Reinsurance News
Typhoon Hagibis
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
AXIS to report modest Q4 income amid catastrophes and Irma creep
21st January 2020
Bermuda domiciled insurer and reinsurer, AXIS Capital Holdings Limited, expects to report modest operating income for the fourth-quarter of 2019, driven in part by pre-tax catastrophe losses of $140 million. The firm's Q4 2019 results were impacted by a pre-tax loss for catastrophes and other weather-related events of $140 million, net ... 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
Japanese market to rebound despite complicated losses: AIG’s Zaffino
13th December 2019
Despite the recent impacts of catastrophe events in Japan, executives at insurer and reinsurer AIG expect the region's market to rebound and adjust to the recent and complex spate of typhoons. Highlighted by the most recent devastation caused by typhoon Hagibis, the catastrophe experience in Japan over the last 18 months ... Read the full article
Munich Re expecting hit from Hagibis, but confident in targets
27th November 2019
Reports suggest that Munich Re is expecting to incur a large financial hit in Q4 from Typhoon Hagibis and other catastrophe events, but has nevertheless grown more confident that it will meet its targets for the year, as well as in 2020. Speaking at a press event in Munich on Monday, ... Read the full article
AXIS announces Typhoon Hagibis loss of up to $110mn
26th November 2019
Bermudian insurer and reinsurer AXIS Capital Holdings Limited has announced a pre-tax loss estimate for Typhoon Hagibis of between $90 million and $110 million, net of recoveries from reinsurance and retrocession, and including the impact of reinstatement premiums. AXIS Capital states that its loss estimate is in line with industry insured ... 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
Economic losses from Hagibis to exceed $10bn: Aon
8th November 2019
Economic losses caused by Typhoon Hagibis in Japan are likely to exceed US $10 billion, with insured losses minimally in the billions, according to the latest Global Catastrophe Recap report from re/insurance broker Aon. Aon estimates that more than 93,250 structures were damaged or destroyed by Hagibis, which made landfall along ... Read the full article
RMS estimates Typhoon Hagibis industry loss at up to $11bn
1st November 2019
Global risk modelling and analytics firm RMS has estimated that insured losses stemming from Typhoon Hagibis in Japan will be between US $7 billion and $11 billion. The estimate includes property damage and business interruption caused by wind and flood to residential, commercial, industrial, marine, and automobile lines, and accounts for ... 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
Hagibis likely an earnings event, reinsurers to cover majority of losses: Fitch
29th October 2019
Typhoon Hagibis is likely to be an earnings event for Japan's three main non-life insurers, while overall, it's expected that more than half of the insured loss total will be covered by reinsurers, says Fitch Ratings. Hagibis made landfall along Japan’s east coast as an equivalent category 1 hurricane on the ... Read the full article
AIR puts Typhoon Hagibis insured loss at up to USD 16 billion
22nd October 2019
Global catastrophe risk modeller AIR Worldwide has provided an industry insured loss estimate of between USD 8 billion (JPY 865bn) and USD 16 billion (JPY 1,730bn) from Typhoon Hagibis, which made landfall in Japan on October 12th, 2019. According to AIR, typhoon Hagibis made landfall along Japan’s east coast as an ... Read the full article
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