2019
Global reinsurers Swiss Re and Munich Re may exceed their large loss budgets for Q3 2019, and may be at risk for Q4, according to analysis by Barclays. Meanwhile, London market players such as Hiscox may consider the impact in Japan substantial enough to warn the market. Overall, analysts expects all large ... Read the full article
Hagibis could exhaust AIG’s cat allowance for Japan, say analysts
15th October 2019
Typhoon Hagibis, which devasted the east coast of Japan over the weekend, could exhaust the catastrophe allowance of American International Group, Inc. (AIG) in Japan, according to analysts at Credit Suisse. The firm noted that AIG has likely already used its Japan $550 million excess of $200 million occurrence coverage ... Read the full article
Hagibis insured losses could exceed $9bn-rated Faxai: KBW
14th October 2019
Typhoon Hagibis, which carved a path of destruction along the east coast of Japan over the weekend, could prove to be more costly than last month’s Typhoon Faxai, according to Keefe, Bruyette & Woods analysts. Hagibis made landfall along Japan’s east coast as a category 2 on Saturday evening, carving a ... Read the full article
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