Reinsurance News
wildfire
ICEYE and Aon expand flood and wildfire data partnership to enhance event response
5th September 2024
ICEYE, a provider of satellite-based disaster management solutions, has announced that Aon, a global professional services firm, has expanded its data licensing agreement to include ICEYE’s Flood Insights data worldwide and Wildfire Insights data for the US. Through this agreement, Aon will incorporate ICEYE’s near real-time flood and wildfire data into ... Read the full article
Insured losses from Jasper, Canada wildfire exceeds $880m
28th August 2024
The wildfire that struck the Municipality of Jasper and Jasper National Park this summer has resulted in insured losses exceeding $880 million, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The intense wildfire, which began on July 22, has become the second most expensive wildfire in Alberta’s history ... Read the full article
Arden Insurance Services and Green Shield Risk Solutions partner to mitigate wildfire risk
8th August 2024
Arden Insurance Services LLC, an MGA focused on insurance for residential condominium associations, has teamed up with Green Shield Risk Solutions, a catastrophe risk mitigation specialist based in Chicago, to tackle the increasing wildfire threat. This partnership aligns with Arden’s technology-driven approach, utilising advanced data and analytics to thoroughly assess risks ... Read the full article
Thousands more move into fire and flood-prone areas in the US: Redfin
7th August 2024
Areas in the US endangered by wildfires, flooding, and extreme heat saw thousands more people moving in than out in 2023, according to a recent Redfin report. High-fire-risk counties in the US experienced 63,365 more people move in than out, with a significant portion moving to fire-prone Texas. However, this trend was ... Read the full article
US & Canada wildfire insured losses rising amid increased activity: Aon
2nd August 2024
Insured losses from wildfires are mounting due to increased activity in Canada and the US, with 574 active fires in Canada and 95 in the US as of August 1, according to Aon’s weekly catastrophe report. In Canada, the wildfire in Jasper National Park, Alberta, has had the most significant impact. ... Read the full article
Southern New Mexico wildfires bring potential for hundreds of millions in losses: Aon
21st June 2024
Aon, a professional services firm specialising in risk management and insurance solutions, has underscored in their weekly catastrophe report the significant economic impact of the ongoing wildfires in southern New Mexico, where potential losses could soar into the hundreds of millions of dollars. Recent wildfires have devastated southern New Mexico, particularly ... Read the full article
Catastrophe losses may raise rates, reduce homeowner protection: S&P
10th June 2024
As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their recent report, S&P highlight how recent data shows that insured catastrophe losses in the US have soared to over ... Read the full article
MGA Striior partners with Green Shield to improve underwriting risk selection
4th April 2024
Striior Insurance Solutions, a managing general agent (MGA) specialising in builder’s risk, has partnered with Green Shield, a US-based catastrophe risk mitigation specialist, to improve performance and support strategic growth through “unmatched wildfire analytics”. This collaboration will focus on Striior's builders' risk program and deliver critical, property level insights to improve ... Read the full article
Hawaii wildfire loss unusual, but no huge impact to reinsurance renewal process: RLI
25th October 2023
RLI Insurance recorded losses of $66 million from the Maui wildfires in the third quarter of 2023, but while this was a severe event and unusual for the company, it's not expected to have a major impact on the firm's January 1st, 2024, reinsurance renewal process, according to Chief Operating ... Read the full article
Guidewire supports California’s efforts to address insurance crisis and wildfire risk
25th September 2023
In response to California Governor Gavin Newsom's executive order and the California Department of Insurance Commissioner Ricardo Lara's proposal to address the state's insurance market challenges, Guidewire CEO Mike Rosenbaum issued a public statement expressing support and optimism for the measures. "California's insurance crisis calls for collaboration between government regulators and ... Read the full article
Economic losses from Hawaii wildfire to be between $4-6bn: Moody’s RMS
23rd August 2023
The global catastrophe risk modeling and solutions company, Moody’s RMS, has estimated $4 billion to $6 billion of economic losses from the recent Lahaina conflagration and Kula wildfires in Hawaii. The estimate includes property damage, contents, and business interruption, across residential, commercial, industrial, automobile, and infrastructure assets. Although the economic loss estimate ... Read the full article
Insured losses from Maui wildfire to fall between $2.5bn and $4.5bn: Bloomberg Intelligence
16th August 2023
The property and casualty insurance equity analyst team at Bloomberg Intelligence has estimated that the insurance industry loss from the Maui wildfires will fall between $2.5 billion and $4.5 billion. This estimate gives an insured loss mid-point of $3.5 billion, which is higher than the $3.2 billion insured property loss ... Read the full article
Insured property losses from Lahaina Fire estimated at $3.2bn: KCC
16th August 2023
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured property losses from the Lahaina Fire will be around $3.2 billion, with more than 2,200 structures damaged or destroyed. KCC estimates that in total more than 3,000 structures were impacted by the fire, with approximately 2,170 acres burned, making ... Read the full article
Insured loss from Lahaina wildfire expected to be second largest ever in Hawaii: KCC
14th August 2023
A Maui County update reveals that 2,207 structures have been damaged or destroyed by the fires, with an estimated reconstruction cost of $5.52 billion, while catastrophe risk modeller Karen Clark & Company (KCC) has said that the total insured loss will be "second only to Hurricane Iniki based on today's ... Read the full article
Devastating Hawaii wildfires estimated to have destroyed 1,700+ buildings
11th August 2023
The wildfire outbreaks in Hawaii have reportedly destroyed 1,700+ buildings thus far, indicating a potential extensive loss for the re/insurance industry, while the death toll has risen to 55, with as many as 1,000 people missing. According to CoreLogic's hazard blog from August 10, the greatest concentration of damage is in ... Read the full article
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