Reinsurance News
severe convective storm
Convective storms across Southern US states, an “evolving situation” for reinsurers: AM Best
31st July 2023
The growing frequency and severity of convective storms across Southern US states has become an "evolving situation" for re/insurers, as these events are continently hindering insurers' ability to achieve effective diversification of their portfolios. In a new commentary from global ratings agency AM Best, the company highlights that re/insurers rely on ... Read the full article
Second-quarter SCS losses in the U.S. to approach $30bn: O’Donnell, RenRe CEO
26th July 2023
Kevin O’Donnell, the Chief Executive Officer (CEO) of Bermuda headquartered reinsurer RenaissanceRe, expects losses related to severe convective storms (SCS) in the U.S. during the second-quarter of 2023 to approach $30 billion. Speaking recently during the reinsurer's Q2 2023 earnings call, O'Donnell commented on the most active second-quarter of catastrophe ... Read the full article
Above-average insured losses driven by SCS in H1 2023: Gallagher Re
18th July 2023
In the first six months of 2023, global insured losses from natural catastrophes reached $52 billion, exceeding the decadal average by 18% and the 21st Century average by 39%, according to global reinsurance broker Gallagher Re's . The dominant factor behind these losses was ... Read the full article
‘Bullseye effect’ amplifies storm impact in urban and suburban areas: Gallagher Re’s McConnell
18th July 2023
Increasing urban and suburban sprawl has resulted in a "bullseye effect," causing storms to impact a higher number of properties within a concentrated area, resulting in greater property damage and losses, Megan McConnell, Executive Vice President of Gallagher Re, told Reinsurance News in an interview. Reinsurance broker Gallagher Re points to ... Read the full article
Severe convective storms in Europe anticipated to generate millions in losses: Aon
17th July 2023
The recent outbreaks of severe convective storms in Europe are likely to result in hundreds of millions of Euros in aggregated economic and insured losses, according to Aon’s Weekly Cat Report. Multiday storms affected a number of countries in Western and Central Europe on July 6-13. They generated very large hail, ... Read the full article
CoreLogic estimates insured losses from June U.S. storms at $10bn
26th June 2023
Analysts at CoreLogic have estimated that the severe thunderstorm activity from June 11-15 caused between $7 and $10 billion in insured losses. The thunderstorm activity brought strong straight-line winds, record-sized hail, and tornadoes, causing damage to property across the U.S. "Wind speeds in excess of 100 mph and hail greater than four ... Read the full article
US Severe Convective Storm insured losses $25bn+ YTD: Gallagher Re
23rd June 2023
Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re, has suggested the total cost to the insurance industry from outbreaks of Severe Convective Storms (SCS) has likely surpassed $25 billion year-to-date. Earlier this year, Gallagher Re released a report noting that Q1 saw more than $10 billion of convective ... Read the full article
Hail a major loss driver, CoreLogic’s Severe Convective Storm risk report shows
11th April 2023
In the US, severe convective storms account for an average annual loss of more than $17 billion among the insured. Of those losses, hail damage accounts for more than $11 billion, CoreLogic first ever Severe Convective Storm report revealed, among other notable findings. Severe convective storms include straight-line winds, tornadoes, hail ... Read the full article
U.S. convective storm outbreak to drive hundreds of millions in losses: Aon
31st March 2023
The series of severe convective storms that broke out in the U.S. over the last week are estimated to cause total economic and insured losses in the hundreds of millions of dollars, suggests Aon. The devastating weather affected multiple states in the lower Mississippi River Valley and the Southeast of the ... Read the full article
Aon expands coverage of Europe windstorm & SCS models
9th March 2023
Aon has updated its Impact Forecasting Europe Windstorm and Severe Convective Storm (SCS) catastrophe models to incorporate emissions scenarios that inform current and future projections of climate and storm activity across the continent. According to Aon’s Catastrophe Insight data, windstorms have long been a major peril for European insurers and reinsurers, ... Read the full article
Severe convective storm events the main driver of losses for re/insurers: Aon
26th January 2021
In 2020, the severe convective storm (SCS) peril maintained its status as a primary loss driver for insurers and reinsurers; as the U.S. witnessed a record 14 individual billion-dollar economic loss SCS events, according to global brokerage Aon. The 2020 annual Weather, Climate & Catastrophe report from insurance and reinsurance broker ... Read the full article
Trend in secondary perils has been evident for decades: Prospectus 2021
18th November 2020
The trend of so called secondary perils such as wildfires, severe convective storms (SCS) and floods, increasingly contributing to re/insurance industry losses has been evident for the past few decades, according to Andreas Weigel, Weather Perils Lead, Swiss Re. To end day four of Prospectus 2021, Weigel, alongside Kelly ... Read the full article
Re/insurers face multi-billion dollar losses from prolonged U.S storms: Aon
7th June 2019
Re/insured losses are expected to climb into the multi-billion dollar range as severe weather and storm activity in the U.S remained high for a second consecutive month in May, according to the latest Global Catastrophe Recap report from Aon. The broker recorded seven outbreaks of severe convective storms across the central ... Read the full article
Expected annual severe convective storm losses higher than hurricanes & earthquakes combined: KCC
13th April 2018
Recent analysis from Karen Clark & Company (KCC) that utilises its severe convective storm (SCS) Reference Model shows that the peril is a growing concern for the insurance and reinsurance industry, driving expected annual aggregate losses above the expected insured losses from hurricanes and earthquakes combined. According to KCC analysis, the ... Read the full article
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