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Losses

News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.

Lancashire puts COVID-19 claims at $35mn for Q1, reports higher GPW

30th April 2020

Lancashire Holdings Limited has announced an estimated $35 million of COVID-19 claims for the first-quarter of 2020, while gross premiums written (GPW) jumped by almost 12% year-on-year to $242.8 million. The London-listed insurer and reinsurer has established a reserve of approximately $35 million of losses, net of reinsurance and reinstatement premiums, ... Read the full article

Argo expects $26mn of COVID-19 related claims in Q1

30th April 2020

Argo Group International Holdings, Ltd. has warned that its first-quarter 2020 results will be adversely impacted by the COVID-19 pandemic and volatility in global financial markets. Ahead of its Q1 2020 results announcement, which is scheduled for May 7th, Argo has said that it expects to report pre-tax net catastrophe losses ... Read the full article

COVID-19 drives Swiss Re to $225mn Q1 net loss

30th April 2020

Global reinsurance giant Swiss Re fell to a $225 million net loss in the first quarter, as the coronavirus pandemic continues to make its presence felt in the industry. The reinsurer also saw an underwriting loss of $476 million and an investment loss of $300 million for the quarter. The mark-to-market valuation ... Read the full article

Liberty Mutual sees larger COVID-19 impacts through its investments: CEO Long

28th April 2020

David Long, the Chairman and Chief Executive Officer (CEO) of Liberty Mutual Holding Company, Inc., expects the financial impact from the ongoing COVID-19 pandemic on the firm's re/insurance operations to be similar to a moderately sized catastrophe loss. In an announcement, the CEO of Liberty Mutual Holding Company, which is the ... Read the full article

COVID-19 could be biggest ever industry loss, warns Lloyd’s CEO

24th April 2020

John Neal, Chief Executive Officer (CEO) of Lloyd’s of London, has said that the coronavirus (COVID-19) pandemic could be the most expensive event in history for the re/insurance industry. Speaking to the Financial Times, Neal said that the crisis will likely dwarf other major disasters such as Hurricane Katrina in 2005 ... Read the full article

Everest Re sees $150m of Q1 COVID-19 claims, mostly from reinsurance

24th April 2020

Bermuda domiciled reinsurer Everest Re Group, Ltd. has announced estimated pre-tax net first party losses of $150 million in Q1 for claims related to the COVID-19 coronavirus pandemic. The reinsurer says that the majority of the losses are expected to come from its reinsurance operation. Overall, Everest Re expects its first-quarter ... Read the full article

COVID-19 P&C losses as high as $80bn: analysts

23rd April 2020

Analysts at research firm Dowling & Partners believe the property and casualty insurance industry should expect between a $40 billion and $80 billion loss from the coronavirus pandemic. If insurance losses were to hit the upper limit of this estimate, the reinsurance industry could expect to pay out a double-digit billion ... Read the full article

Uncertainty for re/insurers as experts imply Olympics go-ahead requires vaccine

20th April 2020

As insurers and reinsurers prepare to manage the economic fallout from the one-year delay to the Tokyo Olympics, experts have suggested that the games will only go ahead in 2021 if there's a vaccine for the COVID-19 coronavirus. It was announced on March 24th that for the very first time, the ... Read the full article

Q1 results to see lighter catastrophe load, auto frequency benefits: MS

20th April 2020

Analysts at Morgan Stanley have lowered catastrophe loss estimates for both U.S. primary insurers and reinsurers ahead of Q1 2020 results season, driven in part by lower-than-expected U.S. spring storm activity. Unsurprisingly, the focus of first-quarter 2020 results is expected to be the ongoing COVID-19 coronavirus pandemic, but a reduction in ... Read the full article

Cost of severe US weather outbreak could surpass $1bn: Aon

17th April 2020

A  number of southern and eastern US states were hit with a prolific severe weather outbreak between April 10 and 14, according to the latest catastrophe report from Aon. At least 41 people were killed and hundreds more injured by an outbreak which prompted a minimum of 121 confirmed tornado touchdowns ... Read the full article

Arch sees Q1 COVID-19 losses at up to $145m across P/C & mortgage

16th April 2020

Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has announced estimated pre-tax losses of up to $95 million across its property casualty insurance and reinsurance segments, and losses of up to $50 million in its mortgage segment, as a result of the impacts of the COVID-19 pandemic. Arch has underlined the ... Read the full article

Greenlight Re sinks to $43mn Q1 net loss

14th April 2020

Hedge fund-backed reinsurer Greenlight Re expects to incur a net loss of between $38 million and $43 million for the first quarter of 2020. This loss is driven by an investment loss in the Solasglas Investments, LP fund of $42.2 million, representing a loss of 8.1% for the quarter as previously ... Read the full article

Separate billion-dollar events mark active month for US tornadoes: Aon

14th April 2020

The month of March was a particularly active one for US weather losses, with separate billion-dollar tornado events marking significant losses for the re/insurance industry, according to the latest Global Recap report from Aon. Most notably, deadly tornados tracked across central Tennessee on March 3, including an EF4 and EF3 in ... Read the full article

PERILS pegs insured loss from Febuary’s UK floods at £297mn

3rd April 2020

Catastrophe insurance data provider PERILS has estimated the insured loss from the UK floods in February 2020 at £297 million. The February 2020 Floods were the result of record-breaking rainfall on saturated grounds which led to extensive river flooding. Heavy rainfall was mainly associated with the three named storms of Ciara, Dennis ... Read the full article

PERILS pegs industry loss from storm Victoria (Dennis) at €286mn

31st March 2020

Catastrophe loss data aggregator PERILS has released a €286 million initial loss estimate for extratropical cyclone Victoria (also known as Dennis), which affected the British Isles and north-western Europe from 15 to 17 February 2020. It occurred only six days after extratropical cyclone Sabine (Ciara, Elsa) which PERILS has since ... Read the full article

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