Reinsurance News
natural catastrophes
Hurricane Ian drives nat cat year-to-date losses to $115bn: Swiss Re
1st December 2022
According to the Swiss Re Institute, Hurricane Ian, alongside the winter storms in Europe, flooding in Australia and South Africa, and hailstorms in France and the US, have resulted in an estimated $115 billion of natural catastrophe insured losses this year to date. The re/insurance industry covered around 45% of the ... Read the full article
French hail events underestimated in current industry benchmarks: Swiss Re
23rd November 2022
According to Tamara Soyka, Head Cat Perils EMEA, Swiss Re Institute, the frequency of exorbitant hail events in France is underestimated in current industry benchmarks, suggesting that adjustments to insurance risk assessment and pricing are needed to ensure that insurance products for hail remain sustainable over the long term. Soyka cites ... Read the full article
COP 27: Global re/insurers call for action to reduce impacts of climate change
8th November 2022
At COP27, the UN conference in Sharm El Sheikh, the Global Federation of Insurance Associations has called on parties to prioritise the building of resilience to the impacts of climate change to prevent loss of life and reduce economic losses from future natural disasters. The global impact on people, health, property, ... Read the full article
Cutbacks in capacity & price hikes to follow Ian: Risk Strategies
7th November 2022
A recent report from Risk Strategies suggests property insurance buyers with locations exposed to climate change-related events will see significant reductions in coverage capacity, as well as higher deductibles and pricing well into 2023 following Hurricane Ian, as reinsurers grow increasingly concerned about inadequate values and peril losses. The report observes ... Read the full article
ICEYE delivers flood insights from recent hurricanes to FEMA
28th October 2022
World-leading provider of natural catastrophe solutions and insights, ICEYE, has said that through its partnership with New Light Technologies and Bana Solutions, its rapid flood extent and depth information have now supported the Federal Emergency Management Agency's immediate response efforts for four major flood events. ICEYE's Flood data has now been ... Read the full article
Federal budget lays foundations to improve extreme weather resilience: ICA
26th October 2022
The Insurance Council of Australia has said the new Federal budget has laid the foundations for a significant and bold new start to the approach taken by governments to improve community and household resilience to worsening extreme weather. In its report, the Insurance Council of Australia (ICA) suggests that as the ... Read the full article
US renewables facing growing extreme weather risks: GCube
21st October 2022
According to a new report released by GCube, the financial impacts of natural catastrophe events are outpacing the development of mitigation strategies in the North American renewables market. In its North American Nat Cat Update, GCube stated that market correction has not gone far enough to address the growing severity of ... Read the full article
Global average annual insured losses from extreme events in excess of $120bn: Verisk
5th October 2022
Verisk Extreme Event Solutions has released its 2022 Global Modelled Catastrophe Losses Report, estimating that on an annual average basis, catastrophes around the world are expected to cause around $123bn in insured losses compared to an average of $74bn in actual losses over the past 10 years. According to Verisk’s report, ... Read the full article
Nat cat is a real growth opportunity for Swiss Re: CUO Thierry Léger
16th September 2022
While many carriers look to lower the volatility of their book by cutting their property catastrophe exposure, reinsurance giant Swiss Re intends to grow further in the natural catastrophe space and sees this as a real growth opportunity, according to Group Chief Underwriting Officer (CUO), Thierry Léger. Reinsurance News spoke with ... Read the full article
Reinsurer nat cat experience year-to-date has been mixed, says JP Morgan
15th September 2022
According to a report from JP Morgan, Europe's big four reinsurers had mixed natural catastrophe experiences during the first half of 2022. It notes Munich Re is the only company to see losses below expectations at ~60% of the H1 budget, with only ~30% of the full-year budget utilized so far. ... Read the full article
Global reinsurance sector outlook remains neutral amid economic slowdown: Fitch
8th September 2022
Fitch Ratings has maintained its global reinsurance sector outlook at neutral and expects underlying profitability to remain broadly stable in 2022 and 2023. Demand for most reinsurance business should be relatively unaffected by the economic slowdown, says Fitch, noting that price increases and higher reinvestment yields should largely offset the impact ... Read the full article
Germany sees €3bn of nat cat losses in H1: GDV
8th September 2022
The German Insurance Association (GDV) has said that natural catastrophe events caused damages of around €3bn in the first half of 2022. GDV General Manager, Jörg Asmussen said, “So far, 2022 has been an above-average claims year. The winter storm series "Ylenia", "Zeynep" and "Antonia" in February alone caused almost 50% ... Read the full article
Japanese fire premiums to rise amid increasing climate risk: Moody’s
8th September 2022
Moody’s predicts that Japanese P&C insurers will increase fire insurance premiums, shorten policy durations, and use location-specific pricing to account for the growing frequency and intensity of climate-related natural catastrophes. This will be a credit positive for insurers, says Moody’s, as it will give them greater flexibility to lower premiums for ... Read the full article
Reinsurance sector to benefit from rising prices & strong investment income: Moody’s
6th September 2022
According to a Moody’s Investors Service report, reinsurance earnings will be strengthened by increasing prices and higher investment income amid rising interest rates. Catastrophe losses and a heightened perception of risk following the pandemic have fuelled an increase in demand for both primary commercial and reinsurance property and casualty (P&C) protection, ... Read the full article
Fitch highlights impact of inflation & nat cats on Asian reinsurance market
31st August 2022
Inflation and natural catastrophes are set to moderately increase pricing and squeeze underwriting margins in the Asian reinsurance market, says Fitch Ratings. According to Guy Carpenter, risk-weighted prices rose by 1%-5% in Japan for programmes covering the country’s 2021 windstorm, with the average price for typhoon risk reaching a 25-year high. ... Read the full article
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