Reinsurance News
tornado
Gallagher Re says April US storm outbreaks to exceed $1bn in insured losses
24th April 2026
Gallagher Re, a global reinsurance broker and risk advisory firm, reports that a series of severe convective storm (SCS) outbreaks across central and eastern parts of the United States in April 2026 is expected to result in insured losses exceeding USD 1 billion. The broker attributes the losses primarily to large ... Read the full article
US homeowners insurance market faces setback in early 2025 amid catastrophic events: AM Best
8th August 2025
According to a newly released analysis by AM Best, a credit rating agency and data provider specialising in the insurance industry, the US homeowners insurance segment experienced significant financial pressure in the first quarter of 2025. Following a year of marked improvement in 2024, the segment encountered its most challenging first ... Read the full article
May severe weather outbreaks could rank among costliest in US history: Aon
22nd May 2025
Given the widespread tornado, hail, and wind damage across the central and eastern United States, Aon has suggested that the May 14–17 outbreak could rank among the costliest severe weather events in U.S. history when adjusted for inflation. In a new report, Aon examined the meteorological drivers and impacts of two ... Read the full article
Tornado outbreak likely costliest US severe weather event of 2025
21st May 2025
In what is currently regarded as the costliest severe weather event of 2025, a widespread tornado outbreak across the U.S. Midwest and Southeast has resulted in substantial economic and insured losses, with Cotality estimating that approximately 63,000 properties may have been damaged nationwide and total reconstruction costs nearing $16 billion. The ... Read the full article
Descartes launches “next generation” parametric tornado coverage for solar farms
22nd January 2025
Global corporate insurer Descartes Underwriting has launched a new parametric insurance product to protect utility-scale solar farms against tornado damage. The product’s coverage leverages satellite data and cutting-edge analytics to protect investments in the renewable energy transition. Specifically, it focuses on safeguarding photovoltaic solar farms in the United States with a generation ... 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
AM Best downgrades ratings of Farm Bureau Mutual Insurance Company of Arkansas
31st May 2024
Credit rating agency AM Best has downgraded the credit ratings of Farm Bureau Mutual Insurance Company of Arkansas, Inc. (FBMICA), a regional insurer, due to severe weather-related losses. The Financial Strength Rating dropped from B+ (Good) to B (Fair) and the Long-Term Issuer Credit Rating from “bbb-” (Good) to “bb” (Fair), ... 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
Extreme weather sweeps across US, billions in losses predicted by Aon
13th May 2024
Aon's latest weekly cat report, ending May 10, highlights ongoing severe weather across the United States, with predictions of significant economic losses in the billions, particularly affecting the Southern Convective States (SCS). From May 2 to May 5, Texas experienced heavy rainfall, worsening existing flooding problems. Some areas received over 20 ... Read the full article
Beazley introduces parametric tornado disaster benefit insurance
31st August 2023
Specialty insurer Beazley has introduced the first admitted parametric tornado disaster benefit insurance for homeowners, in partnership with Sola Technologies and Spinnaker Insurance Company. The innovative Tornado Crisis product leverages National Weather Service (NWS) data to automatically initiate a fast and straightforward claims process. Neil Kempston, Head of Incubation Underwriting at Beazley, ... Read the full article
US severe weather to cause insured losses of up to $9.5bn in Q1: BMS Re
11th April 2023
According to BMS Re, a specialised reinsurance broker, and available industry data, it is estimated that the insured losses caused by severe weather events such as hail, tornadoes, and thunderstorm wind gusts in the US during the first-quarter amount to a range of $7 billion to $9.5 billion. "Losses are still ... Read the full article
P&C industry prepared to cover manageable cost of tornado outbreak: DBRS Morningstar
15th December 2021
Analysis from DBRS Morningstar finds that while the December severe convective storm (SCS) event and subsequent tornado outbreak was severe, the loss is expected to fall within historical levels for the U.S. property and casualty (P&C) insurance sector. Although the U.S. experiences more tornadoes annually than any other country in the ... Read the full article
Midwest tornado reconstruction value estimated at $3.7bn: CoreLogic
15th December 2021
Analysts at CoreLogic have estimated that the reconstruction value of residential buildings that were potentially destroyed in states hit by the recent series of tornados is $3.67 billion, with insured losses likely to exceed $1 billion. Last Friday, devastating tornadoes broke out across the states of Arkansas, Illinois, Kentucky, Mississippi, Missouri, ... Read the full article
Recent tornado outbreak in the US an earnings event for P&C re/insurers: Fitch
14th December 2021
As initial estimates for the insured loss from the impacts of the recent tornadoes across a number of U.S. states start to be reported, Fitch Ratings expects this to be an earnings event for individual property and casualty (P&C) insurers and reinsurers. Earlier today, cat risk modeller KCC pegged the ... Read the full article
Insured loss from U.S. SCS & tornado outbreak seen at $3bn by KCC
14th December 2021
Analysis from catastrophe risk modelling firm, Karen Clark & Company (KCC), estimates that the insurance industry loss from the recent severe convective storm (SCS) outbreak in the U.S. will be around $3 billion. The SCS outbreak, which brought damaging winds and hail, occurred over December 9th - 12th and saw tornado ... Read the full article
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