Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Wildfire losses to surpass $10bn as property toll reaches 20,000 mark: Aon
23rd November 2018
As the number of properties destroyed by the recent Camp and Woolsey Wildfires in California reaches 20,152, re/insurance broker Aon has claimed that the total economic impact is likely to “minimally exceed US $10 billion; likely higher,” with a majority of these losses covered by re/insurers. While Aon stipulated that it ... Read the full article
Typhoon Jebi insured losses hit record-breaking $5.2bn, still climbing
22nd November 2018
The amount of insured claims paid out for Typhoon Jebi, which made landfall in Japan on September 4, has reached close to $5.2 billion, making it the most costly Typhoon for re/insurers to ever hit the country. Data from the General Insurance Association of Japan shows that 825,091 insurance claims have ... Read the full article
Insured wildfire losses may exceed highest estimate: Goldman Sachs
22nd November 2018
As the scope of damage from the California wildfires continues to expand, it’s becoming increasingly likely that insured losses will fall in the upper limit of, or exceed, the latest $9 billion to $13 billion RMS estimate, according to analysis by Goldman Sachs. Most of the destruction was caused by ... Read the full article
Wildfires could boost P&C pricing and reduce risk appetite: Morgan Stanley
21st November 2018
With the recent outbreak of devastating wildfires in California marking two consecutive years of large losses in the state, analysts at Morgan Stanley have suggested that the property and casualty (P&C) re/insurance market could respond by raising prices and reducing its risk appetite. The firm said that the industry will have ... Read the full article
Re/insurers face multiple exposures to PG&E wildfire volatility: A.M. Best
21st November 2018
A.M. Best has found that many re/insurers may face additional exposure to the volatility surrounding energy supplier Pacific Gas and Electric Company (PG&E) due to their investments in the company’s bonds. PG&E power lines have been under investigation as a potential cause for the devastating Camp Wildfire, which has destroyed ... Read the full article
FEMA confident of NFIP reauthorisation
21st November 2018
With the current statutory authority granted to the National Flood Insurance Program (NFIP) set to expire at 11:59PM on 30 November 2018, The U.S Federal Emergency Management Agency (FEMA) has stated that it is confident Congress will vote to reauthorise the program. It’s been a busy two quarters for the NFIP; ... Read the full article
Property count rises to 18,652 as more wildfire destruction emerges
20th November 2018
The number of structures destroyed by the recent outbreak of wildfires in California has risen to 18,652 as containment grows and authorities begin to piece together the extent of the destruction. The property toll has risen by another 20% overnight, up from 15,489, with the implication being that losses for the ... Read the full article
Re/insurers to absorb wildfire losses but the future a concern: S&P Global
19th November 2018
While primary re/insurers will be able to absorb losses associated with the recent California wildfires, limiting them to an earnings event, S&P Global Ratings has stated that the increasing costs attached to such events - in tandem with an unfavourable regulatory environment that limits the ability to raise rates - may ... Read the full article
Costly wildfires to compound reinsurers’ Q4 losses: J.P. Morgan
19th November 2018
As industry loss estimates for the California wildfires continue to edge higher, J.P. Morgan has said it looks increasingly likely that the fourth quarter catastrophe budgets for reinsurers will be exceeded. The firm, citing figures reported on our sister site Artemis, notes that more homes have now been destroyed than ... Read the full article
RMS estimates up to $13bn insured loss from Californian fires
19th November 2018
Catastrophe risk modelling firm RMS has estimated between a $9 billion and $13 billion insured loss from the Camp and Woolsey wildfires which continue to devastate large areas of California. This estimate includes property and auto damage, including burn and smoke damage, business interruption, additional living expenses, and contents loss. RMS ... Read the full article
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
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