Reinsurance News
Typhoon Faxai
Japan’s non-life insurers to see lower growth, higher reinsurance costs: Fitch
17th June 2020
Non-life insurers in Japan will report lower premium growth in the 2021 financial year, while carriers' earnings will bit adversely hit by the COVID-19 pandemic at a time of rising reinsurance costs, reports Fitch Ratings. Japan, like much of the world, is enduring a slowdown in economic activity as a result ... Read the full article
Insured losses from Typhoons Faxai & Hagibis continue to rise: GIAJ
19th March 2020
The General Insurance Association of Japan (GIAJ) has released updated claims data, as of March 9th, from the impacts of Typhoons Faxai and Hagibis, as well as the heavy rain event of October 2019. The last update from the GIAJ for these three events was back in December 2019, with ... Read the full article
GIAJ puts Typhoon Faxai costs at $3.1bn, Hagibis claims growing
24th December 2019
Claim payments from Typhoon Faxai have reached $3.1 billion, according to the General Insurance Association of Japan (GIAJ), up from $2.45 billion a month ago. Recent estimates from catastrophe modeller RMS indicate that the eventual cost of Faxai will be between $5 billion and $9 billion, while AIR ... Read the full article
MAPFRE expects up to $156mn hit from Faxai, Hagibis & Chile unrest
16th December 2019
MAPFRE has revealed that it expects to assume losses of between €130 million - €140 million (USD 145mn - USD 156mn) as a result of the impacts of typhoons Faxai and Hagibis, and to a lesser amount, the damages caused by the recent disturbances in Chile. The insurer and reinsurer has ... Read the full article
GIAJ puts Typhoon Faxai costs at $2.45bn, with Hagibis claims growing
20th November 2019
Claims payments from Typhoon Faxai have reached $2.45 billion, according to the General Insurance Association of Japan (GIAJ), as the amount of claims stemming from Hagibis also continues to grow. Recent estimates from catastrophe modeller RMS indicate that the eventual cost of Faxai will be between $5 billion and $9 ... Read the full article
Longer-term, growing in Japan is the right call, says AXIS CEO
1st November 2019
Despite 2019 being a highly active year for Japanese typhoons, AXIS Capital's decision to take advantage of improved market conditions and expand in the region remains the right call, according to the Bermudian re/insurer's Chief Executive Officer (CEO), Albert Benchimol. The insurer and reinsurer revealed in its second-quarter 2019 earnings call ... Read the full article
Hagibis impact on RenRe’s net income estimated 72% higher than Faxai
30th October 2019
Bermuda-based reinsurer RenaissanceRe (RenRe) has revealed that it expects Typhoon Hagibis to have a net negative impact on its net income of approximately $175 million on its fourth-quarter 2019 results. RenRe today announced its financial results for the third-quarter of 2019, announcing a decline in operating income, year-on-year, primarily as ... Read the full article
SCOR confident it can “recoup” on Dorian & Faxai losses
25th October 2019
SCOR executives have said they are confident that the reinsurer will be able to "recoup" on its losses in the Caribbean and Japan due to the relatively short payback periods in both regions. The company released its financial results for the third quarter of 2019 yesterday, which saw “heavy loss ... Read the full article
Typhoons to boost Japanese reinsurance rates, but not market-wide: Barclays
17th October 2019
The substantial industry losses stemming from Japanese typhoons in 2019 will provide a boost to affected regional lines, but are unlikely to trigger a sharp recovery in wider property and casualty (P&C) reinsurance prices, according to analysts at Barclays. With insured losses from Typhoons Faxai and Hagibis now pegged at between ... Read the full article
Japan’s three largest non-life insurers profitable despite Faxai, Hagibis
17th October 2019
AM Best analysis suggests that, barring any further major catastrophes in the next five months to fiscal year-end, Japan’s three largest non-life insurance groups are unlikely to report an overall loss despite the recent impacts of typhoon Faxai and Hagibis. In fact, due to effective catastrophe risk management and strong capitalisation, ... Read the full article
Dorian, Faxai drive $280mn of cat losses for Everest in Q3
16th October 2019
Bermuda-based reinsurer Everest Re Group, Ltd. has announced a preliminary pre-tax catastrophe loss estimate of $280 million for the third-quarter of 2019, net of reinsurance recoveries and reinstatement premiums. Net of tax, and Everest Re's catastrophe loss estimate for the third-quarter falls to an estimated $225 million. The catastrophe losses recorded in ... Read the full article
RenRe estimates Q3 cat losses at $155 million
16th October 2019
Bermudian reinsurance firm RenaissanceRe Holdings Ltd. (RenRe) is anticipating that its catastrophe losses will total $155 million for the third quarter of 2019. The figure consists of $100 million in costs from Typhoon Faxai, and $55 million from Hurricane Dorian. RenRe added that it is also in the preliminary stage of assessing ... Read the full article
Hagibis could exhaust AIG’s cat allowance for Japan, say analysts
15th October 2019
Typhoon Hagibis, which devasted the east coast of Japan over the weekend, could exhaust the catastrophe allowance of American International Group, Inc. (AIG) in Japan, according to analysts at Credit Suisse. The firm noted that AIG has likely already used its Japan $550 million excess of $200 million occurrence coverage ... Read the full article
Re/insurance to cover less than half of Dorian’s $1.2bn US impact: Aon
11th October 2019
Public and private re/insurance is expected to cover less than half of the total $1.2 billion economic impact of Hurricane Dorian in the US, according to Aon’s September Global Catastrophe Recap report. The month was characterised by a number of large industry losses, but Aon’s estimates also show that industry costs ... Read the full article
Deutsche Bank estimates Dorian & Faxai losses for biggest reinsurers
30th September 2019
Analysts at Deutsche Bank have released a set of estimates for the biggest four global reinsurers – Swiss Re, Munich Re, Hannover Re, and SCOR – that break down the losses they may have incurred from Hurricane Dorian and Typhoon Faxai in Q3. Overall, Deutsche Bank believes that Dorian and Faxai ... Read the full article
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