Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Aon raises industry loss estimates to $11bn for Michael, $5.5bn for Florence
2nd April 2019
Re/insurance broker Aon has released the highest industry loss estimates yet for the two major hurricanes that hit the U.S last year, estimating total re/insured losses of $11 billion for Hurricane Michael and $5.5 billion for Hurricane Florence. The updated figures came as part of Aon’s March Event Recap Reports, which ... Read the full article
Boeing crash could be biggest non-war aviation reinsurance loss: Willis Re
1st April 2019
The recent Ethiopian Airlines crash and subsequent grounding of Boeing’s global fleet of 737 Max aircraft could potentially be the largest ever non-war claim incurred by the aviation reinsurance market, according to Willis Re. The broker said that losses from the incident could erode three to four years’ worth of reinsurers’ ... Read the full article
Norsk Hydro says cyber attack could cost $41mn, names AIG as lead insurer
26th March 2019
Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk ... Read the full article
PCS looks into Norsk Hydro cyber attack losses
26th March 2019
Property Claims Services (PCS), a Verisk business, has begun investigating the loss potential of the recent cyber attack on aluminium manufacturing giant Norsk Hydro. Co-Head of PCS Tom Johansmeyer told our sister publication, Artemis, that the firm was watching the event to determine whether it qualifies for designation under PCS Global ... Read the full article
Boeing losses could become “major event” for re/insurers: Deutsche Bank
25th March 2019
Losses resulting from the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max 8 aircraft have the potential to spread throughout the industry and become a “major event” for re/insurers, according to analysts at Deutsche Bank. The firm stated that the complexity of the case means claims could come ... Read the full article
Chinese chemical plant explosion rocks northeastern city of Yancheng
22nd March 2019
A chemical plant explosion has rocked China’s northeastern city of Yancheng, demolishing several factory buildings and blowing out windows a number of kilometres away. It has been reported that Tianjiayi Chemical, the plan's owner, has been flagged up multiple times in the past year due to safety regulation failings. Local media reports ... Read the full article
Munich Re expects €120mn Boeing/Ethiopian Airlines loss
22nd March 2019
Munich Re is expecting to incur losses in the range of €100 million to €120 million as a result of the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max aircraft. Speaking at a press conference this week, Munich Re’s CEO of Reinsurance, Torsten Jeworrek, said that the firm ... Read the full article
ICA Townsville industry loss estimate exceeds AU$1bn
20th March 2019
The Insurance Council of Australia’s updated industry loss estimate for the flooding in Townsville, Queensland has hit AU$1.04 billion (US$737.4 million), an increase of AU$434 million from a month ago. ICA Chief Executive Officer Rob Whelan said insurers have so far received 25,778 claims, with around 90% of those consisting of ... Read the full article
Swiss Re confirmed as co-insurer for Boeing & Ethiopian Airlines
18th March 2019
Swiss Re has confirmed that it is one of the minor insurance providers for Boeing Co, as well as for Ethiopian Airlines, both of which face large claims following a fatal plane crash on March 10. Boeing was pressured into grounding its entire fleet of 737 Max 8 aircraft last ... Read the full article
PERILS estimates AU$957m insured property losses from Townsville floods
15th March 2019
Catastrophe loss data aggregator PERILS has pegged the initial property losses for the floods which hit the Queensland city of Townsville earlier this year at AU$957 million (US$678 million). The city of Townsville and the surrounding area in northeastern Queensland experienced torrential rain and flash flooding between January 26 and February ... Read the full article
Boeing suspends entire 737 fleet as more crash evidence emerges
14th March 2019
Boeing has temporarily suspended its entire global fleet of 737 Max aircraft after investigators uncovered new evidence from the fatal Ethiopian Airlines crash on March 10. The U.S, which had previously held out while many other countries banned the aircraft, said that it had received “new information and physical evidence” that ... Read the full article
Boeing insurers face large claims as more countries ground planes
12th March 2019
Boeing Co’s insurers will potentially face large claims following the recent Ethiopian Airlines crash, which was the second to involve a 737 Max 8 model in five months, according to insurance and aviation sources at Reuters. The reports come as the UK becomes the latest country to ban the Boeing ... Read the full article
Windstorms Eberhard & Bennet cause industry losses of €800mn in Germany: MSK
11th March 2019
Actuarial consultancy Meyerthole Siems Kohlruss (MSK) has estimated that European windstorms Eberhard and Bennet are likely to have caused insured property losses of around €800 million in Germany. Windstorm Bennet (also known as Freya in the UK) affected areas of the UK, France, Benelux, Switzerland and Germany in early March, bringing ... Read the full article
Chubb confirmed as lead insurer for Ethiopian Airlines crash, WTW as broker
11th March 2019
Reports have confirmed that Chubb was the lead underwriter on the account for the Ethiopian Airlines jet that crashed on 10 March, while Willis Towers Watson (WTW) acted as the insurance broker. A WTW spokeswoman revealed today that Chubb and WTW would be liable for losses resulting from the crash, which ... Read the full article
Australia’s Queensland floods to cost re/insurers $893mn: Aon
7th March 2019
The re/insurance industry is expected to incur losses of AUD $893 million (USD $635 million) as a result of the widespread flooding that affected Australia’s North Queensland from January 26 to February 7, according to Aon’s Impact Forecasting team. The estimate came as part of Aon’s monthly Global Catastrophe Recap report, ... Read the full article
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