Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
Norsk Hydro expecting $69m hit from cyber attack
6th June 2019
The cyber attack that hit aluminium manufacturing giant Norsk Hydro in March could cost the company as much as $69 million over the first two quarters of 2019. Norsk Hydro had previously disclosed that it expected to lose between NOK400 million and NOK450 million (US$46 million and $52 million). According to ... Read the full article
Severe weather continues in U.S with further $1bn+ of damage expected: Aon
31st May 2019
Aon expects economic losses to once again exceed $1 billion, after severe thunderstorms and flooding continued to impact Central and Eastern areas of the U.S through the week of May 24-30. The broker anticipates that insurers and reinsurers will cover the majority of wind and hail-related damage during this period. Losses will ... Read the full article
$1bn+ economic damage from this week’s US severe weather, largely insured
24th May 2019
The extensive outbreak of severe storms that hit the central and eastern parts of the U.S. from May 16th - May 23rd, is expected to result in economic losses of at least $1 billion, according to analysis from Impact Forecasting, the catastrophe risk modelling arm of insurance and reinsurance broker ... Read the full article
PERILS updates Townsville flood loss estimate to AUD $1.04bn
10th May 2019
Catastrophe loss data aggregator PERILS has updated its insured loss estimate to AUD $1.041 billion (USD $728.28 million) for the floods that hit the Australian city of Townsville, Queensland in February 2019. The update compares with PERILS’ initial loss estimate of AUD $957 million (USD $669 million), which was issued ... Read the full article
Norsk Hydro updates cyber attack loss estimate to $52mn
30th April 2019
Norwegian aluminium manufacturer Norsk Hydro has provided an updated loss estimate of NOK 400-450 million (USD $46-52 million) for the cyber attack in March that caused major disruption to its operations. Norsk Hydro had previously disclosed that it expected to lose 300-350 Norwegian crowns (USD $35-41 million) for the first ... Read the full article
Sri Lanka terror attacks investigated for possible designation by PCS
25th April 2019
Property Claim Services (PCS) is investigating the potential insurance and reinsurance industry loss from the recent terrorist attacks in Sri Lanka, to identify whether the event should be designated under its PCS Global Terror product. PCS launched its Global Terror loss aggregation service in early 2018, since when no qualifying ... Read the full article
Brevard County hailstorm main driver of FedNat’s Q1 weather losses
24th April 2019
The March 27th, 2019 hailstorm that hit the Brevard County, Florida, has resulted in $11 million of weather-related losses, net of quota share reinsurance, for FedNat Holding Company. Both FedNat Insurance Company and Monarch National Insurance Company have residential property market share above their state-wide averages. Combined with $0.9 million of adverse ... Read the full article
United Insurance anticipating $18mn Q1 cat losses
23rd April 2019
United Insurance Holdings Corp. (UPC Insurance), a property and casualty (P&C) insurance holding company, has announced that it is expecting to incur catastrophe losses of approximately $18 million for the first quarter ending March 31, 2019. The loss estimate is pre-tax (approximately $13 million after tax) and is net of expected ... Read the full article
Hail drives $15.4mn of catastrophe losses for Heritage in Q1
23rd April 2019
Heritage Insurance Holdings, Inc. expects to incur net catastrophe losses of approximately $15.4 million for the first-quarter of 2019, with more than 66% a result of a severe March 2019 hailstorm in Brevard County, Florida. The March 2019 hailstorm is expected to result in net catastrophe losses of approximately $10.2 million ... Read the full article
Insurance Council of Australia raises Sydney hail loss estimate to AUD $1.27bn
18th April 2019
The Insurance Council of Australia (ICA) has increased its insured loss estimate to AUD $1.271 billion (USD $910 million) for the hailstorm that affected Sydney and New South Wales in December 2018. Almost 50% of the 136,424 insurance claims received after the hailstorm have already been resolved, according to the ICA. The ... Read the full article
PERILS estimates Cyclone Dragi-Eberhard industry losses at €740mn
18th April 2019
Catastrophe loss data aggregator PERILS has released its initial industry loss estimate for Extratropical Cyclone Dragi-Eberhard, which puts insured property losses at €740 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 ... Read the full article
Significant Brevard County hailstorms to cost HCI Group up to $7m
9th April 2019
A recent hailstorm that impacted several areas of the Brevard County, Florida, is expected to drive a loss of between $4 million and $7 million for HCI Group, Inc. According to the National Weather Service, recent thunderstorms that brought hail to parts of Canaveral Groves, Cocoa, Rockledge, Merritt Island and Satellite Beach, ... Read the full article
“Vast majority” of Midwest flood damage to go uninsured: A.M. Best
5th April 2019
According to A.M. Best, the “vast majority” of the damages to property from the ongoing flooding in Nebraska and other states along the Missouri River, which is expected to exceed $3 billion, will be uninsured. The Midwestern U.S has experienced major floods since mid-March 2019, partly caused by a blizzard early ... Read the full article
Pilots not at fault in Ethiopia Airlines crash, say investigators
4th April 2019
Investigators have reported that the pilots of the Ethiopian Airlines flight that crashed on March 10 “repeatedly” followed the procedures recommended by Boeing and were not responsible for the crash. The Ethiopian government said data from the plane’s recorders showed “repetitive uncommanded aircraft nose-down conditions” and said Boeing should review its ... Read the full article
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