Reinsurance News
wildfire
Australia’s Tathra and Victoria bushfire losses reach $45mn as clean-up begins
23rd April 2018
The Insurance Council of Australia (ICA) has reported that re/insured losses from the Tathra and Victoria bushfires, which struck south-eastern Australia over the 17th and 18th of March 2018, have reached AUD $45 million (USD $35 million), with 1050 claims lodged as the clean-up begins. 65 homes were destroyed by the ... Read the full article
Australian re/insurers respond to weekend of disasters
19th March 2018
The Insurance Council of Australia (ICA) is working with emergency services and local governments in the Northern Territory and Victoria after the states were ravaged over the weekend by Tropical Cyclone Marcus and a series of bushfires. Category 2 Tropical Cyclone Marcus, which reached peak gusts of 130km/h on Saturday, caused ... Read the full article
RMS puts Thomas Fire loss estimate at up to $2.5 billion
22nd January 2018
Catastrophe risk modelling firm RMS has said that the Thomas Fire, which impacted Southern California's Ventura and Santa Barbara counties in December 2017, will result in a loss of between $1 billion and $2.5 billion. The Thomas Fire destroyed 1,063 structures and damaged roughly 280 structures, quickly becoming the largest wildfire ... Read the full article
2017 California wildfire season could cost $180 billion: AccuWeather
12th December 2017
AccuWeather has warned that the 2017 California wildfire season could result in an economic cost of up to $180 billion, as the so-called Thomas wildfire adds to the expected $10 billion+ insured loss from the October California wildfires. Founder, President and Chairman of AccuWeather, Dr. Joel Myers, said; "Even before this spate ... Read the full article
86,000+ homes at risk from Southern California wildfires: CoreLogic
11th December 2017
Analysis by catastrophe risk modelling specialist, CoreLogic, reveals that over 86,000 homes in Southern California are at some level of risk from the Thomas, Rye and Creek wildfires, with a combined reconstruction value (RCV) of $27.7 billion. Of the 86,242 homes at risk, the majority, 72,716 or 84%, are at either ... Read the full article
California wildfire claims top $9.4 billion
7th December 2017
According to California's Insurance Commissioner, Dave Jones, statewide residential and commercial insurance claims filed as a result of the October wildfires have surpassed $9.4 billion. The increased figure suggests that the overall insurance and reinsurance industry losses could be higher than current estimates, with AIR Worldwide recently putting the industry ... Read the full article
California wildfires drive 80% of XL Group’s $250mn Q4 nat cat losses
7th December 2017
Global insurer and reinsurer XL Group Ltd has announced preliminary estimated natural catastrophe losses of around $250 million for the fourth-quarter of 2017, the majority of which is from the California wildfires and will be mostly assumed by its reinsurance segment. The $250 million estimates for the fourth-quarter are pre-tax and ... Read the full article
Large majority of California wildfire losses to be retained by insurers: Fitch
17th November 2017
Fitch expects primary insurers to retain the majority of losses from the California wildfires, warning that the impact of the event, on top of recent hurricanes, could see insurers report aggregate 2017 catastrophe losses at levels that pressure ratings and ultimately strain capital. The October 2017 California wildfires are expected to ... Read the full article
California wildfire insured losses could reach $8 billion: Aon Benfield
9th November 2017
Aon Benfield, the reinsurance arm of global insurance and reinsurance brokerage Aon, has said that the California wildfires could drive an insurance industry loss of up to $8 billion, which, on an aggregate basis, makes it the costliest insured wildfire event ever recorded. Aon Benfield and its catastrophe risk modelling unit, ... Read the full article
California wildfire insured losses at $3.3 billion and climbing
1st November 2017
California's Insurance Commissioner, Dave Jones, has announced that insured losses from the October, 2017 California wildfires now exceeds $3.3 billion, which includes damages to residential and commercial properties, personal and commercial autos, watercraft, and farming equipment. The latest insured loss estimate utilises loss data from 15 insurers, and includes partial losses ... Read the full article
RMS puts wine country wildfire losses at up to $8 billion
30th October 2017
RMS has provided an updated economic and insured loss estimate for damages caused by wildfires across the Sonoma, Napa, Solano, Lake, and Mendocino counties of California, of between $6 billion and $8 billion. The estimate includes losses due to property damage, contents and business interruption as a result of fires to ... Read the full article
AIR puts California wildfires insured loss at up to $3 billion
27th October 2017
Global catastrophe risk modeller, AIR Worldwide, has provided an insurance industry loss estimate for the California wildfires, of between $2 billion and $3 billion. The fires started in early October, 2017, and AIR's estimate includes insured losses from the Tubbs, Pocket, Nuns, Atlas, Redwood, and Sulphur fires in California, and includes damages ... Read the full article
California insurers report preliminary $1 billion+ wildfire losses
20th October 2017
Preliminary wildfire loss estimates from eight California insurers has reached $1.045 billion after over 7,000 structures have been either damaged or destroyed, the California Department of Insurance reported. The losses are for damages to commercial and residential structures, personal and commercial vehicles, and agricultural equipment, and the numbers are expected to ... Read the full article
California wildfires threaten a $4.6 billion+ industry loss: Moody’s
17th October 2017
Rating agency Moody's expects the recent California wildfires to be among the costliest on record for U.S. P&C insurers, with losses running into a credit negative close to $4.6 billion based on historical events and the number of structures damaged. "Assuming CAL FIRE’s estimate of 5,700 structures destroyed and an average ... Read the full article
Up to 15,000 structures worth nearly $14 billion at risk from Cali wildfires: RMS
16th October 2017
RMS estimates economic losses for the still raging California wildfires will range from $3 billion to $6 billion, but fire progression perimeters show total exposures from the California wildfires could reach as much as 15,000 structures worth around $14 billion. The fires ignited on October 8th and 9th and have since burned ... Read the full article
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