Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
$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
Hurricane Michael’s current forecast closest to 1975’s Eloise: RMS
9th October 2018
As hurricane Michael tracks towards the Florida Panhandle area of the Gulf Coast as a major storm, analysis by catastrophe risk modeller RMS reveals that in almost 70 years, just two hurricanes have made landfall within the current 'cone of uncertainty' with category 2+ strength. RMS notes that over the last ... Read the full article
Hurricane Michael storm surge threatens 57,000 homes, says CoreLogic
9th October 2018
Storm surge from Hurricane Michael, which is projected to make landfall in Florida as a Category 3 storm this week, threatens up to 57,000 homes in the state, according to early estimates from catastrophe risk modelling firm CoreLogic. Although CoreLogic has not provided an estimate for insured or reinsured losses, ... Read the full article
Lancashire expects negative Q3 RoE on marine and nat cat losses
8th October 2018
Specialty re/insurer Lancashire Holdings has announced an aggregate net loss from exposure to events within its marine portfolio of approximately $30 million. In addition, the company has suffered an accumulation of attritional losses as a result of exposures to a number of recent natural catastrophe events - including hurricane Florence, and ... Read the full article
High Q3 losses could see AIG call on aggregate reinsurance cover: Analysts
5th October 2018
Global insurer American International Group (AIG) has roughly $125 million of net potential H218 qualifying severe losses before its aggregate reinsurance coverage is triggered, according to data from investment banking firm Keefe, Bruyette & Woods (KBW). Of the firm’s $428 million H118 severe losses, $290 million counts towards its loss aggregate ... Read the full article
PERILS reveals €324m final loss estimate for cyclone Xavier
5th October 2018
Catastrophe data loss aggregation and estimation firm PERILS has released its final loss estimate for extratropical cyclone Xavier, which primarily affected Germany on October 5, 2017. PERILS’ estimate of the insured property market loss for the cyclone, based on loss data collected from affected insurers, is €324 million. This compares to the ... Read the full article
H2 2018 losses by no means benign, but reinsurers able to absorb major event: Analysts
4th October 2018
Despite catastrophe and man made losses in the second-half of 2018 falling below the levels seen last year, so far, analysts at Peel Hunt have said that by no means is H2 2018 a benign loss period, with losses starting to have a meaningful P&L impact. Notable natural catastrophe losses so ... Read the full article
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