Reinsurance News
SCS
ZestyAI’s Severe Convective Storm suite receives approval in Ohio
6th May 2025
ZestyAI, a provider of AI-driven insurance risk analytics, has announced that its Severe Convective Storm suite, which includes Z-HAIL™, Z-WIND™, and Z-STORM™, has received regulatory approval from the Ohio Department of Insurance. With the addition of Ohio, the suite is now approved for use in 16 states. Ohio has experienced 36 billion-dollar ... Read the full article
LA wildfires drive Q1’25 insured losses above $53bn: Aon
17th April 2025
According to Aon's Q1 Global Catastrophe Recap, insured losses in the opening quarter exceeded $53 billion, well above the 21st-century Q1 average of $17 billion, marking the second-highest total on record after Q1 2011. As per the firm's report, the California wildfires contributed approximately $38 billion to this insured loss total, ... Read the full article
PERILS adds SCS to 2025 exposure database following major loss events
17th April 2025
Zurich-based catastrophe insurance data provider PERILS AG has added market sums insured for the peril of severe convective storm (SCS) in Europe, Japan, and New Zealand to its 2025 Industry Exposure Database (IED), citing growing demand from re/insurers following multi-billion-dollar loss events in Germany, France, and Italy in recent years. For ... Read the full article
April US floods & SCS outbreak to cause insured losses up to $3bn: Gallagher Re
14th April 2025
Reinsurance broker Gallagher Re has pegged preliminary insured losses from the persistent flooding and severe weather across the central and southern US in early April at between $1 billion and $3 billion, but warns that this initial range is subject to change. The loss estimate range provided by the broker combines ... Read the full article
April US floods & SCS to drive hundreds of millions in insured losses: Aon
11th April 2025
Persistent flooding and severe weather across parts of the Mississippi River Valley from April 2 to 7 are expected to result in insured losses reaching into the hundreds of millions of USD, according to Aon’s weekly catastrophe report. Continuous storm development along a stagnant frontal boundary during this period brought heavy ... Read the full article
Aon launches five-step framework to manage SCS exposure
4th April 2025
Global insurance and reinsurance broker Aon has launched its Severe Convective Storm (SCS) Five-Step Framework, a structured approach designed to help insurers mitigate weather volatility across their portfolios. Since 2015, annual US SCS insured losses have averaged $33 billion, according to Aon’s data, marking a 90% increase compared to the previous ... Read the full article
Gallagher Re estimates insured losses of up to $3bn from March US Tornado outbreak
21st March 2025
From March 13-16, 2025, intense weather conditions across parts of the US led to numerous hazards, with preliminary assessments from reinsurance broker Gallagher Re estimating insured losses between $1-3 billion, making it the year's first billion-dollar severe convective storm (SCS) event. Steve Bowen, Chief Science Officer at Gallagher Re, explained that ... Read the full article
ZestyAI’s Severe Convective Storm Suite approved for use in five states
19th March 2025
ZestyAI, a company specialising in property and climate risk analytics, has secured regulatory approval for its Severe Convective Storm Suite in Oklahoma, North Carolina, Louisiana, Wisconsin, and Arkansas, the approval impacts over 12 million residential and commercial properties. Severe convective storms caused $58 billion in insured losses in 2024, making it ... Read the full article
S&P expects reinsurers to produce strong results in 2024-2025 amid still-favourable pricing
30th January 2025
S&P Global Ratings, a provider of credit ratings, research, and risk analysis, has provided a comprehensive review of the global reinsurance sector, forecasting promising earnings for the industry over the next couple of years. The report outlines a stable outlook for the reinsurance sector, citing strong operational performance and robust capitalisation, ... Read the full article
NARDAC expands SCS coverage for US renewable energy projects
29th January 2025
NARDAC, an energy and infrastructure broker and Managing General Agent (MGA), has launched a new facility to provide additional severe convective storm (SCS) coverage for renewable energy projects in development and operation. The facility will offer up to $20 million in standalone SCS coverage for US projects, marking the first of ... Read the full article
ZestyAI’s Severe Convective Storm suite receives approval in Minnesota
27th January 2025
Climate and property risk analytics provider ZestyAI has announced that its Severe Convective Storm suite, which includes Z-HAIL, Z-WIND, and Z-STORM, has received regulatory approval from the Minnesota Department of Commerce. This approval enables Minnesota insurers to better assess storm risks, enhance underwriting accuracy, and implement proactive risk management strategies. Minnesota has ... Read the full article
Southeast US SCS and flooding may cause hundreds of millions in losses: Aon
6th January 2025
The severe convective storm (SCS), tornadoes, and flooding that struck the southeast US from December 26-29 may lead to combined economic and insured losses reaching hundreds of millions of USD, according to global insurance and reinsurance broker Aon. The multi-day severe weather outbreak brought heavy rainfall, wind gusts over 70 mph, ... Read the full article
Aon launches new US severe convective storm catastrophe model
24th September 2024
Global insurance and reinsurance broker Aon has launched a new catastrophe model to analyse the impact of increasingly costly Severe Convective Storms (SCS) in the US, which the firm says reflects re/insurers "true exposures" to the peril. SCS have accounted for over 60% of global natural catastrophe losses in H124, and ... Read the full article
KatRisk launches new SCS model amid rising losses
19th September 2024
KatRisk, a global catastrophe modelling company, has launched a new Severe Convective Storm (SCS) model to tackle the increasing risks associated with these storms. With SCS events causing $70 billion in insured losses globally in 2023, KatRisk aims to enhance the understanding and management of these risks. The SCS model improves risk ... Read the full article
Reinsurers must maintain underwriting discipline to mitigate nat cat losses: S&P
9th August 2024
Last year marked the fourth consecutive year in which global insured natural catastrophe losses exceeded $100 billion, however, reinsurers largely avoided significant impacts due to strategic positioning, according to S&P Global Ratings. In 2023 and the first half of 2024, insured losses from secondary perils—particularly severe convective storms (SCS)—reached unprecedented levels. ... Read the full article
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