Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
California wildfire losses continue with 15,500 structures destroyed
19th November 2018
The level of insured losses from the recent outbreak of wildfires in California looks set to rise even further, with nearly 15,500 structures now destroyed by the fires, according to the latest data from the California Department of Forestry and Fire Protection (Cal Fire). This figure has risen significantly from the ... Read the full article
California wildfires’ property toll climbs to 12,400
16th November 2018
The level of destruction from the recent outbreak of wildfires in California continues to rise with more than 12,408 structures now claimed by the fires, according to the latest data from the California Department of Forestry and Fire Protection (Cal Fire). The majority of these damages were caused by the Camp ... Read the full article
Allstate takes $202mn cat losses in October, $136mn driven by Michael
15th November 2018
Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that it will incur $202 million of catastrophe losses for the month of October 2018, $136 million of which were caused by Hurricane Michael. This estimate follows catastrophe losses of $177 million for the month of September ... Read the full article
Japan’s top insurers to pay out over $8.7bn in FY2018
15th November 2018
Japan’s top three insurers look set to pay out over ¥1 trillion ($8.7 billion) in combined claims in fiscal 2018 through March 2019 after a series of powerful weather events including Typhoons Jebi and Trami hit the country, according to reports from Asia-focused publication Nikkei. MS&AD Insurance Group is likely to ... Read the full article
Wildfire losses climb as property destruction continues
15th November 2018
The Camp and Woolsey Wildfires have continued to burn through huge areas of the Butte, Ventura and Los Angeles Counties in California, destroying a combined total of more than 10,800 structures at present count. The Camp Fire has become the deadliest and most destructive wildfire in California’s history, claiming 56 lives ... Read the full article
Up to $6bn insured loss from devastating Californian wildfires: Moody’s
14th November 2018
The Camp and Woolsey Wildfires, which last Thursday broke out in California’s Butte and Ventura Counties and continue to rage despite containment efforts, are expected to cause an estimated $3 billion to $6 billion in insured losses, according to Moody’s. The financial services company says that, assuming the California Department ... Read the full article
California wildfire losses to reach record levels in 2018: A.M. Best
14th November 2018
The Camp and Woolsey Wildfires, which continue to burn through vast areas of the Butte, Ventura and Los Angeles Counties in California, are expected to contribute to what will likely be a record year for insured wildfire losses in the state, according to A.M. Best. The rating agency noted that ... Read the full article
Goldman Sachs anticipates muted 1/1 renewal season
13th November 2018
Goldman Sachs expects a muted 1/1 renewal season with flat pricing across the property and casualty lines. Meanwhile, the firm says the main questions around catastrophe losses in 4Q18 will likely be the scale of insured losses from the wildfires currently raging in California, and loss creep from last year's ... Read the full article
Camp Wildfire insured losses could reach $4bn: Morgan Stanley
12th November 2018
Insured losses from the Camp Wildfire, which has burnt through roughly 110,000 acres and 6,700 structures in Northern California, are likely to be between $2 billion and $4 billion, with higher total economic losses, according to estimates from Morgan Stanley. The Camp Wildfire became the most destructive in California’s history ... Read the full article
California’s deadly Camp Wildfire to cause billions of insured losses
12th November 2018
The Camp Wildfire, which sprang up last Thursday and quickly engulfed the town of Paradise in California’s Butte County, has now claimed more than 6,700 structures and 110,000 acres, making it the most destructive wildfire on record and likely to drive multi-billion dollar losses for the re/insurance industry. A further ... Read the full article
AXIS Capital estimates up to $120mn Hurricane Michael losses
9th November 2018
Bermudian re/insurance group AXIS Capital has released a preliminary pre-tax loss estimate for losses related to Hurricane Michael in the fourth quarter, which it puts in the range of $100 million to $120 million. AXIS said that its estimate was consistent with industry insured losses of approximately $10 billion. This compares with ... Read the full article
Zurich anticipates $175mn Hurricane Michael loss
8th November 2018
Zurich Insurance Group has released its results for the first nine months of 2018, in which it estimates that losses related to Hurricane Michael in the fourth quarter are likely to be around US $175 million. Category 4 Michael made landfall in the Florida Panhandle on October 10th as the strongest ... Read the full article
Insured losses from Hurricane Michael likely to reach $8bn, says Aon
8th November 2018
The latest Global Catastrophe Recap report from re/insurance broker Aon has estimated that total economic losses from Hurricane Michael will exceed US $15 billion, with public and private re/insurers likely to incur pay-outs of at least $8 billion. Aon’s Impact Forecasting team based their estimate on both physical damage and net ... Read the full article
Premium growth and rate rises outweigh cat losses for Beazley at Q3
8th November 2018
Strong premium growth across all divisions and an average 3% rate increase on renewal business have driven profits for specialist insurer Beazley at the third quarter of 2018 despite significant catastrophe losses. Gross premiums written by Beazley for the nine months ended 30 September 2018 increased by 11% year-on-year to $1.96 ... Read the full article
Italy storms caused over €3bn in economic losses, says Minister
8th November 2018
The storms that battered Italy with flooding and windspeeds of up to 190km/h (118mph) towards the end of October 2018 are expected to cause economic losses in excess of €3 billion (US $3.44 billion), according to the country's Transport and Infrastructure Minister, Danilo Toninelli. "I think that the total bill of ... Read the full article
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