Reinsurance News
natural catastrophes
AM Best’s outlook on Canada’s P&C segment remains stable despite C$3.1bn cat losses in 2023
24th October 2024
Global credit ratings agency AM Best is maintaining its stable outlook on Canada's property & casualty (P&C) industry, amid significant challenges from catastrophic events in 2023 and this year. The rating agency noted that the stable outlook was driven by a number of factors, including the sector's solid risk-adjusted capitalisation levels, ... Read the full article
CNA Financial estimates net cat losses of $143m in Q3’24
22nd October 2024
Chicago-domiciled insurer, CNA Financial Corporation expects to report pretax net catastrophe losses of $143 million for Q3 2024 in its results. Approximately 75% of the catastrophe losses are associated with four larger events, including $55 million from Hurricane Helene, noted the insurer. The remaining approximately $35 million of losses is spread across ... Read the full article
Catastrophe re/insurance demand in Brazil to grow following Rio Grande do Sul floods: S&P
17th October 2024
Demand for reinsurance and insurance catastrophic coverage in Brazil is expected to grow following the floods that struck the Brazilian state of Rio Grande do Sul earlier this year, says S&P Global Ratings. In a new report, S&P noted that while it does not expect the floods to significantly dent Brazilian ... Read the full article
Insured nat cat losses reach $108bn in first 9 months of 2024: Gallagher Re
16th October 2024
In the first 9 months of 2024, losses covered by the private insurance market or public insurance entities totalled at least $108 billion, 5% higher than the decadal average of $102 billion, driven by a higher frequency of low/mid-size events, especially in parts of the world with higher coverage, a ... Read the full article
Milton likely to have exhausted much of cat budgets for Q4, earnings downgrades possible, J.P. Morgan
11th October 2024
J.P. Morgan's equity analyst team have stated that hurricane Milton is likely to have exhausted much of catastrophe budgets for Q4'24 in general, with the remainder of the quarter yet to come. Ultimately, analysts noted that they see this event having the potential to lead to 2024 earnings downgrades for a ... Read the full article
Verisk estimates Helene’s insured losses could reach $11bn excluding NFIP
9th October 2024
According to the Extreme Event Solutions group at Verisk, industry-insured losses due to wind, storm surge, and hurricane precipitation-induced flood from Hurricane Helene will range between $6 billion and $11 billion, excluding the National Flood Insurance Program (NFIP). To recap, Helene, a Category 4 storm with 140 mph winds made landfall ... Read the full article
Sasria considers expanding coverage to include natural disasters and climate risks
8th October 2024
The SA Special Risk Insurance Association (Sasria) is exploring the expansion of its coverage options to include climate, severe weather, as well as cyber risks. Sasria is a state-owned non-life insurer that provides special risk cover - including civil commotion, public disorder, strikes, riots and terrorism - to all individuals and ... Read the full article
KCC pegs privately insured loss from hurricane Helene at close to $6.4bn
3rd October 2024
According to catastrophe risk modelling specialist, Karen Clark & Company (KCC), privately insured losses from hurricane Helene will near $6.4 billion, driven by wind, storm surge, and inland flooding across nine states. A Category 4 storm with 140 mph winds, Helene made landfall near the city of Perry in the Big ... Read the full article
Moody’s puts total property damage from hurricane Helene at $15-26bn
30th September 2024
After Hurricane Helene, a Category 4 storm with 140 mph winds made landfall in Florida’s Big Bend on Thursday evening, reviving the quiet hurricane season, analysts at Moody's have placed the total property damage at between $15 billion and $26 billion, with a total cost of $20 billion to $34 ... Read the full article
IBC urges gov action as summer weather events in Canada drive insured losses of CAD 7bn+
25th September 2024
Citing initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), which place the combined insured loss of four catastrophe weather events this summer in Canada at more than CAD 7 billion, the Insurance Bureau of Canada (IBC) has called on governments to collaborate on reducing disaster risk. In just July and ... Read the full article
Allstate August cat load takes YTD losses to $3.67bn
19th September 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $272 million ($215 million after-tax) for the month of August, taking total catastrophe losses for August year-to-date to $3.67 billion ($2.90 billion, after-tax). Catastrophe losses for August include 15 events resulting in an estimated $306 million in losses. A significant ... Read the full article
Calgary hailstorm, 2nd costliest event in Canadian history causes insured losses of $2.8bn
12th September 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the Calgary hailstorm during early August has resulted in nearly $2.8 billion in insured losses, making it the second-costliest event in Canada's history, following the 2016 Fort McMurray wildfire. On August 5th, 2024, severe thunderstorms developed over southern Alberta and ... Read the full article
Newly launched Zurich Climate Resilience Alliance to address the climate crisis
3rd September 2024
Zurich Insurance Group and its corporate foundation, the Z Zurich Foundation, have launched the Zurich Climate Resilience Alliance (the Alliance) to assess current levels of resilience within vulnerable communities and implement appropriate solutions to climate hazards. The Alliance evolved from the Zurich Flood Resilience Alliance launched in 2013, bringing together a ... Read the full article
Insurance industry should expect average annual cat losses of $151bn: Verisk
3rd September 2024
A combination of rapid exposure growth and inflationary pressures means that insurers should now be expecting average annual losses (AAL) from global natural catastrophes to reach a new high of $151 billion, according to a new study from Verisk Extreme Event Solutions. This figure, which is compiled through the firm's industry ... Read the full article
Insurers incurred $2.19bn in claims from extreme weather in 2023-24: ICA
27th August 2024
Insurance Council of Australia’s “Insurance Catastrophe Resilience Report 2023-24”, disclosed that insurers incurred AUD 2.19 billion in claims from declared extreme weather events this year, in line with the previous 12 months. In monetary terms, over the last 30 years insurers paid an average of AUD 2.1 billion per year to ... Read the full article
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