Reinsurance News
natural catastrophes
U.S. sees 2nd-highest number of YTD billion-dollar disasters by end of July: NOAA
13th August 2024
The United States has been hit with record heat, wildfires and Hurricane Beryl in July alone, with the country experiencing the second highest number of year-to-date billion dollar disasters, according to the National Oceanic and Atmospheric Administration (NOAA). July 2024 is second only to 2023, as by July of that year ... Read the full article
World Bank launches REPAIR program to boost climate resilience in Eastern & Southern Africa
1st August 2024
The World Bank's recently approved Regional Emergency Preparedness and Inclusive Recovery Program (REPAIR), which African Risk Capacity Limited will implement, is set to enhance Eastern and Southern African countries' resilience against climate shocks and attract $205 million in private capital to support these efforts. According to the World Bank, over six ... Read the full article
Limited reinsurance supply and high nat cats is affecting insurance pricing: Berenberg
24th July 2024
The high costs of natural catastrophes from secondary perils in H1 2024 highlights the burden has shifted from reinsurers to primary insurers, but despite this, losses are still expected to be within each insurer’s budget, according to Berenberg. In the second quarter of 2024, insurers Allianz, AXA, Generali, Talanx and Zurich ... Read the full article
19 individual billion-dollar insured cat loss events in H1’24: Gallagher Re
19th July 2024
According to reinsurance broker Gallagher Re, there were at least 19 individual billion-dollar insured natural catastrophe loss events in the first half of 2024, making it the second-highest H1 total on record, behind the 20 events seen in 2023 and 2022. Of the 19 events, 12 resulted in a multi-billion dollar ... Read the full article
Insurance critical to mobilising $10tn of committed climate transition investment: Howden
24th June 2024
According to a new report from Howden, more than half of the $19 trillion committed to financing the climate transition through to 2030 will require additional insurance, suggesting that corporates should engage the industry from an early stage in their climate risk management planning to secure adequate supply of capacity ... Read the full article
Business owners worried insurance would not cover specific loss or event: Gallagher
12th June 2024
Business owners are focusing on preparing for the unforeseeable as they worry their business insurance will not cover specific losses, a recent study by insurance broker Gallagher has found. A survey was conducted among 1,000 US business owners which revealed that 80% of the participants are worried their business insurance will ... Read the full article
Third-party capital to remain relevant for reinsurers to reduce increased nat cat risk: S&P
7th June 2024
Third-party capital is expected to continue growing and to remain an important way for reinsurers to reduce natural catastrophe risk, according to S&P analysts. According to a recent S&P report the risk level of natural catastrophes - influenced by climate change, urbanisation, and inflation - is high, a trend that will ... Read the full article
Swiss Re calls for industry focus on European catastrophe loss creep issue
5th June 2024
Swiss Re has proposed an industry focus on the issue of loss creep after natural catastrophe events in Europe, calling it an industry-wide phenomenon, which shows the "pressing need" for a more precise reserve setting after nat cat events. The reinsurance giant explained that achieving this requires up-to-date valuations of what ... Read the full article
Insurance schemes in EU could facilitate reduction of the insurance gap: Morningstar DBRS
29th May 2024
Morningstar DBRS recently published a commentary that highlights the insurance protection gap on extreme weather and climate-related losses in Europe. Severe weather events are expected to become more frequent and intense in the longer term across Europe, and analysts have noted that it is becoming more and more crucial to reduce ... Read the full article
Nat cats cause $65bn economic loss across Asia Pacific in 2023, says Aon
2nd April 2024
Natural catastrophes caused US $65 billion economic losses in the Asia Pacific region in 2023, according to global professional services firm, Aon. In their recently published 2024 Climate and Catastrophe Report, Aon highlighted how there were 398 natural disaster events that took place globally in 2023, ultimately resulting in a $380 ... Read the full article
Faura raises $500k to help insurers better understand their portfolio risk
2nd April 2024
Insurtech Faura has successfully raised $500k to help insurance companies and homeowners reduce their natural disaster risk. Cities throughout the US have been impacted by natural catastrophes, like wildfires in Maui and flooding across the Northeast and Florida, in recent years; disaster activity that only keeps growing. This has left ... Read the full article
Fitch predicts highest net combined ratio for German non-life
14th March 2024
Fitch Ratings raises its baseline assumption for German insured catastrophe losses as it forecasts a 99% net combined ratio for 2023 and 2024 for the non-life sector in the country, the worst in recent times. Yet the sector outlook remains neutral, Fitch notes, due to easing claims inflation, rising premium rates ... Read the full article
Moody’s RMS Risk Modeler to boost Malayan Insurance nat cat risk analytics
6th March 2024
Malayan Insurance, one of the leading non-life insurance providers in the Philippines, has licensed Moody’s RMS Risk Modeler to help enhance its natural catastrophe risk analytics, the firm has revealed in a recent announcement. Risk Modeler is a data-driven modelling and advanced analytics application, available on the cloud-native Intelligent Risk Platform. Malayan ... Read the full article
Insured nat cat losses hit $123bn in record-setting 2023: Gallagher Re
17th January 2024
The global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, as broker Gallagher Re reports an annual record of 34 individual billion-dollar insured loss events in the year. The reinsurance broker's 2023 Natural Catastrophe and ... Read the full article
Insured losses in Q4’23 below average, says JP Morgan
12th January 2024
JP Morgan's Love Actuary note on the fourth quarter of 2023 reveals a relatively optimistic outlook for the reinsurance industry, supported by a slightly below-average level of natural catastrophe losses during the period. The financial giant estimates global insured losses from nat cats for 4Q 2023 to be in the range ... Read the full article
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