Reinsurance News
Typhoon Jebi
Wind energy producers and insurers need to monitor changing climate: Swiss Re
4th July 2024
According to a report from Swiss Re, a global reinsurance company, climate change is expected to alter global wind patterns, posing significant challenges for wind energy producers and insurers alike. Shilpa Gahlot, Insurance Research Specialist, Swiss Re, states: "The intensity of storms is anticipated to increase, with stronger gusts and more ... Read the full article
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
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
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
Jebi sized loss in Japan to hit re/insurers at least once every 20 years, says KCC
17th September 2019
Catastrophe risk modeller Karen Clark & Company (KCC) has revealed that according to its new high resolution Japan Typhoon Reference Model, insurers and reinsurers can expect losses of a similar magnitude to Typhoon Jebi at least once every 20 years, on average. KCC's model shows that re/insurers can anticipate insured losses ... Read the full article
Jebi losses stabilising, set to drive price firming in April: JMP Securities
16th September 2019
Analysts at JMP Securities believe that insured losses from Typhoon Jebi appear to be stabilising in the region of $15 billion to $16 billion. If losses do ultimately settle at this level, the cost to the insurance and reinsurance industry will have been more than twice as high as initial estimates ... Read the full article
Jebi to account for over 15% of top reinsurers’ cat budgets: S&P
19th August 2019
S&P Global Ratings has highlighted the ongoing impact of 2018’s Typhoon Jebi on global insurers and reinsurers, as unfavourable loss development continues to affect earnings in 2019. The insured loss estimate of Jebi rose dramatically from $6 billion at the end of 2018 to around $15 billion by the first half ... Read the full article
Jebi loss creep drives Q2 underwriting loss for Sirius
8th August 2019
Further loss creep from typhoon Jebi has hit the performance of Sirius International Insurance Group, Ltd. in the second-quarter of 2019, driving the firm's net income down from $98 million in Q2 2018 to $7 million in Q2 2019. The impact of loss creep from Jebi also hit the firm's H1 ... Read the full article
Hiscox’s hurricane Michael loss creep flowed to aggregate reinsurance in Q2
15th July 2019
Loss creep from 2018's hurricane Michael was largely passed on to the reinsurance providers or retrocessionaires backing Hiscox's aggregate protection in the second-quarter of the year, the company confirmed to us today. Hiscox revealed in a trading update on Friday that its catastrophe losses had continued to creep in the ... Read the full article
Hiscox strengthens Jebi & Michael reserves
12th July 2019
Global insurer and reinsurer Hiscox Ltd. has announced an expected impact of $40 million in the first-half of 2019 as a result of further strengthening its reserves for Typhoon Jebi and Hurricane Michael. The firm expects to record profit before tax of between $150 million and $170 million for the ... Read the full article
Reinsurers’ Q2 natcat budgets to be almost fully utilised: Deutsche Bank
1st July 2019
Deutsche Bank expects certain reinsurers’ natcat budgets to be almost fully utilised in the second quarter of 2019 due largely to further loss creep for Typhoon Jebi and the Sydney Hailstorms last year. This would depend on which line item reinsurers show loss additions for (either natcat or reserve strengthening). With Jebi ... Read the full article
Kansai Airport recovers over 75% of Typhoon Jebi loss from insurance
6th June 2019
Japan’s Kansai Airport has reported that it has recovered from its insurance program more than 75% of the losses it incurred as a result of Typhoon Jebi. Jebi is thought to have caused a profit decrease and disaster losses totalling 8.1 billion yen (US $75 million) in fiscal 2018 alone, but ... Read the full article
JMP predicts 15-20% rate hikes at June 1, says Jebi creep could reach $16bn
28th May 2019
Analysts at JMP Securities anticipate that overall pricing increases at the upcoming June 1 reinsurance renewals will be in the range of 15-20%, with wide variation among programs. The firm’s estimates follow meetings with re/insurers and brokers in Bermuda, which also revealed that many are expecting loss creep from Typhoon Jebi ... Read the full article
Loss creep could push Typhoon Jebi claims above $10bn, says PCS Co-Head
26th February 2019
Property Claim Services (PCS), a Verisk business, has estimated that insured losses resulting from Typhoon Jebi in Japan have now reached $10 billion, with the potential for further loss creep to push costs even higher, according to Tom Johansmeyer, Co-Head of PCS. PCS recently expanded its re/insurance market data aggregation and ... Read the full article
WTW estimates industry cat losses at $71.5bn for 2018
16th January 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has estimated that major natural catastrophes cost the re/insurance industry $71.5 billion in 2018, with losses primarily driven by smaller events. This figure is only slightly above the annual average since 2011 but the third-highest total during this period, according to WTW’s ... Read the full article
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