Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Progressive reports $43m in California wildfire losses for January
20th February 2025
The Progressive Corporation, a property and auto-focused insurance group, has released its results for January 2025, revealing it incurred about $43 million in catastrophe losses due to the California wildfires. The company stated that 72% of these losses came from its personal property products, with the segment recording a net catastrophe ... Read the full article
Fidelis reports $287.2m Russia-Ukraine aviation reserve charge, LA wildfire loss of up to $190m
20th February 2025
In a loss update ahead of its Q4 and full year 2024 earnings, specialty insurer Fidelis Insurance Holdings Limited has reported net adverse prior year development in its Aviation and Aerospace line of business of $287.2 million, which has impacted the company's performance for both periods. Fidelis explains that the adverse ... Read the full article
Assurant’s California wildfire losses could exceed $150m cat reinsurance retention
14th February 2025
In its outlook for 2025, US specialty insurance group Assurant has reported that its catastrophe losses from the California wildfires are expected to “approach or slightly exceed” its per-event catastrophe reinsurance program retention of $150 million. The firm issued this update on the impact of the Los Angeles wildfires as part ... Read the full article
FEMA lifts NFIP’s Helene loss estimate to up to $7.4bn
12th February 2025
The U.S. Federal Emergency Management Agency (FEMA) has estimated the range for total losses paid by the National Flood Insurance Program (NFIP) stemming from Hurricane Helene to be between $6.4 and $7.4 billion, based on data as of January 31st, 2025. FEMA has reported that as of February 6th, 2025, Hurricane ... Read the full article
Travelers estimates California wildfire loss at $1.7bn
11th February 2025
Large U.S. primary insurer Travelers has announced its preliminary estimate of catastrophe losses from the January 2025 California wildfires at $1.7 billion before tax ($1.3 billion after tax). The carrier explains that its estimate includes losses from both the personal and commercial segments, including the Fidelis quota share, as well as ... Read the full article
Skyward Specialty commutes LPT with R&Q Re (Bermuda)
7th February 2025
Skyward Specialty Insurance Group, Inc. has commuted the Loss Portfolio Transfer and Adverse Development and Retrocession Agreement (LPT) with R&Q Re (Bermuda) Ltd. (R&Q) relating to accident years 2018 and prior, receiving $11.7 million in cash. Additionally, on December 31st, 2024, Skyward strengthened LPT loss reserves by $25.3 million and recognised ... Read the full article
Allstate expects $900m in reinsurance recoveries from LA wildfires
6th February 2025
U.S. primary insurer Allstate has estimated that its gross losses from the Los Angeles, California wildfires will be $2 billion, and after reinsurance recoveries of $900 million under its per-occurrence tower, the firm is projecting a net loss of $1.1 billion from the event. The insurer's LA wildfire loss estimate comes ... Read the full article
Hannover Re LA wildfire loss of €500m-€700m will exceed Q1 large loss budget: CEO Henchoz
6th February 2025
Jean-Jacques Henchoz, Chief Executive Officer (CEO) of large European reinsurer Hannover Re, said this morning that an industry loss of between $30 billion and $40 billion from the Los Angeles wildfires could lead to a net loss for the firm of between €500 million and €700 million, which is above ... Read the full article
SCOR sees LA wildfire impact as manageable at roughly quarterly cat budget for Q1: Conoscente
4th February 2025
Jean-Paul Conoscente, CEO of P&C at SCOR, one of Europe's big four reinsurers, said today that the impact of the Los Angeles wildfires should be around a quarterly natural catastrophe budget for Q1 for the firm, emphasising that the event will act as a floor to the drop of cat ... Read the full article
No market hysteria but LA wildfire loss could temper reinsurance rate reductions seen at Jan 1: MMC
30th January 2025
Executives at global broking group Marsh McLennan (MMC) said today that although it's too early to tell exactly what impact the recent Los Angeles, California wildfires will have on the property market, moving forward, the magnitude of industry loss could temper risk-adjusted reinsurance rate reductions witnessed at the January 1st ... Read the full article
Heritage expects losses from California wildfires of up to $40m
30th January 2025
Heritage Insurance, a super-regional P&C insurance holding company, has said that it expects to incur pre-tax, net current accident quarter catastrophe losses from the Los Angeles, California wildfires of between $35 million and $40 million in the first quarter of 2025. In a statement, the firm explained that it is participating ... Read the full article
WTW underlines critical role of data & risk models as 2024 insured losses top $140bn
30th January 2025
According to WTW's latest Natural Catastrophe Review, the insurance protection gap for natural catastrophes is estimated to stand at 60%, as global insured losses surpassed $140 billion in 2024, marking the fifth consecutive year insured damages exceeded $100 billion. The global advisory, broking, and solutions firm highlighted several major events that ... Read the full article
RenRe expects new opportunities to deploy capacity as LA wildfires show value of reinsurance
29th January 2025
Executives at Bermuda-based reinsurer RenaissanceRe (RenRe) said today that the scale of industry loss from the recent California wildfires will affect reinsurance supply and demand, with the firm expecting new opportunities to deploy capacity as 75% of its US property catastrophe accounts renew over the next six months. Within its ... Read the full article
Chubb estimates $1.5bn loss from LA wildfires amid reduced California exposure
29th January 2025
During insurer Chubb Limited’s fourth-quarter 2024 earnings call, Chairman and CEO Evan Greenberg confirmed that the company expects $1.5 billion in net pre-tax losses from the recent Los Angeles, California wildfires. Despite the scale of the losses, Greenberg does not anticipate a broader impact on property insurance pricing, emphasising that overall ... Read the full article
Reinsurance sector to assume at least 30% of total insured losses from LA wildfires: Moody’s
29th January 2025
Based on preliminary insured loss estimates, Moody's has said it expects the reinsurance sector to assume at least 30% of total insured losses from the devasting Palisades and Eaton wildfires in Los Angeles. As we've extensively covered, the highest loss estimate for the wildfires so far comes from CoreLogic, at ... Read the full article
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