Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Goldman Sachs anticipates muted 1/1 renewal season
13th November 2018
Goldman Sachs expects a muted 1/1 renewal season with flat pricing across the property and casualty lines. Meanwhile, the firm says the main questions around catastrophe losses in 4Q18 will likely be the scale of insured losses from the wildfires currently raging in California, and loss creep from last year's ... Read the full article
Camp Wildfire insured losses could reach $4bn: Morgan Stanley
12th November 2018
Insured losses from the Camp Wildfire, which has burnt through roughly 110,000 acres and 6,700 structures in Northern California, are likely to be between $2 billion and $4 billion, with higher total economic losses, according to estimates from Morgan Stanley. The Camp Wildfire became the most destructive in California’s history ... Read the full article
California’s deadly Camp Wildfire to cause billions of insured losses
12th November 2018
The Camp Wildfire, which sprang up last Thursday and quickly engulfed the town of Paradise in California’s Butte County, has now claimed more than 6,700 structures and 110,000 acres, making it the most destructive wildfire on record and likely to drive multi-billion dollar losses for the re/insurance industry. A further ... Read the full article
AXIS Capital estimates up to $120mn Hurricane Michael losses
9th November 2018
Bermudian re/insurance group AXIS Capital has released a preliminary pre-tax loss estimate for losses related to Hurricane Michael in the fourth quarter, which it puts in the range of $100 million to $120 million. AXIS said that its estimate was consistent with industry insured losses of approximately $10 billion. This compares with ... Read the full article
Zurich anticipates $175mn Hurricane Michael loss
8th November 2018
Zurich Insurance Group has released its results for the first nine months of 2018, in which it estimates that losses related to Hurricane Michael in the fourth quarter are likely to be around US $175 million. Category 4 Michael made landfall in the Florida Panhandle on October 10th as the strongest ... Read the full article
Insured losses from Hurricane Michael likely to reach $8bn, says Aon
8th November 2018
The latest Global Catastrophe Recap report from re/insurance broker Aon has estimated that total economic losses from Hurricane Michael will exceed US $15 billion, with public and private re/insurers likely to incur pay-outs of at least $8 billion. Aon’s Impact Forecasting team based their estimate on both physical damage and net ... Read the full article
Premium growth and rate rises outweigh cat losses for Beazley at Q3
8th November 2018
Strong premium growth across all divisions and an average 3% rate increase on renewal business have driven profits for specialist insurer Beazley at the third quarter of 2018 despite significant catastrophe losses. Gross premiums written by Beazley for the nine months ended 30 September 2018 increased by 11% year-on-year to $1.96 ... Read the full article
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
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