Reinsurance News
severe convective storm
Progressive’s property line CoR hits 116.7% in April on severe weather losses
16th May 2024
The Progressive Corporation has released its results for April, revealing a property line combined ratio of 116.7%, driven by weather losses throughout the month. The insurer's Property segment combined ratio for April is comprised of an expense ratio of 29.1% and a loss ratio of 87.6%. The division's net catastrophe loss ratio ... Read the full article
CoreLogic estimates $2.1bn in reconstruction costs for US Late-April tornadoes
15th May 2024
The severe tornadoes heavily hitting Nebraska, Iowa, and Oklahoma on April 26th - 27th is estimated to have damaged 7,229 residential properties with a combined reconstruction cost of $2.1 billion, according to CoreLogic. Across Oklahoma, nearby Lincoln and Omaha, Nebraska, and in southwest Iowa, multiple tornadoes hit towns, closed highways, and ... Read the full article
US SCS and tornado activity may drive billions in losses, says Aon
3rd May 2024
Severe convective storms, tornadoes, strong winds, hail and flooding struck central United States throughout the last week, which could potentially result in a loss that runs into the billions of dollars, on both an economic and insured basis, Aon has said. In the broker's weekly cat report, it reveals that the ... Read the full article
US convective storm activity drives global Q1 insured losses of $20bn: Gallagher Re
17th April 2024
Gallagher Re has estimated that global insured losses from natural catastrophes in Q1 of 2024 were $20 billion, heavily driven by severe convective storm (SCS) activity in the US. According to the global reinsurance broker's Natural Catastrophe & Climate Report, from which all this information was derived, insured losses in Q1 ... Read the full article
SCS April events to drive economic & insured losses into the hundreds of millions or higher: Aon
12th April 2024
The recent strong winds and severe convective storms that struck the central and southern United States between April 6-11, are estimated to drive economic and insured losses into the hundreds of millions or higher, USD, according to Aon's weekly cat report. Between April 6-7, a deep surface low-pressure system initiated severe ... Read the full article
Australia’s weekend storm declared a ‘Significant Event’ by ICA
10th April 2024
The Insurance Council of Australia (ICA) has declared the severe storm that hit the country’s east coast at the beginning of April a ‘Significant Event’. According to ICA, insurers have received 11,527 claims to date from the storms that caused heavy rainfall, damaging winds and flash flooding, which greatly impacted the ... Read the full article
2024 severe convective storm season picking up where last year left off: CoreLogic
20th March 2024
Analysis by CoreLogic estimates that 1-inch or greater hail fell on over 660,000 homes between March 13th and 14th in the central United States, causing material and destructive property damage. Dozens of severe convective storms (SCS) formed across the central U.S. over March 13th and 14th, and according to CoreLogic, ensured ... Read the full article
US P&C insurers seek higher prices and advanced models in response to SCS: Moody’s
8th February 2024
According to a recent report by Moody's, the P&C sector faced significant financial setbacks last year, primarily attributed to a series of severe convective storms (SCS) rather than major catastrophes. These storms, encompassing hail, straight-line winds, and tornadoes, though individually less costly, collectively amassed considerable damages, surpassing $60 billion out of ... Read the full article
Insured losses will once again exceed $100bn in 2023: Swiss Re
7th December 2023
Analysis by Swiss Re, one of the world's largest reinsurers, reveals that natural catastrophes will once again break several loss records this year, as a high frequency of low single-digit billion-dollar loss events take insurance and reinsurance industry losses above the $100 billion mark for the fourth consecutive year. Economic losses ... Read the full article
Record SCS activity drives $77bn 9M 2023 insured nat cat bill: RBC
16th October 2023
RBC Capital Markets highlights the surge in high frequency, small and mid-sized catastrophe events during the first three quarters of 2023, largely driven by a growing trend of severe convective storms (SCS) in the United States. Overall, catastrophe losses reached approximately $77 billion after the first nine months of 2023, with ... Read the full article
Italy hailstorms largest international industry loss in Q3: CRESTA
3rd October 2023
According to CRESTA's update of its CLIX Loss List, in terms of industry loss amount, Q3 was dominated by the severe convective storms in Northern Italy, which brought damaging hail and winds to the regions of Lombardy, Veneto, Friuli-Venezia-Giulia, Piemonte and Emilia-Romagna, with an initial industry loss estimate of $2.2bn. CLIX, ... Read the full article
Exposure growth drives 80% increase in severe convective storm losses: Aon
12th September 2023
Aon plc, a global professional services firm, has unveiled startling research pinpointing a dramatic 80% rise in severe convective storm (SCS) losses, primarily driven by exposure growth. The findings have far-reaching implications for insurers and reinsurers as they prepare for the Jan. 1, 2024 reinsurance renewal period. Aon's data demonstrates that as ... Read the full article
Demex raises $5m to bring retained climate risk reinsurance solution to the market
15th August 2023
The Demex Group, a technology-enabled managing general agent (MGA), has raised $5 million from a syndicate of existing and new investors led by Blue Bear Capital, to bring its breakthrough Retained Climate Risk Reinsurance (RCR Re) solution to the market. Blue Bear Capital is a venture and growth equity firm that ... Read the full article
US SCS insured losses near $40bn with hail as main driver: Gallagher Re’s Bowen
11th August 2023
Hail damage is predominantly driving the loss trend for severe convective storms (SCS) in the United States, with the peril driving 50 to 80% loss claims any given year, Gallagher Re’s Steve Bowen has said. The Chief Science Officer of reinsurance broker Gallagher Re, explained in a LinkedIn post that 2023 ... Read the full article
Severe convective storms account for 70% of all insured nat cat losses in H1: Swiss Re
9th August 2023
A series of severe convective storms struck the US and accounted for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils. Severe convective storms caused USD $35 billion, nearly 70%, in insured losses worldwide during H123. According to analysts from ... Read the full article
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