Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Cincinnati Financial announces $120m Q3 cat losses
16th October 2018
Cincinnati Financial Corporation has today announced that its property and casualty business expects its Q3 results to include pre-tax catastrophe losses of approximately $120 million, representing an impact on the Q3 2018 combined ratio of approximately 9.5% to 10%, based on estimated P&C earned premiums. The company's 10‑year historical average contribution ... Read the full article
Insured Hurricane Michael losses may reach $10bn, says AIR Worldwide
15th October 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has estimated that industry insured losses resulting from Hurricane Michael’s winds and storm surge will be between $6 billion and $10 billion. Michael made landfall in Florida last week as a Category 4 storm, with sustained wind speeds of up ... Read the full article
Reinsurers to absorb the majority of FedNat’s Michael exposure
15th October 2018
FedNat Holding Company estimates that its aggregate gross losses from Hurricane Michael will be approximately $275 million, of which it will retain just $23 million, with the remainder being passed on to its reinsurers. The firm has a combined reinsurance program for its subsidiaries FedNat Insurance Company and Monarch National Insurance ... Read the full article
CoreLogic raises top-end of Hurricane Michael loss estimate to $5bn
15th October 2018
Catastrophe risk modelling firm CoreLogic has raised its insured loss estimate for Hurricane Michael to between $3 billion and $5 billion. The modelling firm had stated last week that it expected between $2 billion and $4.5 billion insured losses from Michael. According to the new data analysis, wind losses for residential ... Read the full article
Re/insurer’s IFS ratings unlikely to face adverse impacts from Michael: Fitch
12th October 2018
While hurricane Michael will add to the insured catastrophe losses accumulated thus far this year and push 2018 closer to a more normal catastrophe loss year, re/insurer's individual Insurer Financial Strength (IFS) ratings are unlikely to face adverse impacts, according to Fitch. Fitch believes the property/casualty re/industry is well positioned to absorb ... Read the full article
Outdated Florida building codes to inflate Michael losses, says AIR
12th October 2018
Property damage caused by Hurricane Michael, which made landfall in Florida as a high-end Category 4 storm on Wednesday, is likely to be exacerbated by the older building stock in the Panhandle region, according to AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics. AIR noted that the majority ... Read the full article
$8bn insured losses from hurricane Michael, KCC estimates
12th October 2018
Insured losses resulting from Hurricane Michael, which tore into the Florida Panhandle with high-end category four wind speeds on Wednesday, are estimated to reach $8 billion, according to catastrophe modeller Karen Clark & Co. This figure is almost double that of CoreLogic’s $4.5 estimate released yesterday and includes the privately insured ... Read the full article
Michael’s insured losses won’t be overly disruptive: Analysts
11th October 2018
Ex-hurricane Michael's potential impact on re/insurers has been further downplayed as analysts at Keefe Bruyette & Woods echo Willis Towers Watson's statement that the well-capitalised market is in a strong position to absorb losses. Despite KBW suspecting that CoreLogic’s initial $2 billion to $4.5 billion loss estimate will prove somewhat ... Read the full article
Hurricane Michael will be absorbed by ‘well-capitalised’ market: WTW
11th October 2018
Global re/insurance broker Willis Towers Watson has stated that the company is closely monitoring hurricane Michael as it continues to tear through the southeastern United States. However, it says that, even if Michael were to reach the $20 billion range in losses, the abundance of capital in the insurance industry would ... Read the full article
CoreLogic puts insured Hurricane Michael losses at up to $4.5bn
11th October 2018
Re/insured losses from Hurricane Michael, which struck the Florida Panhandle coast as a Category 4 storm yesterday, are expected to be in the range of $2 billion to $4.5 billion, according to initial estimates from catastrophe risk modelling firm CoreLogic. CoreLogic’s estimate includes re/insured damages for wind and storm surge, and ... Read the full article
Global protection gap exposed by September’s nat cat losses: Aon
11th October 2018
The natural catastrophes that unfolded throughout September are expected to inflict tens of billions in economic losses and, according to a report by Aon, highlight the prevalence of global under-insurance. The report reveals that the U.S endured two tropical cyclone landfalls during the month - Tropical Storm Gordon and the costlier ... Read the full article
Hurricane Michael strengthens to Cat 4 with 150 mph winds
10th October 2018
Hurricane Michael has now strengthened to a Category 4 storm with maximum sustained winds of 150 mph and higher gusts, forecast to make landfall in Florida on Wednesday, according to the latest data from the National Hurricane Center (NHC). The storm has strengthened today over the warm Gulf of Mexico waters, ... Read the full article
Chubb’s third quarter nat cat losses total $450mn
10th October 2018
Global insurance and reinsurance firm Chubb has revealed its preliminary estimates for net losses attributable to natural catastrophes in the third quarter of 2018, which totalled $450 million pre-tax, or $372 million after tax. Chubb said that the losses are attributable to more than 20 separate global weather events, including Hurricane ... Read the full article
Hurricane Michael’s speed implies greater reinsurance exposure: Analysts
10th October 2018
With hurricane Michael expected to make landfall in Florida as a Category 4 storm early Wednesday afternoon, Keefe, Bruyette & Woods (KBW) analysts are most concerned about reinsurers owing to the Florida property market's heavy use of reinsurance protection. The storm has strengthened today over the warm Gulf of Mexico waters, ... Read the full article
Hurricane Kirk rainfall triggers $5.8m Barbados payout from CCRIF
10th October 2018
CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, has announced that Barbados is to receive a $5.8 million payout due to heavy rainfall that occurred during the passage of Tropical Storm Kirk. The payout is CCRIF’s first of the 2018/19 policy year and brings the total ... Read the full article
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