Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
Deadly tornadoes cause destruction across Alabama
4th March 2019
A series of tornadoes that tore through eastern Alabama on Sunday have caused widespread destruction to homes and businesses, leaving 23 people dead. The deaths were recorded in Lee County, Sheriff Jay Jones confirmed. He added that the damage had been “catastrophic” and it was possible that the body count may ... Read the full article
Emergency declared as winter storm floods 2,000 California homes
1st March 2019
A state of emergency has been declared after days of unrelenting rainfall from a severe winter storm flooded more than 2,000 homes and businesses across two towns in California’s Sonoma County. The towns of Monte Rio and Guerneville, about 70 miles north of San Francisco, were surrounded by floodwaters after the ... Read the full article
Loss creep could push Typhoon Jebi claims above $10bn, says PCS Co-Head
26th February 2019
Property Claim Services (PCS), a Verisk business, has estimated that insured losses resulting from Typhoon Jebi in Japan have now reached $10 billion, with the potential for further loss creep to push costs even higher, according to Tom Johansmeyer, Co-Head of PCS. PCS recently expanded its re/insurance market data aggregation and ... Read the full article
Townsville flooding triggers Suncorp’s aggregate reinsurance program
14th February 2019
Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article
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