Reinsurance News
severe convective storm
2023 SCS losses were not extreme or surprising, says KCC
19th July 2024
While the active 2023 severe convective storm (SCS) season led to higher-than-average insured losses, these losses were not extreme, according to Karen Clark & Company’s (KCC) SCS Model. The KCC US SCS Reference Model offers a realistic depiction of the impacts from SCS events, using advanced simulations of the actual atmospheric ... Read the full article
A costly week of severe weather & SCS losses across US and Europe: Aon
19th July 2024
Severe convective storms (SCS) that struck parts of the US and Canada from July 13-17, as well as several countries in Europe between July 11-17, are each expected to result in economic and insured losses totaling hundreds of millions of USD, according to Aon’s weekly catastrophe report. In the US, severe ... 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
Aon estimates H1’24 insured catastrophe losses of at least $58bn
19th July 2024
Total economic losses from natural catastrophe events reached $117 billion in the first half of 2024, of which at least $58 billion, or approximately 50% was covered by insurance, resulting in one of the lowest H1 protection gaps on record, according to insurance and reinsurance broking group Aon. The broker's first ... Read the full article
June/July Europe SCS may result in hundreds of millions in insured losses: Aon
5th July 2024
The recent severe convective storms that hit Western, Central, and Southeastern Europe between June 27 and July 2 are expected to result in economic and insured losses reaching hundreds of millions of EUR, according to Aon’s weekly catastrophe report. Insurance and reinsurance broking group Aon reported that large hail likely caused ... Read the full article
PERILS raises industry loss for 2023 Australia Christmas storms to AU$1.6bn
1st July 2024
Zurich-based catastrophe insurance data provider PERILS AG, has provided a third update on the insured loss estimate for the Australia Christmas storms which impacted the states of Victoria, New South Wales, and Queensland during the period of 23 to 29 December 2023, lifting the figure to AU$1.563 billion (US$1.04 billion). Read the full article
2024 already a top-4 year for US SCS insured losses: Bowen, Gallagher Re
27th June 2024
2024 has already ranked among the top four costliest years on record for insurance industry losses due to severe convective storms in the US, with insured losses from the peril already exceeding $31 billion, according to Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re. In a recent LinkedIn post, ... Read the full article
ZestyAI partners with Duck Creek for property and climate risk analytics
20th June 2024
ZestyAI, a provider of AI-driven climate and property risk analytics solutions, has announced a strategic partnership with Duck Creek Technologies, a provider of core systems for property and casualty (P&C) insurance. This collaboration positions ZestyAI as a Solution partner within Duck Creek’s ecosystem, enabling property and casualty insurers to utilise advanced ... Read the full article
US lighting-related claims on the rise as insurers pay over $1.2bn to homeowners in 2023: Triple-I
20th June 2024
In 2023, over $1.2bn were paid out resulting from lightning-caused US homeowners insurance claims to more than 70,000 policyholders according to the Insurance Information Institute (Triple-I). After compiling national insurance claims data, Triple-I estimated that the total value of lightning-caused US homeowners insurance claims was up more than 30% in 2023, ... Read the full article
June US SCS flooding spurs anticipation of hundreds of millions in insured losses: Aon
17th June 2024
Aon, a professional services firm providing risk, retirement, and health solutions, has released a weekly catastrophe report showing that since June 11, Southern Florida has faced substantial financial losses due to prolonged and excessive rainfall and severe convective storms (SCS). This has led to significant flash flooding and expected economic and ... Read the full article
June Central Europe SCS & flooding drive hundreds of millions in insured losses: Aon
14th June 2024
The recent severe convective storms and flooding that have affected multiple countries in Central Europe since June 6 are expected to result in economic and insured losses amounting to hundreds of millions of EUR, according to Aon’s weekly catastrophe report. Aon highlighted a multi-hazard event occurring from June 7-9 in eastern ... Read the full article
Over $1.2bn in insured losses from Christmas and New Year storms: ICA
12th June 2024
The Insurance Council of Australia (ICA) has announced that insured damages from the severe storms that hit Queensland, New South Wales, and Victoria during the Christmas and New Year period have exceeded $1.2 billion, with more than 97,000 claims lodged. In December 2023, the ICA declared the severe storms between Read the full article
May US SCS events to drive billions in insured losses: Aon
24th May 2024
The recent series of severe convective storm systems that hit the southern and eastern United States from May 16-22 are expected to cause economic and insured losses amounting to billions of USD, according to Aon’s weekly catastrophe report. Aon reported that on May 16-17, a derecho system formed over central Texas ... Read the full article
Insured losses from May Texas storms to exceed $1bn: Gallagher Re
23rd May 2024
Following the deadly thunderstorms that hit Houston, Texas on May 16th, economic and insured losses are each anticipated to exceed $1 billion, with the potential for total losses to be even higher, according to Gallagher Re. The storms, which killed at least seven people, are said to have generated exceptional wind ... Read the full article
ICA reports $176m in insured damages from April NSW storms
17th May 2024
The Insurance Council of Australia (ICA) has reported that the storms in New South Wales from April 3rd to 8th caused $176 million in insured damages, with over 95% attributed to property damage. These storms significantly impacted the Hawkesbury-Nepean and Illawarra regions, prompting a total of 14,781 claims, with 13,959 concerning ... Read the full article
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