Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Insurance claims may reach $1.1bn following Indonesia tsunami
27th December 2018
Insurers may have to pay out as much as $1.1 billion in claims following the devastating tsunami which hit the Lampung and Banten provinces of Indonesia last week, according to insurance firms PT Maskapai Reasuransi Indonesia (REI) and PT Asuransi Maipark Indonesia. The two companies have estimated a minimum of 191 ... Read the full article
Reinsurers speculate over nature of Marriott cyber loss: Johansmeyer, PCS
24th December 2018
Following the major cyber attack and resulting data breach of one of the Marriott hotel chain’s reservation systems, Reinsurance News spoke with the Co-Head of Property Claim Services (PCS), Tom Johansmeyer, about the nature of the event and expected industry loss. The breach, announced on November 30th, led the insurance ... Read the full article
Hardening rates expected as industry losses exceed 20 year average: Barclays
24th December 2018
Reinsurers look set to shoulder another quarter of “extraordinary” natural catastrophe losses following increases in industry estimates for the California wildfires and hurricane Michael, leading to hardening rates in 2019, according to analysts at Barclays. They expect a 1-3% increase for large players and believe this year’s industry losses may reach ... Read the full article
Sydney pummelled by hail, leaving Suncorp & IAG to claim on reinsurance
21st December 2018
A widespread and destructive hail storm has swept through Sydney resulting in over 25,000 filed claims and pushing insured losses high enough for two of Australia’s largest insurers to trigger their reinsurance. The hail, which caused extensive damage to property and motor vehicles across Sydney and the Central Coast on Thursday ... Read the full article
California wildfires to have modest impact on year-end P&C results: Fitch
20th December 2018
While the gross property and casualty (P&C) insured loss from the California wildfires have been significant, a considerable amount is expected to have been ceded to various global reinsurance markets, reducing the net exposure of the domestic primary market, according to Fitch Ratings. Fitch maintains stable outlooks on both the U.S ... Read the full article
Assurant posts Q4 nat cat losses of up to $150m
20th December 2018
Assurant, a global provider of risk management solutions, has released a fourth quarter catastrophe loss estimate of between $110 million and $150 million. The figure, reportable in its Global Housing segment, includes an initial view of expected losses related to November’s Camp and Woolsey wildfires in California, as well as a ... Read the full article
AXIS estimates up to $150m loss from California wildfires
20th December 2018
Bermudian re/insurance group AXIS Capital has announced a preliminary, pre-tax loss estimate for the California wildfires of between $125 million and $150 million, net of estimated recoveries from reinsurance and retrocessional covers and including the approximate impact of reinstatement premiums. AXIS states that this figure is derived from the $20 billion estimated ... Read the full article
Re/insurers to cover more than half of global cat losses in 2018: Swiss Re
18th December 2018
The re/insurance industry is expected to cover more than half of the total economic costs from natural and man-made catastrophes in 2018, which are estimated to be around $155 billion, according to the latest sigma report from Swiss Re. Swiss Re predicts that global re/insured catastrophe losses will reach $79 billion ... Read the full article
Insurance payouts for extreme NZ weather events hit $226m for 2018
14th December 2018
Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). The severe weather stats put 2018 as the second most expensive year for severe weather events since 1969, with 33,064 claims costing $226.4 million. It fell just ... Read the full article
Florida’s 135,000 AOB lawsuits in 2018 fuelling a re/insurance crisis
13th December 2018
Abuse of Assignment of Benefits (AOB) in Florida has fuelled an insurance crisis that is acting as a “hidden tax” on consumers and helping to increase what are already some of the highest insurance premiums in the country, according to a report by the Insurance Information Institute. According to the report ... Read the full article
California regulator’s data shows over $9bn insured wildfire loss
13th December 2018
Preliminary claims data from the California Department of Insurance reflects $9.05 billion in actual losses for commercial and residential coverage, personal and commercial vehicles, and agricultural and other coverages from November’s Camp, Woolsey and Hill wildfires. It’s important to underline the preliminary nature of this estimate and that the market is ... Read the full article
Allstate hit with $670m Camp and Woolsey wildfire losses
13th December 2018
American insurer Allstate has announced pre-tax catastrophe losses for the month of November of $685 million ($541 million, after-tax), of which $670 million ($529 million, after-tax) is attributable to California’s Camp and Woolsey wildfires and reflect the impact of reinsurance recoveries and reinstatement premiums. Allstate has said it has already provided ... Read the full article
Blue Capital Re anticipating $17mn losses from Q4 cats
12th December 2018
Blue Capital Reinsurance Holdings Ltd., the Bermuda-based reinsurer owned by Sompo International Holdings Ltd., is expecting to incur catastrophe losses of around $17.0 million in the fourth quarter of 2018, including losses related to Hurricane Michael and the California wildfires. The company explained that its Q4 catastrophe loss estimate was net of ... Read the full article
Munich Re puts 2018 insured typhoon losses at $9.5bn, Jebi at $6bn
7th December 2018
Munich Re has estimated that insured losses from typhoons in the Northwest Pacific are likely to total $9.5 billion for 2018, of which $6 billion is attributable to Typhoon Jebi, which made landfall in Japan on September 4. The loss estimate for Jebi is substantially higher than figures provided by the ... Read the full article
Horace Mann anticipating $39mn hit from Camp Wildfire
7th December 2018
Horace Mann Educators Corporation, an insurance and retirement solutions company for U.S educators and school employees, has estimated that it will incur losses of between $38 million and $39 million (pre-tax) from the recent Camp Wildfire in California. The company said its estimate was net of anticipated reinsurance recoverables offset by ... Read the full article
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