Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
UPC Insurance expects $31mn Q2 hit from cat losses and 2018 creep
22nd July 2019
Property and casualty (P&C) insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has announced that it expects net retained catastrophe losses of $16 million for the second-quarter of 2019. The $16 million of net retained catastrophe losses is primarily a result of wind and hail events in Texas and Louisiana ... Read the full article
CoreLogic puts private market Barry losses at up to $600mn, NFIP at $200mn
19th July 2019
Catastrophe risk modeller CoreLogic has estimated that insured wind and flood losses resulting from Hurricane Barry are between $300-600 million, with National Flood Insurance Program (NFIP) losses representing a further $100-200 million. Uninsured flood losses are also expected to reach $100 million, putting CoreLogic’s total loss estimate at $500-900 million. CoreLogic’s estimates ... Read the full article
Heritage expects weather-related losses of $21.5m in Q2
19th July 2019
Florida domiciled property and casualty (P&C) insurer, Heritage Insurance Holdings, Inc., has announced that it expects to incur approximately $21.5 million of net weather-related losses in the second-quarter of 2019. The company announced earlier in the year a catastrophe hit of $15.4 million in the first-quarter of 2019, which, combined ... Read the full article
Boeing faces $4.9bn in costs due to 737 fleet suspension
19th July 2019
Boeing has announced that it will record an estimated $4.9 billion charge to cover costs related to the worldwide suspension of its 737 MAX fleet. The fleet was grounded following the Ethiopian Airlines crash in March, which experts believe was caused by a fault in the aircraft’s automated anti-stall system. Boeing said ... Read the full article
Hurricane Barry insured losses will not exceed $500mn: RMS
19th July 2019
Insurance and reinsurance industry losses from Hurricane Barry, which made landfall in Louisiana on Saturday, will not exceed $500 million, according to estimates from catastrophe risk modeller RMS. The estimate represents losses associated with wind, storm surge, and inland flood damage, including losses to the National Flood Insurance Program (NFIP). Read the full article
Munich Re expects €1bn Q2 result on lower losses, reserve releases
18th July 2019
Global reinsurance giant Munich Re has announced that it expects to report a consolidated result of approximately €1 billion for the second-quarter of 2019. The reinsurer states that this figure is mainly a result of low major-loss expenditure and high reserve releases for basic losses in reinsurance from prior years. Munich Re ... Read the full article
Allstate estimates Q2 catastrophe loss at $1.07bn, pre-tax
18th July 2019
The Allstate Corporation has estimated that its catastrophe losses for the month of June were $309 million, pre-tax ($244 million, after-tax), putting the insurer’s total Q2 catastrophe losses at $1.07 billion, pre-tax ($847 million, after-tax). Catastrophe losses in June comprised 16 events at an estimated cost of $311 million, pre-tax ($246 ... Read the full article
FedNat expects Q2 cat losses to reduce income by $9.3 million
18th July 2019
Florida-based FedNat Holding Company has estimated that catastrophe losses incurred during the second quarter of 2019 will reduce its pre-tax income by $9.3 million. The company also revealed that it gross catastrophe losses for Q2 amounted to $17.0 million, including $15.5 million from its non-Florida property business. FedNat is not currently anticipating ... Read the full article
Hurricane Barry private market loss at almost $300mn: KCC
16th July 2019
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that Hurricane Barry will drive an insurance industry loss of close to $300 million, excluding National Flood Insurance Program (NFIP) losses. Barry made landfall 160 miles west of New Orleans on Sunday as a Category 1 hurricane, reaching maximum sustained winds ... Read the full article
Hiscox’s hurricane Michael loss creep flowed to aggregate reinsurance in Q2
15th July 2019
Loss creep from 2018's hurricane Michael was largely passed on to the reinsurance providers or retrocessionaires backing Hiscox's aggregate protection in the second-quarter of the year, the company confirmed to us today. Hiscox revealed in a trading update on Friday that its catastrophe losses had continued to creep in the ... Read the full article
Most of $2bn June European weather losses insured: Aon
11th July 2019
A series of severe weather outbreaks that swept across Europe in June is expected to have generated over $2 billion in economic losses, most of which will be covered by insurers. The latest catastrophe report from global re/insurance brokerage Aon describes how multiple countries across Central Europe were hit with large ... Read the full article
Reinsurers’ Q2 natcat budgets to be almost fully utilised: Deutsche Bank
1st July 2019
Deutsche Bank expects certain reinsurers’ natcat budgets to be almost fully utilised in the second quarter of 2019 due largely to further loss creep for Typhoon Jebi and the Sydney Hailstorms last year. This would depend on which line item reinsurers show loss additions for (either natcat or reserve strengthening). With Jebi ... Read the full article
Re/insurers brace for heavy loss following Munich hail storm
12th June 2019
The insurance and reinsurance industry is anticipating a heavy loss following a severe hail storm in the Munich region of Germany this week, which actuaries estimate could cause a damages worth hundreds of millions of euros. Regions of Bavaria close to the main city areas of Munich were pummelled by torrential ... Read the full article
Re/insurers face multi-billion dollar losses from prolonged U.S storms: Aon
7th June 2019
Re/insured losses are expected to climb into the multi-billion dollar range as severe weather and storm activity in the U.S remained high for a second consecutive month in May, according to the latest Global Catastrophe Recap report from Aon. The broker recorded seven outbreaks of severe convective storms across the central ... Read the full article
PERILS increases cyclone Dragi-Eberhard industry loss to €798m
7th June 2019
Catastrophe loss data aggregator PERILS has increased its initial €740 million loss estimate for windstorm Dragi-Eberhard to €798 million. Dragi-Eberhard consisted of two low pressure systems that affected areas of the British Isles, and Western and Central Europe on 9 and 10 March 2019. Given the storms affected similar regions across ... Read the full article
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