Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
Insured losses from August Canada floods reach $124 million
28th September 2017
Late August flooding in Canada's Windsor region has caused more than $124 million in insured damage, according to the Insurance Bureau of Canada (IBC). Rains of up to 290 millimetres brought major flooding to Windsor, Tecumseh, and other parts of Essex County. The Windsor Airport broke a rainfall record, receiving 100 millimetres ... Read the full article
Florida Citizens expects $1.23 billion Hurricane Irma losses
28th September 2017
Hurricane Irma will generate up to 70,000 claims and about $1.23 billion insured losses to the Citizens Property Insurance Corporation, according to initial estimates presented to Citizens' Board of Governors. The national carrier's surplus is amply capitalised to deal with these losses and still retain a remaining budget of $6.4 billion ... Read the full article
Signing of covered agreement levels the reinsurance playing field: Insurance Europe
27th September 2017
With the news that the ‘covered agreement’ between the U.S. and the European Union (EU) on prudential reinsurance measures was signed on Friday, the playing field has been levelled in reinsurance, according to Insurance Europe. The European insurance and reinsurance federation said that it welcomed the signing of the agreement, ... Read the full article
Bermudian reinsurers payout almost $73 billion to EU customers in 20 years
27th September 2017
Demonstrating the vital role played by Bermuda in helping to ensure global insurance and reinsurance market stability, the local market's reinsurers have paid out almost $73 billion to cedents from the European Union over the last 20 years. The Bermuda Monetary Authority (BMA) has collected and analysed commercial market claims data ... Read the full article
Chinese insurers to settle over $1.5 billion Tianjin blast claims
27th September 2017
According to China's insurance regulator, the countries insurance firms will settle more than 10 billion yuan of claims related to damage caused by the Tianjin port explosion. The Tianjin Bureau of the China Insurance Regulatory Commission (CIRC) said on Tuesday that 8.1 billion yuan (US $1.22 billion) of claims had already ... Read the full article
Munich Re, HDI, Everest Re, Lloyd’s most exposed to Puerto Rico hurricane loss: KBW
27th September 2017
Analysts at Keefe, Bruyette & Woods (KBW) have provided an updated list of the reinsurers they deem likely to take the biggest share of the losses from hurricane Maria's devastating impact on Puerto Rico. Top of the list of those assuming risk from insurers operating in Puerto Rico is global reinsurance ... Read the full article
Fitch warns re/insurers of growing risk of rating downgrades
27th September 2017
Fitch has warned of potential rating downgrades ahead as global 2017 insured losses for re/insurers reach $100 billion and could rise to $190 billion pretax. If insured claims reach the upper end of estimates, this year would become the highest on record for single year insured losses. Hurricane Maria’s devastating impacts in ... Read the full article
Data & knowledge is the re/insurance sector’s opportunity: SCOR’s Peignet
27th September 2017
During the annual meeting of the reinsurance industry in Monte-Carlo, Reinsurance News met with the Chief Executive Officer (CEO) of SCOR Global P&C, Victor Peignet, to discuss some burning industry topics. Regarding the potential but very uncertain impact of hurricane Irma, Peignet underlined how a fragmented market made it difficult to ... Read the full article
United to retain $83m of Q3 cat losses, reinsurers to take the rest
26th September 2017
United Insurance Holdings Corp (UPC) announced estimated Q3 catastrophe losses of about $83 million before income taxes, net of expected reinsurance recoveries. Before reinsurance recoveries and income taxes, insured losses from Hurricanes Harvey and Irma reach $300 - $600 million, however, the firm's catastrophe excess of loss reinsurance limits mean retained losses ... Read the full article
MAPFRE expects $150-200m blow due to recent catastrophes
26th September 2017
The aggregation of losses from recent natural catastrophe events will blow an estimated $150 to 200 million hole on MAPFRE’s 2017 net result and have caused the firm to re-examine whether it can reach its annual target profit. MAPFRE had set its average Return On Equity at an average 11% and ... Read the full article
UK motor reinsurance renewal prices could stabilise on Ogden revision
26th September 2017
According to rating agency A.M. Best, revisions to the reform of the law governing the personal injury discount rate, or Ogden Rate as it is known, in England and Wales are likely to result in more stable motor reinsurance renewal pricing in January. It had been expected that January 2018 renewals ... Read the full article
Reinsurer capital return could halt if Maria loss as big as estimated: Morgan Stanley
26th September 2017
The reinsurer capital return train could halt in its tracks following the impacts of the 2017 hurricane season, according to analysts at Morgan Stanley. Following the insurance and reinsurance industry loss estimate of hurricane Maria losses from AIR Worldwide, which at up to $85 billion is considerably higher than anyone ... Read the full article
Hurricane Maria insured loss up to $85 billion: AIR Worldwide
26th September 2017
Hurricane Maria's devastating impacts in the Caribbean are estimated to have cost the insurance and reinsurance industry between $40 billion and $85 billion, according to AIR Worldwide. Risk modelling firm AIR Worldwide said that it estimates that the island of Puerto Rico will account for as much as 85% of the ... Read the full article
Total WannaCry losses pegged at $4 billion
25th September 2017
Ransomware attacks have reached a new peak this year, with WannaCry causing estimated global financial and economic losses of up to $4 billion and infecting 300,00 machines around the world, according to Trend Micro's security and threats report. 2017s WannaCry and Petya attacks show that cybercriminals are upping their game ... Read the full article
Allstate’s Harvey estimate suggests $4.5bn auto & homeowners loss: Credit Suisse
25th September 2017
Following insurer Allstate's announced estimated net $553 million hit from the impacts of hurricane Harvey, Credit Suisse analysts have suggested that the personal lines industry loss could reach $4.5 billion. The combined auto and homeowners' insurance industry loss from hurricane Harvey, based on Allstate's estimates, "implies" a personal lines loss ... Read the full article
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