Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Shift in risk curve inevitable, mitigation vital: Mowery, Guy Carpenter
11th October 2019
There are things that governments, insurers, reinsurers and policyholders can do to significantly mitigate losses as the risk curve continues to shift, according to Lara Mowery, Head of Global Property Practice at reinsurance broker Guy Carpenter. Speaking during a panel session yesterday at the ILS Bermuda Convergence 2019 conference, Mowery underlined ... Read the full article
Re/insurance to cover less than half of Dorian’s $1.2bn US impact: Aon
11th October 2019
Public and private re/insurance is expected to cover less than half of the total $1.2 billion economic impact of Hurricane Dorian in the US, according to Aon’s September Global Catastrophe Recap report. The month was characterised by a number of large industry losses, but Aon’s estimates also show that industry costs ... Read the full article
AXIS Capital pegs Q3 cat losses at up to $175mn, exceeding forecasts
11th October 2019
Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has estimated that it will incur between $150 million and $175 million of catastrophe losses in the third quarter of 2019. The preliminary pre-tax estimates relate to losses stemming from Hurricane Dorian, Japanese typhoons, and other weather related events. Notably, this loss range ... Read the full article
Insurance Council of Australia declares catastrophe for Rappville bushfires
10th October 2019
The Insurance Council of Australia (ICA) has announced a bushfire catastrophe declaration for the area around the northern New South Wales (NSW) community of Rappville and fires in the Busby Flat and Drake areas. This is the ICA's second bushfire catastrophe declaration in five weeks for properties either damaged or destroyed ... Read the full article
Arch expecting up to $75m cat loss for third quarter
8th October 2019
Bermuda-based re/insurance provider Arch Capital Group is expecting a pre-tax catastrophe hit of between $65 million and $75 million for the third quarter of 2019. The company says this cat loss figure, which is net of reinsurance recoveries and reinstatement premiums, is primarily driven by hurricane Dorian and typhoon Faxai. Dorian made ... Read the full article
Deutsche Bank estimates Dorian & Faxai losses for biggest reinsurers
30th September 2019
Analysts at Deutsche Bank have released a set of estimates for the biggest four global reinsurers – Swiss Re, Munich Re, Hannover Re, and SCOR – that break down the losses they may have incurred from Hurricane Dorian and Typhoon Faxai in Q3. Overall, Deutsche Bank believes that Dorian and Faxai ... Read the full article
Typhoon Faxai could drive industry loss of up to $9bn: RMS
27th September 2019
Global risk modelling and analytics firm RMS has estimated that insured losses resulting from Typhoon Faxai will be between $5.0 billion and $9.0 billion (¥ 500 billion to ¥950 billion). The estimate includes property damage and business interruption caused by typhoon and coastal flooding to residential, commercial, industrial, marine, and automobile ... Read the full article
Typhoon Faxai to mark first catastrophe designated under PCS Japan
24th September 2019
Property Claims Services (PCS), a Verisk Analytics business, has confirmed that Typhoon Faxai will become the first catastrophe loss event to be designated under the firm’s new PCS Japan service. PCS expanded its industry loss data aggregation and index reporting capabilities to include non-marine catastrophe losses in Japan back in ... Read the full article
Typhoon Faxai could drive domestic market loss of $2.8bn, says GIAJ
20th September 2019
Typhoon Faxai could result in a loss of JPY 300 billion (USD 2.8 billion) for the domestic insurance market in Japan, according to the General Insurance Association of Japan (GIAJ). At this level, losses would be roughly in line with 2018’s Typhoon Trami, GIAJ’s Chairman, Yasuzo Kanasugi, said at a press ... Read the full article
Storm Imelda losses will reach into hundreds of millions: Aon
20th September 2019
Tropical Storm Imelda, which caused devastating flooding after making landfall in Texas earlier this week, is expected to cause hundreds of millions of dollars of total economic losses, if not more, according to re/insurance broker Aon. Imelda brought wind speeds of 40 mph and more than 40 inches of rain to ... Read the full article
Spanish floods to drive industry loss upwards of €287mn, says Aon
20th September 2019
The major flooding that occurred in southeast and central Spain last week is likely to drive an insurance and reinsurance industry loss in excess of €287 million (US $318 million), according to analysts at Aon. The broker also estimated that insured losses would represent only a fraction of the total economic ... Read the full article
Combined, Typhoon Faxai to cost Sompo, MS&AD at least $2 billion
19th September 2019
Typhoon Faxai, which struck Japan on September 9th, will cost Japanese insurers MS&AD Insurance Group Holdings, Inc. and Sompo Japan Nipponkoa Insurance Inc. a combined USD 2 billion, at least. Typhoon Faxai hit Japan on September 9th, impacting the Tokyo area with some of the most severe damage seen in the ... Read the full article
Insurance consortium CCS expects €203mn loss from Spanish floods
19th September 2019
The Consorcio de Compensación de Seguros (the Insurance Compensation Consortium, or CCS) is expecting to face a loss of approximately €203 million as a result of the recent flooding in Spain. Record-breaking rainfall in the south-east of the country last week caused catastrophic flash-flooding, bursting river banks, sweeping away cars, and ... Read the full article
Jebi sized loss in Japan to hit re/insurers at least once every 20 years, says KCC
17th September 2019
Catastrophe risk modeller Karen Clark & Company (KCC) has revealed that according to its new high resolution Japan Typhoon Reference Model, insurers and reinsurers can expect losses of a similar magnitude to Typhoon Jebi at least once every 20 years, on average. KCC's model shows that re/insurers can anticipate insured losses ... Read the full article
Jebi losses stabilising, set to drive price firming in April: JMP Securities
16th September 2019
Analysts at JMP Securities believe that insured losses from Typhoon Jebi appear to be stabilising in the region of $15 billion to $16 billion. If losses do ultimately settle at this level, the cost to the insurance and reinsurance industry will have been more than twice as high as initial estimates ... Read the full article
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