Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
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
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