Reinsurance News
natural catastrophes
Increase in nat cat driving the demand for parametric insurance: Swiss Re CorSo’s Cole Mayer
23rd May 2023
With the industry witnessing an increase in frequency and severity of nat cat events throughout the last several years, and some of them even going on to become some of the costliest events ever recorded, Swiss Re Corporate Solutions’ Senior Structurer North America, Cole Mayer, suggests that this is one ... Read the full article
Canadian market remarkably resilient despite economic & geopolitical woes: Aon
22nd May 2023
Despite economic volatility, catastrophic climate events, supply chain/labour challenges, and geopolitical uncertainty, the Canadian insurance market has displayed "remarkable resiliency", suggests professional services firm Aon. According to the firm, portfolio remediations made in recent years have resulted in a more stabilised market with increased competition and a more diversified appetite. However, economic ... Read the full article
Reinsurance market faces challenges amid surge in cat losses, capital unwinding: Swiss Re
19th May 2023
In a challenging market environment, the reinsurance industry is grappling with significant hurdles as catastrophe losses surge and the reliance on external capital becomes increasingly vulnerable, according to Swiss Re's report titled "The State of the Reinsurance Property Catastrophe market." Over the past two decades, low interest rates have fueled a ... Read the full article
QBE posts $130 million hit from natural disasters in late 2022, including winter storm Elliot
12th May 2023
Australian insurer and reinsurer, QBE Insurance Group Limited, indicated an adverse development of $130 million on natural catastrophe events which primarily occurred in late 2022, including winter storm Elliot in North America and certain Australian events. As a result of these increasing costs, QBE hiked its FY23 plan Group combined operating ... Read the full article
A repricing of nat cats will depend on both short & near-term results: Swiss Re CorSo’s Nusslein
28th April 2023
With the re/insurance industry having faced two of the costliest events on record within the last year, through both hurricane Ian and the recent earthquakes that struck Turkey, Swiss Re Corporate Solutions’ Head Innovative Risk Solutions Americas, Bob Nusslein, explained in an interview with Reinsurance News about how the global ... Read the full article
EIOPA and ECB outline policy options to promote climate catastrophe insurance
24th April 2023
The European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB) call for increased uptake of climate catastrophe insurance to limit the growing impact of natural disasters on the economy. In their recently published discussion paper they set out policy options on how to better insure households and ... Read the full article
Allstate pegs catastrophe losses for Q1 at $1.69bn
20th April 2023
U.S. primary insurer Allstate Corporation has estimated that catastrophe losses for the first quarter of 2023 totalled $1.69 billion, pre-tax. According to Allstate, catastrophe losses for March alone stood at $1.17 billion or $927 million, after tax. The insurer writes, "Catastrophe losses for March events were estimated at $1.26 billion, related to ... Read the full article
Global nat cat economic losses reach $77bn in Q1 2023: Gallagher Re
19th April 2023
Global natural catastrophe economic losses reached an estimated $77bn in the first quarter of 2023, with public and private insurance entities covering at least an estimated $22bn of that total, resulting in a 72% or $55bn protection gap, Gallagher Re reported. According to the broker’s Q1 2023 Natural Catastrophe report, these ... Read the full article
Resolute Global partners with Gallagher Re and KCC on innovative cat reinsurance contract
14th April 2023
Resolute Global Partners, an investment advisor specialising in re/insurance, has launched a brand new type of reinsurance contract created in collaboration with global reinsurance broker Gallagher Re and catastrophe modelling firm Karen Clark & Company (KCC). This innovative reinsurance contract named Footprint focuses on natural catastrophe risk in the United States, ... Read the full article
Combined ratios improve for most reinsurers in 2022: Gallagher Re
5th April 2023
A sub-100% combined ratio was reported by 80% of reinsurers tracked by Gallagher Re in 2022, with most firms improving versus the prior year due to lower nat cat losses and expense ratios, suggests the reinsurance broker's latest market report. Premium growth in 2022 remained solid at 12.3%, though down somewhat ... Read the full article
U.S. convective storm outbreak to drive hundreds of millions in losses: Aon
31st March 2023
The series of severe convective storms that broke out in the U.S. over the last week are estimated to cause total economic and insured losses in the hundreds of millions of dollars, suggests Aon. The devastating weather affected multiple states in the lower Mississippi River Valley and the Southeast of the ... Read the full article
2017-22 losses a “wake-up call” to better assess climate risk, Moody’s Rahnama
16th March 2023
The record global natural catastrophe losses between 2017-22 are a “wake-up call” for the industry to “better assess, manage, and transfer” the risks of future climate-related events, saids Mohsen Rahnama, Chief Risk Modeling Officer and Executive Vice President, Models and Data of Moody's RMS. Writing in the Moody's RMS Catastrophe Review ... Read the full article
Allstate pegs catastrophe losses for February at $211m
16th March 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for February of $211 million or $167 million, after tax. Catastrophe losses for February events were estimated at $241 million, and related to nine events primarily from wind and rain that were geographically widespread. This was partially offset by favourable reserve re-estimates for ... Read the full article
Industry must resist temptation to pull from cat-exposed areas: Moody’s RMS
15th March 2023
In an interview with the Financial Times (FT), Michael Steel, General Manager of Moody’s RMS, suggested that a combination of better analysis, new forms of loss prevention and higher prices should encourage reinsurers to take more risk amid the allure to pull from cat-exposed areas. In the FT interview, Steel noted ... Read the full article
Nat cat insured losses in Q1 between $6-8bn thus far, says JP Morgan
3rd March 2023
Analysts at JP Morgan have estimated that total natural catastrophe insured losses in Q1 so far are in the region of $6-8 billion. The analysts write, "Despite there being a month to go in the quarter, losses still feel well below quarterly averages. Looking at the last 10 years, the average ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
