Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
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
Petya cyber industry loss passes $3bn driven by Merck & silent cyber: PCS
7th November 2018
The insurance and reinsurance industry loss caused by the Petya / NotPetya cyber attack continues to creep northwards and shows that these types of cyber events are driven more by silent losses than affirmative. According to Property Claim Services (PCS) the total industry loss from the Petya / NotPetya cyber attack ... Read the full article
Re/insurance will cover almost a quarter of $17bn Florence losses, says NC Governor
6th November 2018
Private insurance and reinsurance is expected to cover $4.6 billion of the estimated $16.7 billion in economic losses caused by Hurricane Florence in North Carolina, according to state Governor Roy Cooper. Initial estimates indicate at least $2.5 billion of potential federal aid and $0.8 billion will also go towards funding losses ... Read the full article
TransRe’s cat losses push Alleghany to Q3 underwriting loss
2nd November 2018
Alleghany Corporation fell to an underwriting loss of $140 million in the third-quarter of 2018, driven in part by the impacts of catastrophe losses on its reinsurance arm, Transatlantic Reinsurance Company (TransRe). In total, catastrophe losses in the third-quarter cost Alleghany $179.3 million, with more than 81%, or $146.1 million of the losses ... Read the full article
Flood most significant under-modelled peril for Asia Pacific: Guy Carpenter
2nd November 2018
Flood is the most significant under-modelled peril and of particular concern for the Asia Pacific region, where in excess of $500 billion of GDP is exposed to flood risk every year - the majority of which is not insured - according to a new report by reinsurance broker Guy Carpenter. Furthermore, ... Read the full article
Still negative, but AIG’s Q3 underwriting result improves with reinsurance
1st November 2018
Insurance giant American International Group (AIG) has reported a net, albeit smaller loss in the third-quarter of 2018, of $1.3 billion as a result of significant catastrophe losses. However, the insurer's underwriting loss did narrow year-on-year thanks to reinsurance. AIG's $1.3 billion net loss compares to a $1.7 billion net loss ... Read the full article
Irma loss creep and Q3 cats push Blue Capital Re to net loss
30th October 2018
Bermuda headquartered Blue Capital Reinsurance Holdings Ltd. fell to a net loss of $6.7 million in the third-quarter of 2018, as price increases achieved through renewals failed to sufficiently offset catastrophe losses. The Bermuda-based holding company today announced its results for the third-quarter and first nine months of 2018, recorded a ... Read the full article
Insurance claims from Kerala, India floods surpass US$273 million
26th October 2018
Insurance claims from the severe flooding in the Kerala region of India in July and August, which is expected to result in economic losses of at least $3 billion, have approached Rs 2,000 crore (approximately $273.2 million), with industry sources suggesting that the payouts are more likely to hit ... Read the full article
Mexico insurers will comfortably absorb Hurricane Willa losses: A.M. Best
25th October 2018
Mexico’s insurance industry is sufficiently well capitalised and reinsured to comfortably absorb the financial impact of Hurricane Willa, which made landfall on Mexico’s Pacific Coast this week as a strong Category 3 storm, according to A.M. Best. Willa brought heavy rainfall, flash floods and landslides to the coastal states of Jalisco, ... Read the full article
Lower-than-expected cat losses benefit AXIS in Q3: Analysts
25th October 2018
AXIS Capital Holdings has announced its results for the third-quarter of 2018, posting net income of $43 million compared with a net loss of $468 million a year earlier. According to analysts, the firm's performance in the third-quarter benefited from lower-than-expected catastrophe losses. The Bermuda-based re/insurer's financial results for the third-quarter ... Read the full article
CCRIF completes $5.8m Kirk payout to Barbados government
25th October 2018
CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, has completed the previously-announced $5.8 million payout to the government of Barbados, triggered by heavy rainfall that occurred during the passage of tropical storm Kirk, within 14 days of the event. The payout is CCRIF’s first of ... Read the full article
Cat losses hit Chubb in Q3 but operating profit up year-on-year
24th October 2018
Global insurer Chubb has reported pre-tax catastrophe losses of $450 million ($372 million after-tax) for the third-quarter of 2018, and a core operating profit of $1.1 billion, compared with a $60 million loss a year earlier. Chubb announced previously that it expected Q3 2018 catastrophe losses to amount to $450 ... Read the full article
AIG cat losses a “concern” with Q4 still looming: Goldman Sachs
24th October 2018
American International Group’s consolidated year-to-date (YTD) catastrophe losses are already 81% higher than its full year expected average annual loss (AAL), raising concerns over the efficacy of the company's reinsurance program, according to Goldman Sachs. AIG expects between $1.5 billion and $1.7 billion in cat losses for the third quarter (double ... Read the full article
Maria loss-creep exhausts Assurant’s per-event Caribbean reinsurance program
23rd October 2018
Assurant, Inc. has posted catastrophe losses of between $82 million and $89 million pre-tax ($65-70 million after tax) for the third quarter of 2018, of which $16-19 million was due to loss creep from 2017’s Hurricane Maria. The company said that the additional Q3 2018 losses for Hurricane Maria are above ... Read the full article
HCI Group estimates up to $18m hurricane Michael losses
23rd October 2018
Florida-headquartered re/insurance focused holding company HCI Group has issued an initial loss estimate from hurricane Michael of between $6 million and $18 million. Michael struck the Florida panhandle on 10 October, coming ashore as a major Category 4 storm with wind speeds of up to 155mph. This made the hurricane one of ... Read the full article
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