-
There is a high likelihood the property claim will be subrogated.
-
The broker used a consensus-based hypothetical cat event type to analyse its global impact.
-
The city alleges defendants knowingly allowed an “unseaworthy” Dali to set sail.
-
As a result of mostly flooding, £474mn of losses occurred in the UK.
-
Insurers in the emirate typically buy low-attaching reinsurance.
-
This follows February’s cat losses coming in below the $150mn reporting threshold.
-
Insured loss for Q1 was 10% higher than the decadal average of $18bn.
-
UK property insurers paid out £4.86bn in property claims last year.
-
The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
-
Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
-
The Magnitude-7.4 earthquake occurred early on 3 April.
-
Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
-
Copenhagen Infrastructure Partner’s policy is subject to a sub-limit for hail damage.
-
The owner and manager of the cargo ship Dali have filed suit to cap liability at $43.7mn.
-
Tremors were felt as far north as capital city Taipei.
-
The estimate is up from A$1.4bn, published by Perils in February.
-
Several prior-year cat losses deteriorated during the quarter.
-
CyberCube expects ransomware attack to impact both large and SME accounts.
-
The complexity of the incident and US location point to one of the largest-ever marine losses.
-
A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
-
Severe convective storms were the biggest driver of last year’s losses.
-
Underestimated average claim value has led to a dramatic February update.
-
-
Exposures to property are growing materially in the riskier geographies.
-
The US tallies $97bn in economic losses from major perils each year.
-
The event occurred a fortnight after major North Island flooding in New Zealand.
-
There were 10 fatalities, mostly due to drowning or tree fall accidents.
-
The carriers were in arbitration with UnipolRe and Gen Re.
-
A so-called atmospheric river effect is behind the severe weather.
-
The figure represents a 26% increase on the previous estimate.
-
Most of the losses occurred in France, followed by the UK and Belgium.
-
The insurer says Greensill's claim "arises out of a fraudulent scheme”.
-
The talks must be completed by 28 June to avoid a trial.
-
The final estimate is a 12% increase on an August tally of NZ$1.99bn.
-
The increase can be attributed to the Christmas storms of 2023.
-
The court gave a mixed ruling on subjects including coverage, aggregation and furlough.
-
Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
-
The broker’s latest climate report tallied global insured cat losses at $118bn.
-
As a result of mostly flooding, £467mn of losses occurred in the UK.
-
The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
-
Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
-
An escalation of conflict at the end of last week is expected to put significant upwards pressure on marine war rates.
-
More than three-quarters of the losses came from the firm’s UK&I line of business.
-
Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
-
The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
-
The 737 Max fleet was previously grounded in 2019 following the fatal crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302, when Boeing had a $500mn sub-limit on such claims.
-
The scale of the claim is expected to be just within the expected total weather losses for insurers.
-
The figure does not include losses from the likes of infrastructure, automobiles and business interruption.
-
The year was characterised by several severe and costly thunderstorms.
-
Residential losses are expected to account for around two thirds of the claim total.
-
While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
-
Domestic carriers usually have low attachment points for quake losses, the ratings agency noted.
-
AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
-
The lessor said the amount of its all-risk claim relating to the 47 engines and five aircraft is around $836mn.
-
Tsunami warnings were initially issued following the earthquake but were subsequently downgraded.
-
The ICA escalated the event from a ‘significant event’ to an 'insurance catastrophe', reflecting the escalating severity of the situation.
-
The broker has reported that Storm Zoltan is set to become the second-highest wind-related insured loss event in Europe in 2023 after Storm Ciarán.
-
Insurers have received more than 7,500 claims related to storms across Queensland, New South Wales and Victoria.
-
Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
-
The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
-
Aircraft lessors have now received nearly $2.4bn in insurance settlements from Russian airlines.
-
The ICA has activated its preliminary extreme weather processes to assist in assessing the impact of the flood event.
-
France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
-
Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
-
Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
-
The programme was hit hard by February’s Kahramanmaraş earthquake.
-
The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
-
David Howden, founder and CEO of Howden, said his proposed method of minimising loss is “entirely non-political” and provides guaranteed funds, as well as certainty and the confidence to invest.
-
Most of the industry loss occurred in the UK and was due to flood losses, with limited wind-related losses.
-
The company’s litigation was one of the most high-profile cases relating to Covid-19 business interruption.
-
According to the reinsurer at least EUR275mn will be covered directly by CCR under public reinsurance.
-
The carrier’s combined ratio deteriorated by 10.9 points to 101%.
-
Perils estimated the loss at EU377mn six weeks after the event and at EUR488mn three months after.
-
Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.
-
The number of disasters costing $1bn or more during the period is the highest on record.
-
Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
-
The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
-
The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
-
The worst of the damage was experienced in Brest, northwest France.
-
Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.
-
Severe convective storms accounted for roughly 70% of global insured losses between January and September this year, compared to an average of 34%
-
The storm caused significant wind damage and flooding across parts of Scotland and England.
-
Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets.
-
Verisk said the majority of the insured losses can be attributed to wind damage.
-
The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
-
More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
-
The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
-
The economic losses from the event are expected to exceed $10bn, the report added.
-
Climate change is still the number one area of concern, a study found.
-
The October 2022 event brought heavy rainfall, mainly affecting Victoria.
-
Videos and messages posted to social media show widespread devastation caused by the Category 5 hurricane.
-
Flights had been suspended into Acapulco after the storm rapidly intensified and made landfall at Category 5 strength.
-
By region, convective storms in the US alone accounted for 60% of global insured losses.
-
Italy’s largest insurer has booked EUR840mn in cat losses for the nine months to 30 September.
-
The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
-
During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
-
If the claim does indeed pay out, it has been suggested it will be the largest in R&W market history.
-
Meanwhile, war premiums for calls into Israeli waters are expected to rise substantially from a low base.
-
The company’s Las Vegas casinos were hit by a cyberattack last month where employee login details were stolen.
-
Wildfires in British Columbia were the largest of 11 catastrophe losses for the insurer.
-
Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
-
The lessor will continue to pursue its litigation in the Irish courts under its own insurance policies.
-
Loss data going back to 2000 reveals that severe convective storm plays an “ever more important role” in cat losses.
-
Several London insurers, including Tokio Marine Kiln, Axa XL, Munich Re, Starr International and Chaucer, are named in the new case.
-
The final report said the majority of the losses occurred on Kyushu Island with 74% of the total industry loss.
-
According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.
-
With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.
-
Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.
-
Insurance Insider has compiled a bite-sized wrap-up of the exclusive news stories and CEO interviews from this year's Monte Carlo Rendez-Vous.
-
The flooding followed a major rainstorm, which has been labelled a 1-in-500-year event.
-
Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.
-
The carrier is one of a number of small firms with heavy concentration in Hawaii.
-
The country’s second-largest carrier has disclosed around EUR100mn in gross losses during H1.
-
The insurance company had set out plans last summer to expand its market share in Florida.
-
Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.
-
Meanwhile, ongoing hostilities have curtailed business opportunities for grain transport in the region.
-
The analytics firm said that the majority of insured losses will be attributable to wind.
-
Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
-
Investigations have revealed more damage than first thought from the July explosion.
-
Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
-
The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
-
The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
-
The figure – which is not a loss estimate – would be consistent with early views of a sub-$10bn insured loss.
-
The storm will weaken further, but remain a hurricane as it passes through Georgia and the Carolinas.
-
The broker said that the Big Bend region towards which the storm is heading has a low exposure density.
-
More than 800,000 houses could be affected by the hurricane’s storm surge.
-
Parts of Tampa, as well as Georgia and the Carolinas, now face dangerous conditions.
-
“The Tampa Bay scenario of major hurricanes is mainly off the table at this point”, according to the report.
-
If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
-
The storm is set to become an “extremely dangerous major hurricane” by landfall on Wednesday.
-
The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
-
A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
-
The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.
-
Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
-
The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
-
The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.
-
Large carriers with geographic spread across the continental US will have the capital and reinsurance coverage to absorb losses related to the wildfires, according to AM Best.
-
Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
-
The commercial insurance CEO said carriers must communicate on the reasons for ongoing rate increases as the market bifurcates.
-
The loss event was flagged by European carriers in recent Q2 earnings disclosures.
-
The Australian insurer has denied liability for Greensill’s insurance claims, which are expected to take several years to resolve in court in New South Wales.
-
"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.
-
Data from the NHC shows that maximum sustained winds are near 65mph, with higher gusts.
-
Earlier this afternoon, San Diego County issued a tropical storm warning related to Hilary – the first in its history.
-
Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.
-
The Cat-4 storm is likely to weaken as it approaches the California coast.
-
The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
-
The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.
-
The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
-
Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
-
The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
-
Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
-
Due to the collapse of the value of the lira since February, payouts are worth less in dollar terms.
-
The floods struck New Zealand’s North Island between 27 January and 2 February 2023.
-
The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
-
The syndicate – developed in partnership with Aon – will provide capacity for E&S commercial wildfire risk in California.
-
The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
-
Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
-
The loss tally comes in 39% above the average for the 21st century.
-
The case is the latest in a steady flow of legal disputes relating to business closures during the pandemic.
-
The utility previously bought a $1bn policy from the (re)insurance market.
-
The Mexican state-owned oil company has been the source of several large energy claims.
-
The state of Texas in particular has experienced an unusual amount of severe weather.
-
The economic loss, including damage to public infrastructure, is expected to hit EUR9bn.
-
The 7.8 magnitude earthquake struck southern Turkey and northern Syria on 6 February, followed by a series of aftershocks.
-
The firm says hail alone is estimated to make up 95% of losses, making it one of the biggest hail losses in history.
-
The BI loss is set to stretch into the hundreds of millions of dollars, with some anticipating a $500mn+ loss.
-
The $49.4bn number remains below a critical ILW threshold.
-
The increase takes the carrier’s total reserves for the conflict to $145.6mn.
-
The initiative comes as part of a major package of UK aid to Ukraine.
-
Damaging hail and wind hit Texas, Arkansas, Mississippi and Georgia.
-
The National Hurricane Centre said the Lesser Antilles, Puerto Rico and the Virgin Islands must be vigilant.
-
An unusual confluence of factors created almost daily storms.
-
The case is the latest in a series of BI disputes that focuses on the issue of claims aggregation.
-
Plus the latest executive moves and all the top news of the week.
-
The scale of the loss has yet to become clear following the blaze on Friday, although the fire is under control.
-
Individual Covid BI cases continue to roll through the courts, with several major decisions.
-
The broker said there is a significant protection gap for flood coverage in the affected areas.
-
Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
-
The firm noted prior-year development on cat events that primarily occurred in late 2022.
-
The three lawsuits take the total number of cases filed against insurers from Carlyle in the UK High Court to seven.
-
The carrier is looking to reinstate cat reinsurance to cover the increased cost of the Auckland event.
-
The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.
-
Montgomery Aviation and Rise Aviation Limited, along with EOS Aviation, have launched fresh legal battles against Convex and Lancashire.
-
A fire at a warehouse outside Amsterdam damaged a substantial amount of cocoa owned by Cargill.
-
The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
-
Exposure growth in Japan was in the low-single digits, reflecting a more modest inflationary environment.
-
Lawsuits from lessors KDAC and Merx will be included in the ‘mega trial’ to be heard next year.
-
Rise Aviation has named the two insurers as the representatives for its all-risk and hull-war reinsurance policies, respectively.
-
Lessor WWTAI is also pursuing the claim via clause AVN67B, naming the Russian insurers of the airlines in possession of its aircraft.
-
Plus the latest executive moves and all the top news of the week.
-
In the first quarter of the year, the total global economic loss for all natural hazards was estimated at $77bn.
-
The council has appointed Deloitte to examine carriers’ performance during the crisis.
-
Fighting between Sudan’s army and the RSF have resulted in the total loss of three planes, with nine others still on the ground at Khartoum Airport.
-
The aircraft lessor has already launched several legal actions relating to aircraft stranded in Ukraine.
-
The loss hits a market grappling with social and economic inflation, plus increased reinsurance costs.
-
Total economic losses came in well above average, driven by the earthquake in Turkey.
-
SRCC losses have now also surpassed other classes of political violence insurance claims, with more than $10bn since 2015, compared with $1bn for terrorism.
-
High tornado activity at the end of the quarter is expected to add to the claims toll.
-
Reserving has increased substantially, inflicting another major claim on the loss-hit class.
-
The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.
-
Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
-
More than 40,000 claims have been made in relation to Cyclone Gabrelle.
-
The current Australian government’s Disaster Ready Fund provides AUS$200mn annually over five years, which the ICA wants extended.
-
The devastating quake left more than 50,000 dead and destroyed 160,000 buildings in Turkey.
-
The estimate is an increase on the figure released by Perils in December, which gauged the insured losses at 120bn yen.
-
Insurers have been flooded with litigation relating to aircraft stranded in Ukraine.
-
The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.
-
Following the collapse of SVB, and subsequently Signature Bank, sister publication Inside P&C analysed the exposure of several major insurance firms.
-
Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.
-
Insurers including AIG, Fidelis, Swiss Re and Chubb along with several lessors were in favour of merging the aviation war cases, while lessor AerCap wanted a separate, standalone trial for its lawsuit.
-
The amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.
-
The loss aggregator raised the quantum from its third estimate of A$6,292mn, put out in early September.
-
According to the ICNZ, 48,000 claims have been lodged, with NZ$111mn of insurance claims paid so far.
-
Highlander has $300mn of insurance coverage, placed by Ed Broking and led by Munich Re Syndicate.
-
The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages.
-
Insurance Insider previously reported that the Irish lessor was holding talks with Aeroflot Group.
-
The carrier set out a string of defences in the $3.5bn suit.
-
The cost of living, government distrust, polarisation, activism and climate all pose heightened risk.
-
Plus all this week’s top exclusives and executive moves.
-
The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn.
-
More than 239,000 insurance claims relating to the event have been lodged, according to the ICA.
-
Talks relate to a deal that would see Aeroflot take ownership of the AerCap planes.
-
24 February marks the point when blocking and trapping claims can be lodged against war risk insurers, against ships stuck waters around Ukraine.
-
The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.
-
The conflict is set to inflict billions of dollars of losses across the specialty insurance market.
-
The loss estimate rose from a previous figure of EUR3.7bn issued six months ago.
-
An influx of Gabrielle claims comes on top of more than 21,000 IAG already received due to the floods that struck Auckland in January.
-
The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
-
More than 140,000 homes are without power, while buildings and roads have been destroyed.
-
Almost 40,000 are feared dead following the disaster, and more than 1 million people have been left homeless.
-
A state of emergency has been declared in the country for only the third time in its history.
-
The carrier has increased its full-year perils cost estimate to A$1.15bn.
-
The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
-
The ratings agency noted that, while most of the insured losses stemming from the earthquake will be covered by reinsurance, the amount ceded will be much lower than the estimated economic losses.
-
The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
-
Falcon 2019-1 Aircraft 3, an entity managed by Dubai Aerospace Enterprise, is suing its contingent war insurers for $43.4mn but, if that fails, is also suing its all-risk insurers for the same amount.
-
The lessor is looking to recoup the value of a B777-300ER aircraft, which is still in Russia.
-
DAE is arguing that, if its battle against its war insurers should fail, then it has grounds to push for a total loss under the terms of its all-risk policy.
-
The carrier’s maximum event retention for the Auckland event is A$236mn.
-
The losses result from incidents throughout construction of the Sakarya gas field, including damage to a subsea pipeline from an earthquake.
-
More rain is forecast for Auckland, with three 'heavy rain warning – red' notices issued today.
-
The intermediary tallied $360bn in economic losses worldwide.
-
Mayor Wayne Brown said infrastructure and emergency services had been overwhelmed by the storm’s impact.
-
The loss aggregator pegged the loss figure at A$791mn in its initial claim estimate.
-
The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.
-
Total economic losses are likely to be between $5bn and $7bn.
-
The broker said it had repeatedly made the football club aware new signings not added to the policy schedule were uninsured.
-
The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
-
The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
-
The federal flood program expects ultimate losses to reach between $3.5bn and $5.3bn.
-
DLG’s outlook has been downgraded to ‘negative’ following a 24% tumble in share price since last week, as severe weather and investment-portfolio pressure tank profitability.
-
Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
-
The government will look to mitigate against future disasters rather than subsidise insurance.
-
The losses include damage to homes, businesses, infrastructure, facilities, roadways and vehicles, as well as BI losses.
-
Atmospheric rivers are expected to bring further severe weather into next week.
-
The settlement is welcome news for the loss-hit downstream market, where there were fears of a claim as high as $1.3bn.
-
Natural disasters in North America destroyed assets worth around $150bn, of which roughly $90bn were insured.
-
The increase mainly stemmed from an influx of personal property claims.
-
The lead claimant on the case, Merx Aviation, has named Chubb as the first defendant.
-
The largest loss of the year outside the US was the Australia flooding in February and March.
-
The broker said that the event was unlikely to produce losses on a similar scale to the 2021 Texas freeze.
-
Guy Carpenter’s note echoed modelers’ views that Elliott will not be comparable to the losses inflicted by Storm Uri last year.
-
Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.
-
KCC is predicting insured losses across 42 states, with the worst affected being Texas, Georgia, Tennessee, North Carolina and New York.
-
The city of Buffalo in New York state was worst impacted, but power was also knocked out in areas stretching from Maine to Seattle.
-
Bowling chain Hollywood Bowl is also suing Liberty Mutual for Covid-19 BI losses.
-
The NOAA has warned of blizzards, flash-freezing, dangerous wind chill and sub-zero temperatures.
-
Plus this week’s executive moves and all the latest exclusives of the week.
-
The update to the October figure implies the ultimate number will comfortably breach the $50bn mark.
-
The updated loss and allocated loss adjustment expenses in the property segment from the hurricane is now $1bn.
-
The update is a slight increase to November’s 114bn yen estimate.
-
-
Swiss Re said a loss-heavy 2022 adds to a continuation of elevated cat losses that started in 2017, after a benign period from 2012 to 2016.
-
The flooding affected the states of New South Wales, Victoria and Tasmania.
-
The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
-
With weaker economic growth and competitive pressures hindering insurers' efforts to push through offsetting price increases, the ratings agency expects the sector's underwriting profitability to weaken.
-
Inflation and a full post-pandemic return to shipping are expected to impact future claims.
-
The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
-
The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
-
2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.
-
Flooding in February and March this year was the most expensive event in Australian history.
-
Earlier in the year, SMBC reported a $1.6bn write-off for planes stranded in Russia.
-
The pay-out figure has nearly doubled over the last two weeks.
-
The organisation has now recorded 640,496 claims, most of which were for residential property.
-
The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.
-
Most claims so far have been for damage to residential property.
-
A steady stream of legal actions are being filed against insurers over billions of dollars’ worth of stranded aircraft.
-
The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
-
The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.
-
The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.
-
The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
-
In its annual report published earlier this year, BOC revealed it was pursuing a claim for aircraft worth $589mn stranded in Russia.
-
The central-west region of the state was struck by severe flooding over the weekend.
-
The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.
-
Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
-
The programme has paid out $437mn to policyholders so far.
-
According to the latest reports, around 110,000 customers have been left without power in Florida as Nicole makes its way across the state.
-
The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.
-
The NHC has warned of a large storm with hazards extending across the state.
-
The storm will hit a state already devastated by Hurricane Ian, which has eroded the capital of local carriers.
-
The carrier has booked major losses of A$350mn-A$410mn in the three months to 31 October.
-
The personal lines giant is closely watched as a bellwether for the size of the overall homeowners loss.
-
With aircraft valued between $25bn and $30bn stranded in Russia, aviation claims are being hotly contested.
-
Perils said the storm tracked through an area of low value concentrations.
-
Court documents also revealed that 101 of AerCap’s 116 planes in Russia have been re-registered.
-
The previous estimate, released in May 2021, pegged the losses at A$1.016bn.
-
The case comes six months after DAE announced it had filed a $1bn insurance claim for 19 aircraft stranded in Russia.
-
The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
-
A self-assessment carried out by 10 insurers identified several key failings in exposure management, the watchdog said.
-
The charge included the carrier’s $80mn retention and $35mn of reinstatement premiums.
-
The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.
-
Many policyholders are likely to receive larger payouts following the judgement, but a worst-case scenario has been averted.
-
Nearly two-thirds of the Florida claims are homeowners and business claims (272,465), and the remaining are personal automobile claims (151,892).
-
The firm said inflation and modelling changes had driven the need for bigger limits.
-
The claim will add pressure to an already stressed downstream market facing resurgent loss activity.
-
The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.
-
The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
-
The market is waiting to see if the loss deterioration changes soft dynamics that were developing in the key Q4 all risks renewals.
-
The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.
-
The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
-
Sources estimated potential losses incurred by Coldeco at $400-$500mn, by Arauco at $100mn-$150mn and by CMPC facilities at $100mn.
-
The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
-
The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.
-
The estimate is driven by $540mn of losses attributable to Hurricane Ian.
-
The reinsurer attributed $600mn to Hurricane Ian, based on an estimate that the total insured industry losses would come to approximately $55bn.
-
Many homeowners are likely to see a significant portion of uninsured water damage despite roughly 30%-45% having NFIP coverage in certain areas.
-
More than half of insured losses came from Nova Scotia.
-
Arch Capital has pegged its estimated Q3 pre-tax net catastrophe losses at $530mn-$560mn, impacted by Hurricane Ian, as well as other events like US convective storms, Typhoon Nanmadol and hailstorms in France.
-
Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.
-
Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.
-
The carrier is likely to book a Q3 net loss of $500mn for the storm.
-
Stonegate’s case is seen in the market as a key precedent for the aggregation of BI claims.
-
The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.
-
The states of Victoria, New South Wales and Northern Tasmania have all been struck by floods.
-
The state-backed insurer's claims tally was just over 47,000 this morning.
-
The carrier is the latest in a string of primary insurers to provide loss estimates.
-
So far, the company has received nearly 12,000 claims associated with the storm.
-
The insurer has received roughly 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims.
-
The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
-
The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
-
The state insurance body received reports of 375,293 claims as of 6 October.
-
The carrier has under 3% market share in Florida homeowners’ business in 2021.
-
The estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
-
The flooding is now the costliest nat cat event ever in Australia, with insured losses higher than Cyclone Tracy and Sydney Hailstorm in 1999.
-
KCC has added a loading for litigation costs to the storm loss estimate for the first time.
-
Other firms such as Lexington, QBE and Zurich ranked among the top 20 underwriters in the six counties with highest exposure to Ian.
-
Some reinsurers are in “business as usual” mode after Hurricane Ian, while others are pausing to assess the event, as it is too early to tell how cat risk appetite will change, the broker said.
-
The broker’s global head of catastrophe management Dan Dick said that a realistic view on Ian’s loss suggests it would remain an earnings event for (re)insurers.
-
RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
-
Constraints in rebuilding supplies and contractors, inflation and post-event litigation will be key loss amplification drivers.
-
Most of the losses will come from wind damage, while storm surge and inland flooding could account for up to $6.5bn in total.
-
The storm, which made landfall as a Category 1 hurricane, has now been downgraded to a post-tropical storm.
-
KCC previously issued a $32.5bn number in a private client advisory based on Ian's Tuesday track.
-
Governor DeSantis confirmed that the bridge will need structural rebuilding. A group of 100 engineers are on site to do inspections.
-
The National Hurricane Center noted that Ian should weaken rapidly after landfall and transition into a post-tropical cyclone overnight.
-
The modelling firm’s Thursday guidance based on prior hurricanes spanned $20bn-$88bn, compared to $12bn-$83bn the previous day.
-
In 2022, the NFIP placed reinsurance with 28 private companies - including 13 Lloyd’s syndicates.
-
The figures include both wind and storm surge losses.
-
The National Hurricane Center has issued hurricane, tropical storm and storm surge warnings for a variety of locations.
-
The software company also reported that the Gasparilla Marina in Boca Grande has suffered significant damage.
-
Speaking on a panel at Trading Risk New York, Montero said that the previous guidance was assuming a track closer to Tampa.
-
RMS released event sets with a $12bn-$80bn range, while AIR put out an event set spanning $20bn-$64bn.
-
Georgia, Virginia and the Carolinas have declared a state of emergency as the storm moves north.
-
As it became clearer that the Fort Myers area was facing 150 mph winds, sources started to talk about loss estimates with a $30bn floor.
-
Of the 73 units, 68 are cargo ships and five are tanker vessels, according to Skytek’s analytics platform React.
-
The storm made landfall Wednesday with maximum sustained wind speeds of 150 mph at 3:05 PM ET.
-
The insurer-of-last-resort does not expect the hurricane to attach its reinsurance at this stage.
-
NHC discontinued warnings of hurricane and storm surge for the Dry Tortugas.
-
The storm’s likely quantum is still highly contested, but all scenarios are challenging for Florida homeowners and cat treaty writers.
-
Hurricane Ian is currently moving north-northeast at 9 mph, 1 mph below the speed registered in NHC’s update earlier today at 08:00 ET.
-
The storm has sped up considerably over the past six hours.
-
Storm surge may be felt in Tampa even if Ian does not land in the city.
-
In addition, Skytek reported 280 hotels and two windfarms in the cone of the hurricane.
-
The dangerous storm is now projected to make landfall between Sarasota and Port Charlotte, Florida.
-
The storm is due to turn north-northeast and slow down after passing over Cuba today.
-
Hurricane Ian is expected to make landfall in Cuba today before moving through the south-eastern Gulf of Mexico into tomorrow.
-
The comps include 1896 (Category 3), 1921 (Category 3), 1944 (Category 2) and Hurricane Gladys in 1958 (Category 2).
-
A landfall at Category 3 or 4 along the west coast of Florida later this week would be one of the more damaging scenarios for Ian.
-
Cat 4 Hurricane Charley made landfall on Florida’s west coast in 2004, while Tarpon Springs (1921) was the last major storm to hit Tampa.
-
Loss activity is escalating in the class of business, leading underwriters to question rate softening.
-
In the more extreme of two scenarios, Ian could mimic 1921’s Tarpon Springs hurricane at a cost in the double-digit billions, BMS said.
-
Fiona weakened to a tropical storm late last week but still brought torrential rain and high winds.
-
The National Hurricane Center forecasts ‘considerable flooding’ in Florida later this week.
-
The storm may be “much more powerful” than Hurricane Sandy, which hit the Northeast US in 2012, wrote BMS Group’s Andrew Siffert in a commentary.
-
The Island is also on hurricane watch as the storm moves north
-
Many storm losses would be the result of flood, which is not covered by the standard homeowners’ policy.
-
The storm is not expected to be a threat to the order of Jebi or Hagibis.
-
The storm was downgraded from super typhoon status before making landfall on Sunday.
-
The storm is currently moving over the Dominican Republic and headed for Bermuda.
-
The Category 1 storm will likely cause “life-threatening flash and urban flooding” in eastern portions of the Dominican Republic through early Tuesday, according to the NHC.
-
The storm is currently at Cat 4 strength but will weaken to Cat 3 as it approaches land.
-
Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
-
Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.
-
In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.
-
Hail is not covered by the state-backed CCR Re scheme, pushing losses into the private reinsurance market.
-
Earlier loss reports suggested the total costs would be much lower – Perils’ first report estimated losses at A$3.99bn, while its second pegged losses at A$4.89bn.
-
Market sources are suggesting inflation could require a wider group of US cedants to buy $10bn-$20bn of additional cat coverage for 2023.
-
The German carrier telegraphed continued pricing discipline into 2023 as carriers grapple with reduced available capital.
-
CFO Burkhard Keese outlined expenditure on the digitalisation programme, in a media briefing on Lloyd’s H1 results that also tackled inflation and growth.
-
The broker said climate, conflict and capital concerns will keep driving up reinsurance rates but suggested new capital may be attracted to the market.
-
The OS 35 has P&I coverage in place with QBE’s British Marine, which will shoulder clean-up costs from the incident.
-
AerCap’s contingent war insurers have filed documents rebuffing the lessor’s $3.5bn all-risk claim.
-
The cities of Busan and Daegu have been placed on red alert and are expected to be hit by a Category 1 storm tomorrow.
-
Insured losses in 2021 alone hit $20bn.
-
After the quietest start to hurricane season since 1997, weather experts forecast storm activities in the Atlantic to happen as early as this week.
-
The forecast for the number of hurricanes remains unchanged and calls for six to eight hurricanes and three to five major hurricanes this season.
-
Clubs including Arsenal, Aston Villa and Leicester City are claiming against insurers.
-
The latest estimate is an increase on Perils’ earlier figure of EUR3.6bn.
-
The Swiss bank said it filed two further claims as part of the liquidation of its Greensill funds.
-
France’s Gironde region struck by serious wildfire outbreak
-
A steady flow of litigation relating to Covid-19 BI is hitting the courts, despite the completion of the FCA test case last year.
-
CatastrophesThe fire is spreading towards the A63 motorway, a major road linking Bordeaux to Spain.
-
While still too early to assess the damage fully, Aon believes the impact on property, infrastructure and agriculture will be significant.
-
Colorado State University has also slightly reduced its forecast for the season to four major hurricanes.
-
Jackson, Whitesburg and Garrett have been heavily affected after torrential rain.
-
Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.
-
Hundreds of homes have been destroyed, while 33,000 have been left without power.
-
The loss at the OMV Schwechat refinery adds to a string of BI claims landing on the energy sub-sector in recent months.
-
The McKinney and Oak fires are 0% and 67% contained, respectively.
-
Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
-
US severe thunderstorms caused insured losses of $17bn during the first half.
-
If no action is taken to reduce emissions, costs could soar by 87% in average annual losses to residential properties, JBA Risk Management said.
-
The market has recently been stung by several large anticipated claims, with cat season looming.
-
The release followed an appeal judgment from the High Court of Australia.
-
The first six months of the year also saw more billion-dollar loss events than average.
-
The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.
-
A case against Fireman’s Fund reversed an earlier decision that Covid-19 cannot cause physical damage.
-
Carriers may face questions over slow recognition of Ukraine losses, may have secondary peril losses to detail, and need to show conviction on managing inflation risks.
-
The insurer also found that fire and explosion remained the most costly source of claims, defying efforts to improve risk management.
-
The market is concerned about potential claims from the Hellenic War Risks mutual, which has ships worth around $350mn stuck in the Black Sea.
-
Fires in Portugal, Spain, France, Greece and Croatia have caused widespread crop damage.
-
The carrier did also acknowledge that, while it believes losses should fall on war policies, “claimants have to exhaust other alternatives first”.
-
The storms at the end of May generated 355,000 claims, while those between 18 June and 4 July saw 624,000 claims.
-
The current estimated insurance loss for the flooding is A$142mn.
-
The reinsurer named climate change as a key driver of the increase in the frequency and severity of droughts.
-
Insurers have received more than 10,500 claims so far in relation to the storms and flooding in New South Wales since 1 July.
-
Despite the uncertainty surrounding the conflict, rates in the airline all-risk market remain flat.
-
The loss comes as rate rises decelerate in the class after several years of compound rate rises.
-
If the lessor’s $3.5bn all-risk claim proves unsuccessful, it plans to pursue a claim on its contingent war policy worth $1.2bn.
-
The $1.6bn write-off covers the value of 34 aircraft still on the ground in Russia.
-
Carriers have received more than 8,000 flood claims since 1 July.
-
Regulatory burdens mean that restarting the Freeport refinery could take longer than first hoped.
-
Hiscox is understood to have led the policy, while Aon is said to be the broker.
-
The July date of the event is favourable for reinsurers as Suncorp and IAG have just reset their deductibles, although QBE buys on a calendar-year basis.
-
Tropical Storm Risk set the probability of above-normal accumulated cyclone energy in the North Atlantic at 46%.
-
S7 has requested to return two planes, while AirBridgeCargo is attempting to return 14 of its 16 Boeing 747 freighters.
-
In the last 24 hours, more than 35,000 people have been evacuated or asked to prepare to do so.
-
Widespread rainfall, thunderstorms and flash flooding is expected to continue until Tuesday.
-
The March earthquake that struck Fukushima in Japan will cost $2.3bn.
-
The suit is the latest in a series of Covid-19 BI legal actions hinging on aggregation brought against insurers.
-
The parties gave their final submissions following a legal hearing that has lasted over two weeks.
-
The carrier’s losses from the Melbourne earthquake and various large storms have also exceeded initial estimates by $8mn.
-
The insurers also claimed that Stonegate’s desired treatment of furlough payments would lead to it being ‘over-indemnified’.
-
Storms from 16-23 June added to a “very active” quarter for the peril.
-
The pub company is looking for a payout at every one of its 760 premises, whilst insurers claim it is entitled to a single limit.
-
The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
-
The bakery chain is suing Zurich over losses during the lockdown, one of several high-profile BI legal disputes to have emerged.
-
The loss is expected to be absorbed by the domestic Canadian and London markets, with Lloyd’s taking a relatively heavy share of the placement.
-
The suit is believed to be the first court case against insurers by a lessor in relation to the Ukraine conflict.
-
The pub chain has claimed in court that it is entitled to separate payouts for each of its 760 venues.
-
Aggregation is the main issue in the landmark case brought against MS Amlin, Zurich and Liberty Mutual.
-
The east coast of the country was struck by severe rainstorms earlier in the year.
-
The varying treatment of the flood losses raises questions over how the industry should define flood events.
-
The ratings agency said the National Insurance Trust Fund had begun to receive claims from primary insurers.
-
The loss aggregator pegged the event at EUR3.3bn in its first estimate in March.
-
Group chief accounting officer Erick Fernandez will step in as an interim.
-
Piraeus Bank bought the action against Antares over the detention of a vessel in Venezuela in 2015.
-
The Supreme Court ruling over BI coverage early last year has not put a stop to BI litigation over Covid losses.
-
The scale of the claim deals a substantial blow to the subsection of the energy market, but is not as large as first feared.
-
Up to 50% of the carrier’s war loss stems from aviation, where litigation brews.
-
The lessor is attempting to recover $25mn from UniCredit relating to aircraft in Russia after it already recouped $25.4mn from other creditors.
-
The lessor is recording a write-off for 19 aircraft leased to Russian airlines after it successfully recovered three planes since the start of the outbreak.
-
This publication unpicks one of the most complex loss events to hit the market to date.
-
Liberty Specialty Markets is understood to be the lead insurer on the policy, while Howden is understood to be the broker.
-
The lessor has 10 planes on the ground in Russia, representing less than 1% of its fleet value.
-
Insurers have paid out $580mn to policyholders already.
-
The lessor was able to recover two planes from Russian airlines since the start of the conflict, while 10 remain on the ground in Russia and Ukraine.
-
The lessor has 17 aircraft on the ground in Russia, while one other plane leased to a Russian airline was outside Russia before sanctions were imposed.
-
The possibility for lessors to claim on airline policies has added another layer of complexity to the unprecedented loss scenario for aviation.
-
The Corporation has been in negotiations with landlord PingAn over its future in the iconic building.
-
The lessor confirmed it is “vigorously pursuing” insurance claims relating to the $802.4mn worth of stranded equipment.
-
European storms have inflicted heavy claims on insurers in recent years.
-
The nat cat loss aggregator said the Q1 event was the “largest flood loss on record” for the Australian insurance industry.
-
Rate increases are expected across the board, as well as a tightening of the reinsurance market and increased scrutiny of facilities.
-
The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.
-
Large energy property damage losses in 2020-21 saw a significant reduction, accounting for a total of $500mn across the two years.
-
The carrier is also expected to book Q1 losses from recent European storms.
-
Sources said they expect other major commercial insurers to follow suit, with territorial exclusions potentially broadening to Belarus.
-
The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
-
In the event of a $2bn aviation-industry loss, Lancashire would face a $40mn loss on its aviation book, as well as a $10mn loss on other lines due to the Ukraine conflict, analysts said.
-
If the retail firm also has to pay for structural damage to the building, this will add $80mn to the loss total, sources said.
-
The agency highlighted potential aviation losses from the war ranging from $6bn to $15bn.
-
The carrier said it will examine the impact of the ruling on other claims under non-damage denial-of-access wordings.
-
Most of the losses occurred in Germany, followed by the Benelux states, the UK and France.
-
Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
-
The study says a more La Niña-like environment has driven the trend.
-
The Lloyd’s CEO's statement was echoed by CFO Burkhard Keese, who said the losses would be “manageable.”
-
Axa has been granted permission to appeal certain aspects of the ruling of a case successfully brought against it by Wolseley owner Corbin & King over Covid-19 BI cover.
-
Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.
-
Of that roughly $400mn to $820mn can be attributed to commercial and industrial properties, according to Verisk.
-
Property losses contributed 88% of the total industry loss total, while 12% were due to motor lines of business.
-
The insurer predicts there will be some release from its provision, but it will happen over time and is subject to court proceedings.
-
Excess layers of the Marsh-brokered stock throughput policy are led by QBE and spread around the London market.
-
BMS’s Andrew Siffert said losses from US winter-related storms and thunderstorms are likely to arrive at a below-average figure for Q1.
-
The earthquake on Wednesday night caused power cuts for more than 2.2 million homes.
-
The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
-
The home and auto carrier has received around 5,000 claims so far.
-
A further £40mn of claims were fully settled in the month to 7 March, according to the regulator’s latest data release.
-
There are potentially multi-billion insurance exposures from leased aircraft in Russia.
-
The carrier lifted its estimated net natural hazard costs for the year by A$25mn to A$1.1bn.
-
It is understood that MS Amlin leads the placement, which is brokered by Marsh.
-
The claims count from New South Wales rose by 12% over the weekend.
-
Windstorm Nadia/Malik was one of several to strike the region this winter.
-
One source noted that the conflict could be equivalent to several years’ worth of losses to the political violence market.
-
-
The claims count on day 18 of the flooding stands at 118,016.
-
The insurer has used up about 40% of its aggregate reinsurance limit, after quota share impacts.
-
Insurers have received nearly 107,844 claims relating to the Southeast Queensland and New South Wales floods.
-
Claims have reached 67,537 since yesterday’s update.
-
Claims from New South Wales are expected to increase in the coming days, given the flooding emergency in Sydney.
-
Insurers will prioritise claims made by affected policyholders, and claims will be triaged to direct urgent assistance to the worst-affected property owners
-
This estimate would rank Eunice as the most damaging European windstorm event since Kyrill in 2007.
-
The ruling deemed that the restaurant group was entitled to separate payouts for multiple premises.
-
Legal costs relating to the breach have been described as “astronomical” and sources say it is now all but certain that it would result in a full payout.
-
German actuarial firm Meyerthole Siems Kohlruss warned the losses represented a “turbulent” start to the year.
-
A major conflagration aboard Felicity Ace has damaged high-value VW, Porsche and Lamborghini vehicles.
-
The final bill is likely to be higher as further damage occurs due to gusts of wind.
-
The ship was carrying more than 4,000 cars at the time of the fire, including Volkswagen, Porsche, Audi and Lamborghini vehicles.
-
A further £39mn of claims were fully settled in the month to 5 February, per the latest release of data by the FCA.
-
This is the second Peru-based construction loss to make headlines in a week, following this publication’s report of a potential $860mn Petroperu claim.
-
The dispute has arisen due to a mismatch in the provision of infectious disease cover between Petroperu’s policy with local fronting carrier Mapfre, and the policy between Mapfre and its facultative reinsurers.
-
The company is also writing down the value of Syndicate 1200 by $40mn-$45mn.
-
-
The ruling means the insurer will experience a significant favourable impact on previously booked reserves.
-
The year broke a number of records in terms of insured losses.
-
The full-limits loss on the placement has raised alarm as a stark example of the impact social inflation in the US is having on claims severity.
-
A further £51mn of claims were fully settled in the month to 5 January, per the latest release of data.
-
The Swiss bank is trying to recoup money for investors in its supply-chain finance funds.
-
Fire season in the US ran slightly later than usual in 2021, but total losses will fall far short of 2017-18 peaks.
-
The year saw a substantial uptick in natural disaster losses compared with 2020 and 2019.
-
Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
-
A heavy snowfall helped to bring the major conflagration under control.
-
The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
-
The country’s insurance industry is also contributing to a flood relief fund.
-
Extreme flooding combined with hailstorms led to Germany’s worst loss year since records began in 1970.
-
Jefferies’ report shows that cat losses have been spread across a broader range of perils and regions this year.
-
Plus, the latest executive moves in the sector and all the top news of the week.
-
The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.
-
The UK regulator has published its latest monthly claims data on Covid-19-related BI payments.
-
The payouts follow the contract that Mapfre signed to pay $984mn to Colombia’s utility EPM.
-
The Corporation’s CEO gave an early estimate of the storms’ impact in a year already marked by heavy cat losses.
-
The firm said $3bn was still a substantial loss given that the weekend events were driven by pure tornado claims.
-
The firm’s estimate fell at the lower end of the range for historic Top 10 tornado events.
-
Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.
-
Empresas Publicas de Medellin will receive a $633mn payment in January 2022, in addition to a previously made $350mn payment, according to reports.
-
D&F sources were generally optimistic that this segment would avoid major claims, although said it was early days.
-
This late in the year, where the claims land in terms of historic tornado loss parallels is almost irrelevant to the question of disruption, as the event will compound existing delays.
-
Domestic carrier Definity has said the event could cost it up to C$25mn.
-
Hail, wind and torrential rain struck Victoria and Tasmania.
-
Claims data points to a lower average cost of claim per claimant for a systemic event compared with attritional or non-systemic claims, according to head of cyber James Burns.
-
The storm tore through north-western Europe in October, with major losses in France, Germany and Belgium.
-
With sustained windspeeds of more than 60mph, the storm disrupted power supplies and transport lines
-
Nearly three months on, the event still seems heavily stacked towards residential claims.
-
The loss-tracking agency’s claims total for Louisiana rose by roughly $1bn, as losses hitting New York increased by $0.5bn.
-
The carriers’ losses stem from a placement covering losses ceded from the Mutual Risk Group, a group insurance arrangement consisting of 19 South African companies.
-
Brit has completed a loss portfolio transfer (LPT) agreement with RiverStone International, primarily for legacy years of account for select classes of business written by Syndicate 2987, for liabilities of around $380mn.
-
More than £100mn ($134mn) of UK Covid-19 BI claims were settled in full by insurers during the month to 5 November, according to the latest monthly data from the Financial Conduct Authority (FCA).
-
The four major European reinsurers reported strongly improved results in the first nine months of 2021, despite the heavy toll of catastrophe claims, according to analysis from Fitch.
-
UnipolRe has pulled out of writing property cat excess-of-loss business as it became the first reinsurer to fully exit the class based on the impact of climate change, Insurance Insider can reveal.
-
Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.
-
FedNat transferred $562mn of its $599mn gross catastrophe losses to reinsurers in the third quarter, company executives said on an earnings call.
-
P&I club Gard reported a post-tax loss of $27mn in the first half of the 2021 financial year on an estimated total call basis as the trend of large pool claims continued to hit the bottom line.
-
Insurance commissioner Jim Donelon encouraged policyholders to file supplemental claims for expensive rebuild costs.
-
The P&C unit’s combined ratio deteriorated to 101.5% after triple-digit Ida and Bernd losses.
-
The carrier revised its cat bill following Ida and PG&E losses.
-
IAG said catastrophe losses have reached 77% of the way to triggering its aggregate reinsurance cover for its fiscal year 2022.
-
Disputes over coverage and aggregation have continued since the Supreme Court gave its test case verdict in January.
-
Hailstones of up to 14 cm in diameter inflicted major damage on cars and property in the state.
-
Mapfre Re’s loss ratio worsened by 10.9 points as Storm Bernd alone caused EUR92.4mn in losses.
-
The modeller incorporated a 5% exceedance probability insured loss estimate to its report for the first time.
-
The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas.
-
The insurer pegged its updated gross claims figure higher than the Elbe flood of 2002.
-
The notification comes after a $100mn filing from Tulane University reported by this publication earlier this month.
-
The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
-
The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year
-
The executive said “every reinsurance buyer” underestimated the impact of the flooding.
-
The carrier also cited increasing continental cyber losses as a factor in continued market hardening.
-
The FCA has published its latest monthly claims data on Covid-related BI payments.
-
Sources said that the incident near Huntington Beach had the potential to exhaust the $1bn oil pollution reinsurance tower.
-
The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
-
The accumulation of cat losses have taken a toll on carrier’s aggregate reinsurance covers, which could set up 1 January renewals for such treaties to be as difficult as last year.
-
The first pieces of solid risk loss information are coming to light following the storm, for which loss emergence has been slow.
-
The cyclone made landfall on 11 April, with strong winds affecting 800km of coastline.
-
The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
-
Plus the details on Chubb, Argo and Canopius’s exits from various lines and all the top news of the week.
-
From now on, per-event retentions for second and third events will lower to $55mn for hurricane and earthquake perils.
-
The carrier also estimated its European flooding burden will be $520mn.
-
This is followed by the severe convective storms in Europe in June which to date have generated losses of $5.1bn, and the Fukushima earthquake in Japan currently at $2.5bn of losses.
-
The loss aggregator said the change indicated initial over-reserving in the wake of the flooding.
-
The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
-
The midpoint for the estimate is around $97mn above the company’s pre-tax cat load, with $75mn resulting from Hurricane Ida.
-
This year’s nat-cat losses are hitting harder for reinsurers, as the top three events are larger in scale than any since 2017.
-
The modelling firm has aimed to incorporate climate change impacts into its assessment of wildfire risks.
-
Provinzial confirmed its claims had risen above EUR1bn and it now estimates they could reach EUR1.5bn.
-
The modeller’s estimate is higher than BMS’s earlier $700mn figure.
-
The regulator has published monthly claims data instalments following the conclusion of the test case into BI cover.
-
The new figure includes a prediction of between $6bn to $9bn in both public and private insured flood losses in the Atlantic states region after Ida moved inland.
-
The insurer’s net monthly cat losses reached $876mn.
-
The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
-
Over nine inches of rain struck Houston and more than half a million Texas residents were left without power.
-
Hurricanes, floods and wildfires are pushing up Q3 catastrophe losses, AIG's finance chief says.
-
Insured cat losses for August were almost 3.8x higher than the 10-year average, according to Jefferies analyst Philip Kett.
-
The modelling firm’s wind and surge losses remain at $17bn-$25bn.
-
Economic losses from Hurricane Ida are likely to reach double-digit billions as costs rise globally from widespread cat events, Aon said.
-
Scor Global P&C CEO Jean Paul Conoscente said on a briefing that rate hikes were barely keeping up with inflation.
-
The automotive company’s total costs for the recall are expected to eventually tally up to around $1.8bn.
-
The upward revision reflected significantly increased industry expectations, it said.
-
European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.
-
The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.
-
The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.
-
The broker CEO said this went against a “core premise” of the industry which was the absorption of such volatility.
-
The flooding in the northeast increases scope for commercial lines and auto losses.
-
The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador.
-
Plus the latest senior executive moves and all the top news from the week.
-
The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
-
The insurance association said the two events would make 2021 the worst year for German losses since the 1970s.
-
“It's at the five- and 20-year return periods where insurers have to start looking and be worried about making sure these models capture these events,” Clark told this publication in an interview.
-
The carriers with the largest Louisiana market shares also ceded more than $100mn to Lloyd’s syndicates during 2020.
-
The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention.
-
The storm has moved north across the US after making landfall in Louisiana at the weekend.
-
The energy market is being watched closely due to its potential to produce large risk losses.
-
The company predicts that total insured and uninsured losses from the storm overall will amount to between $27bn and $40bn.
-
The area of Laplace was the worst impacted on ICEYE’s list, with a total of 10,390 structures affected, 370 of which were in a high depth of water.
-
Damage to crucial power infrastructure caused by the storm left over one million Louisiana residents without power.
-
Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.
-
The ratings agency said that a surge in demand could add to the costs of rebuilding.
-
The storm could bring losses of $20bn-$25bn in losses across property cat, D&F, binders and energy.
-
Post-Covid demand surge is a particular focus and fear.
-
It is currently expected to make landfall on the Gulf Coast of Louisiana in the early hours of Monday morning.
-
Around EUR6.5bn of losses will come from the residential buildings, household contents and business claims, and around EUR450m will come from automotive claims.
-
The 19bn-20bn rand claims quantum marks a steep increase from a mid-July estimate of 7bn-10bn rand.
-
Hurricane Henri is seen as a minimal event historically as the world braces for peak hurricane season, which begins on September 10.
-
Berenberg believes EUR3.5bn would be a manageable loss for the insurer and estimates that it would be earned back in well under a year, but a EUR6.8bn loss would be more challenging.
-
The group’s CEO Jörg Asmussen made the comments in Berlin on Wednesday.
-
The second-largest fire in California’s history has so far affected mostly woodland areas.
-
The earthquake that hit the island’s southwest peninsula on 14 August is estimated to have caused $1.7bn of total losses, according to the firm’s Caribbean earthquake reference model.
-
The carrier said flooding in the country would have an impact of EUR55mn on its net results.
-
Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.
-
Winds and high temperatures point to potential further growth of the blaze.
-
The fire is the second largest in California’s history behind the August Complex Fire last year.
-
Provinzial announced a EUR761.3mn loss, while Deutsche Rück’s costs could stretch to EUR230mn.
-
Hannover Re has estimated that the floods could end up costing the industry as much as EUR7.5bn.
-
The group has made its third revision to the catastrophic shipping loss, after initially pegging the loss at just $115mn.
-
The insurer said that the benefits of scale from large vessels may soon be outweighed by the risks of disruption they pose.
-
Reinsurers using Europe primarily as a diversifier to counter risk in peak cat zones are increasingly faced with significant loss events on the continent.
-
The modeller said repairs to infrastructure could run into months.
-
The national insurance association has added Bavaria and Saxony to its tally.
-
The German insurance association called the low-pressure system Bernd ‘one of the most devastating in recent history’.
-
The insurer’s better-than-assumed cat loss in Q2 followed on from it burning through 48% of its aggregate cat reinsurance deductible in Q1.
-
The ratings agency said the floods would be an earnings event rather than capital event.
-
The severe flooding has the potential to change the outcome of 2022 renewals after muted European cat rate increases this year.
-
Sources estimated the settlement would have had to exceed $200mn to hit the lower layers of the tower.
-
The fact the Games are going ahead means a worst-case $2.5bn loss has been averted, the ratings agency said.
-
The storm was the earliest named E storm, forming nearly six weeks earlier than average.
-
The loss was subject to claims inflation due to building supply and labour challenges.
-
A spell of tornadoes, rain and hailstorms across the continent drove the loss activity.
-
The Mexican state oil company has been a source of major claims in the past.
-
There has been an uptick of event cancellation business flowing from the US, which is attracting rate rises of around 50%.
-
Miami-Dade Circuit Judge Michael Hanzman warned of an "allocation issue" between those who have lost loved ones, and those "lucky enough" to have only lost property.
-
Despite the quake, 2021 has been a benign year for cats so far, the data compiler said.
-
The fairly late notification and the size of the claim have prompted some to question whether further substantial Uri claims could be in the pipeline.
-
Sources raised concerns about a consistent trend in claims inflation and the long-term prospects of profitability.
-
The figure was significantly down on the prior month’s $544mn, and also came in 39% below the year-ago loss tally.
-
It estimated that 2021 natural peril claims would be significantly more than its allowance.
-
There have already been 6,500 claims from the flooding but it is too early to assess the cost of damage.
-
Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
-
Plus the implications of the X-Press Pearl sinking and all the top news from this week.
-
A bulletin from Hampden shows Names-backed syndicates had estimated a 1.7% hit to 2020 and a 1% hit to 2021.
-
The sinking of the vessel will cause claims across the P&I, hull and cargo markets.
-
Wreck removal, if required, would generate a separate $50mn-$100mn claims bill for the P&I market.
-
A high proportion of the more than $3.5bn economic losses caused by April severe weather will be insured, the broker said.
-
The total cost of repairs could be as much as $490mn, although the ultimate size of the claim remains unclear.
-
Most damage to private and commercial property was covered, but agriculture losses were uninsured.
-
The firm reported an industry-wide loss of $36.8bn caused by the pandemic, up from $29.5bn in Q3.
-
The initial loss figure was A$1.23bn, with a second report putting the loss at around A$1.3bn.
-
The Earthquake Commission paid eye-watering increases in the years following the events.
-
The operation was roiled a year earlier by Puerto Rico earthquake claims.
-
The February Deep Freeze has already pushed cedants to access reinsurance, adding fuel for rate rises later this year.
-
Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
-
Most of the loss comes from BI, with the remainder split between physical damage and extra expenses.
-
Property losses make up 96% of claims.
-
Around 80% of the losses are expected from the reinsurance business.
-
Analyst Philip Kett estimates US winter weather losses at $15.3bn.
-
The club says the P&I aspects of the claim were “modest”, with the exception of a disputed loss of reputation claim.
-
Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
-
States most impacted include Alabama, Mississippi, Texas, Georgia, and Tennessee.
-
The industry association reports 37,858 claims lodged so far.
-
Much of the delay caused by the blocking of the Suez Canal is likely not insured, although any claims process will be long and complex.
-
The data company describes the first quarter as benign.
-
The comparatively small line of business accounted for almost half of gross Covid-19 losses.
-
The carrier reported a combined ratio of 104.5% but said there were opportunities ahead in 2021.
-
The carrier posts a combined ratio of 112.3% and a 26% reduction in premiums.
-
MS Amlin Syndicate 2001 fell to a loss of £178.1mn ($244.9mn) for 2020 following a £136.0mn net hit from Covid-19 and a string of natural catastrophe losses.
-
Covid-19 losses accounted for 60% of the major claims, with the rest attributable to catastrophe events.
-
The event will further erode the deductible in the group’s aggregate excess of loss reinsurance programme.
-
The loss is steering more towards a personal lines event, with loss notifications leading to more optimism amongst reinsurers.
-
Containership Ever Given is lodged in the waterway, and sources said that the largest impact is expected to be felt by the P&I market.
-
The tally so far comes in far below the broker’s year-ago estimate of $80bn for a twelve-month lockdown.
-
Uncertainty reigns over the scale of the loss, but the collapse has triggered market conversations on terms and conditions, rates and reform.
-
Heavy rains have caused the worst flooding in 60 years and resulted in mass evacuations.
-
Carriers have received around 11,700 claims so far, with disruption to activity at the coal export hub of Newcastle.
-
Munich Re anticipates claims expenditure from winter storm Uri in the triple-digit-million euro range.
-
Aon has said it expects the economic cost of physical damage and business interruption caused by the polar vortex-linked cold snap to “well exceed $10bn”, in an Impact Forecasting report released on Thursday.
-
Nat cat and extreme weather claims have become more frequent and severe with hail, heavy rain and wildfires leading to significant losses.
-
The carrier has admitted to errors in select cases but stressed that its $475mn loss figure remains unchanged.
-
The breach at the service provider has the potential to generate losses on cyber programmes bought by individual airlines.
-
The four major developments of the week include:
-
Marsh is the broker for the supply chain financier, with a panel of insurers including Atradius writing a range of risks.
-
The modelling agency said it is still monitoring how factors such as demand surge and mould damage may impact claims.
-
RSA has reported £259mn ($361mn) in Covid-19 losses for 2020, as well as a reduction in premium for the year of £166mn due to the pandemic.
-
The carrier increased US-exposed reinsurance limit by EUR250mn but almost halved its group aggregate.
-
The carrier is “very optimistic” on Japanese and US renewals this year, and outlined plans for growth in various lines and regions.
-
The latest loss figure has climbed by more than $300mn in the past year as the pandemic has delayed clean-up operations.
-
The modeller said it is “likely” that the number of claims could exceed the high of Hurricane Harvey in 2017.
-
Huge uncertainty reigns over the ultimate size of the loss, the full extent of which will take months to play out.
-
The vast majority of the losses come from BI, with other losses stemming from life, travel and event cancellation.
-
ARPC said the move improves the pool’s capital strength.
-
The veteran risk modeller says claims will be driven by the combination of anomalous temperatures that are well below average in a region unprepared for such a sudden freeze.
-
The large number of “unwinterised” assets in the north of the state could lead to a slew of claims.
-
Market sources report an uptick in competition to secure accounts as clients sought optimum deals in a challenging market.
-
The nature of the event means that more losses may take time to emerge.
-
The climate forecaster claims that the underlying assumption may be faulty.
-
The EU’s chief insurance supervisor advocates adding on pandemic to existing national schemes.
-
The last loss tally was 1.7% ahead of an August 2020 estimate for the storm, which exacerbated floods caused by EUR1.57bn event Ciara.
-
A Lloyd’s report warns that increasing digitisation makes key infrastructure assets more vulnerable.
-
The organisation charts record progress in meeting its seven key principles.
-
An underwriting loss at the international segment eclipses a profitable performance from MENA personal lines.
-
No damage has been reported to the city’s nuclear power plant.
-
The loss estimate for the February 2020 event is up 3% on an August assessment.
-
The pandemic and natural disasters impacted the result by $178mn.
-
The new arrival will be based in London.
-
The reinsurance unit of the Spanish group takes a near-EUR80mn full-year hit on the pandemic.
-
Since December, double the average number of containers have been lost overboard compared to an average whole year.
-
Event definitions were also tightened at renewals, the broker said.
-
The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
-
Insurers already face A$40mn in claims, a level set to rise and potentially affect reinsurance.
-
The carrier has set aside $13mn to pay coronavirus claims at its international unit.
-
Of the largest insured losses from single events last year, the top eight occurred in the US.
-
Proposed changes intend to improve efficiency of the scheme and increase uptake of flood cover.
-
The analyst predicts the insurance sector could experience its best performance in nearly a decade.
-
The event was the third Australian hailstorm event of 2020 reported by the data aggregator.
-
Cyber risk management platform CybSafe has raised £5.6mn ($7.9mn) in a Series A1 funding round.
-
The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
-
Hurricanes Laura, Delta and Zeta made landfall in the state during a record-breaking hurricane season.
-
Last year’s season was “unprecedented” in terms of frequency, but not in terms of severity.
-
The hire reflects Ascot’s push to build capabilities on the island.
-
The organisation will also undergo a strategic review to reassess member support as they work remotely.
-
Chubb and Crum & Forster are among the markets requiring further underwriting checks and introducing exclusions.
-
The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.
-
Freezing conditions could follow flooding in England and Wales.
-
US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
-
Storms tore through four states in January last year with hailstones up to 6cm in size.
-
Contractor negligence and poor vegetation management are also increasing sources of claims.
-
Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
-
The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
-
The carrier still expects net losses from Covid-19 to cost about £62mn.
-
Plus a mixed week for Lloyd’s, the asbestos potential of Covid-19 claims and a round-up of our most-read stories from the week.
-
Losses are “within expected tolerance levels”.
-
The mixed ruling delivered by the High Court meant insurers escaped from worst-case loss scenarios.
-
The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
-
The ILS market expanded by $1bn in Q3 but still shrank by 4% over the first nine months of 2020 to $92bn.
-
The claims manager has also held senior roles at Navigators and Chubb.
-
The carrier lifts its net catastrophe allowance by about 25% to $685mn as it reports more favourable renewal terms than it had expected.
-
The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
-
The flood insurer cut just under $200mn of limit from its renewal, enabling it to pare back its outlay, although nominal programme-wide rates rose 13%.
-
A total of 24 million hectares of land was burnt in the worst bushfire season on record.
-
Combined insurance losses for these events total $7.1bn, representing a “benign year” for large non-US losses, the company said.
-
Rumours of the cause of the incident have been circulating for months in the marine insurance market.
-
AmWins also highlighted the continued availability of “cheap” excess capacity from London cyber MGAs.
-
The consultancy said losses were expected to keep mounting following Q4 disclosures.
-
Losses were relatively evenly divided between the two events.
-
California blazes including the Glass Fire have driven up the estimate considerably since September.
-
Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
-
The return to the office and perceived slow business recovery could also lead to claims.
-
The majority of losses occurred in the western Turkish city of Izmir and the rest of Izmir province.
-
This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.
-
The regulator says it wants a clear position on the issue as soon as possible after the Supreme Court ruling on the BI test case.
-
Aon’s Impact Forecasting put total insured losses across various events including Hurricane Eta at $1.2bn or more.
-
Both storms had landed in the country as category 4 storms within a two-week period.
-
The court finds no “justifiable doubts” around the arbitrator’s impartiality after the US oilfield services company alleged bias.
-
The insurance regulator suggests Solvency II reforms should include a provision to ban shareholder handouts in times of crisis.
-
The event is the most costly wildfire loss to hit New Zealand in recent times.
-
The pact over Canterbury earthquake payouts stretching back almost a decade will generate a NZ$9.5mn write-off for the carrier.
-
The insurer was ordered to pay out for policies by the Western Cape High Court earlier this week.
-
The carrier cut back net written premiums in its overseas operations by 12.3% following restructuring at MS Amlin.
-
The insurer said that stripping out the effects of Covid-19 from counterfactuals would over-indemnify policyholders.
-
The latest annual estimate was 4% higher than in 2019 and up 11% since 2018.
-
Its present track would see Iota become the third tropical storm to land in Nicaragua this month.
-
The broker says ample free reserves are available to defer premium rises.
-
Purchasing the analytics firm will help Willis meet growing demand for climate change services.
-
The storm struck a state park area around 135 miles north of Tampa.
-
Over 10,000 structures have been destroyed in California alone, Aon said.
-
The business segment, which includes HDI Global Specialty, has already exceeded its full-year large loss budget.
-
The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
-
The storm battered Central America as a hurricane last week, causing widespread damage and at least 57 deaths.
-
Forecasters warned that the storm’s course remains relatively uncertain at this stage.
-
The carrier is approaching the halfway point of its A$950mn natural hazard allowance, four months into its financial year, and has eroded up to 63% of its aggregate reinsurance deductible.
-
CFO Bouas-Laurent reassures analysts that the cash injection will not harm solvency.
-
The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
-
Further cat losses could be covered under activated aggregate reinsurance deals protecting IAG and QBE.
-
The carrier reported overall rate increases of 18% in the London market in the first nine months of the year, with reinsurance up 12%.
-
Pandemic losses inflate the quarterly combined ratio by 10.1 points.
-
The USGS has forecast a 28% chance of economic losses exceeding $100mn.
-
The storm is forecast to bring heavy rainfall and possible flash flooding when it arrives in the US early on Wednesday morning local time.
-
The service provides a higher level take on ex-US loss data than the Perils index
-
Some reinsurers pulled quotes as the shock waves of ~$650mn of creep reverberated.
-
Around 95% of the loss was property damage, mainly residential.
-
The reinsurance CEO says Swiss Re will cut back its US casualty share.
-
Including offshore losses of up to $1.5bn, the firm's total loss estimate ranges from $0.8bn-$1.5bn.
-
Axis, RenRe, Arch and Everest Re trade roughly in line with the S&P 500.
-
The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
-
The ratings agency says the storm’s track compares with that of Hurricane Rita in 2005.
-
The broker also says recent flooding in India has caused $6bn of damage.
-
The new estimate sits in the middle of the range, following previous figures given by modellers
-
The storm hit near Puerto Morelos, between the larger resorts of Cancun and Playa del Carmen.
-
The storm is equivalent to a Category 1 hurricane.
-
The Allianz unit says the experience of the Sars epidemic suggests general liability claims are likely to remain benign.
-
The 25th named storm of the year may become the 10th named storm to impact the US this year.
-
The case started in Sydney today, with the Insurance Council of Australia arguing that the intention of pandemic exclusions in commercial property policies is clear.
-
The president and CEO urges wordings precision to avoid cyber-related litigation.
-
The Glass Fire has destroyed the Chateau Boswell winery to the north of St Helena, California, CNN reported.
-
A group of 12 insurers have volunteered not to factor in the grants in any claims.
-
All three fires are prompting evacuation orders in Napa and Sonoma counties.
-
The National Flood Insurance Program is expected to take $400mn-$800mn of losses.
-
The carrier had topped up its cover earlier this month after Laura triggered recoveries.
-
Speaking on Tuesday, John Neal reiterated the market’s commitment to customers in the Americas.
-
The NHC expects “significant flash and urban flooding” to continue.
-
The estimate excludes NFIP losses, offshore assets, and the potential impact of Covid-19.
-
Analyst Philip Kett says consensus opinion has yet to wake up to mounting claims from smaller wind and rain events.
-
The storm is churning at Category 4 strength in the Atlantic and could impact Bermuda after Paulette's recent strike on the island.
-
Analyst Philip Kett says casualty reserves could prove inadequate as class actions continue.
-
The ratings agency says 2020 is already the third-highest year for California wildfire insured losses.
-
Severe convective storms account for almost 60% of insured losses, the company said.
-
The National Hurricane Center is warning of “historic, life-threatening” flash flooding.
-
The insurer could have total gross losses of more than EUR500mn, according to a French publication.
-
Reinsurance recoveries and a drop in overall claims will offset the BI loss hike.
-
Meanwhile, in neighboring California, the largest wildfire, the August Complex, has burnt 755,603 acres of land.
-
The storm has not intensified as much as feared, but hurricane warnings remain in effect for New Orleans.
-
The US National Weather Service issued a critical fire weather warning for parts of Idaho, Montana, California, Nevada and Oregon on Monday.
-
The NHC has put a hurricane warning in place for Lake Maurepas including the city suburbs.
-
Wind and hail-related property damage is expected to be covered, but a “sizable portion” of crop losses may not be.
-
In California, the August Complex in Tehama County has become the largest wildfire in the state’s history.
-
Retro drawback and concerns over performance in some lines will temper some expansion, say execs.
-
Still some way off Category 1 intensity, Paulette is expected to reach the Leeward Islands on Thursday night.
-
The bulk of the payout – $7.2mn – relates to excess rainfall cover.
-
The typhoon was far less destructive than early forecasts suggested, according to claims-adjusting firm Sedgwick.
-
The ratings agency says reinsurance resilience is “starting to crack”.
-
The figure tops the 2018 high and comes ahead of the peak fire period.
-
The carrier will also take low triple-digit-million euro hit from Laura, Hanna and Isaias.
-
A New South Wales Supreme Court judge gives the go-ahead for the hearing to start on 2 October.
-
Typhoon follows similar track to Maysak, which made landfall in Busan yesterday.
-
An “excessive heat watch” is in effect for coastal, inland and foothill regions, Cal Fire has warned.
-
The National Hurricane Center has warned of storm surge and hurricane conditions in the country.
-
Typhoon Haishen is following in the wake of the storm, and is currently forecast to approach South Korea at Cat 4 strength
-
The storm, which is heading for Belize, is also expected to bring “dangerous” surges, according to the NHC.
-
Louisiana will account for the brunt of insured losses from the Category 4 hurricane, which made landfall last month.
-
The storm is forecast to make landfall in the Korean peninsula within 36 hours.
-
The February flooding took total UK winter losses to £775mn.
-
The Farm Bureau programmes feature strong Lloyd's participation, while depop carriers are ones to watch.
-
Cal Fire says the SCU blaze in southern California is also 60% contained.
-
Stinging energy losses could be added to a slew of painful marine and aviation losses in August.
-
The storm produced a storm surge less severe than feared and has now been downgraded to a tropical depression.
-
Storm surge losses are expected to remain under $500mn.
-
The state insurer of last resort buys cover from a much lower-attaching level than its Texas peer.
-
The ratings agency predicts a potential retreat of certain E&S carriers.
-
The ratings agency says lockdown measures could pump up the repair bill.
-
Over 83% of bushfire claims are closed, the ICA said.
-
Insured losses from past storms in Laura's vicinity range from $13bn to $24bn, inflation-adjusted.
-
UBS predicts eventual losses towards $60bn, while Berenberg notes potential for a "positive surprise".
-
Buyers are looking to protect against a mid-sized loss, although trades are not believed to have taken place yet.
-
The Corporation has hired Carey Bond to the newly created role as part of its Future at Lloyd’s focus on claims.
-
The storm is due to impact the west coast on Thursday after hitting southern island Jeju today.
-
The research firm puts average Covid-19 losses as a percent of net earned premium at 4.4% in the first half.
-
The firm's managing director says pandemic losses appear to pose no existential threat to the sector.
-
Thousands have been forced to evacuate across northern and central California.
-
The now tropical storm is expected to move further out into the Pacific and become a tropical depression by tomorrow.
-
If Hurricane Katrina were to hit the US in 2020 privately insured losses could reach $65bn, up from $41bn 15 years ago.
-
There are now 26 active incidents across the state due to heatwave conditions and sustained winds.
-
The country’s economy minister predicts the 2,500 claims received so far could quadruple to 10,000.
-
A fire tornado is formed when rising heat combines with turbulent wind conditions, creating towers of flame and ash.
-
The February storm was the 13th notable event in a very active European windstorm season.
-
The case is being heard on an expedited basis, with policies from Hollard and HDI Global Specialty used as exemplars.
-
The updated total of A$958mn ($675mn) includes additional property and motor damages.
-
HDI Global Specialty drives premium growth in the division.
-
Losses from severe convective storms in the US were the highest since the first half of 2011.
-
The bill from the February storm, which hit Germany the hardest, was previously estimated at EUR1.55bn.
-
Loss estimates outstrip early expectations.
-
The broker highlights industrial and commercial buildings as the likely source of international property market exposure.
-
Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
-
The meteorological service has lifted its hurricane estimate from six to 10 to seven to 11.
-
Satellite imagery from the damaged port suggests that several ships including CMA CGM Lyra escaped with minor damage.
-
The company confirmed it had bought $500mn of additional catastrophe aggregate.
-
The estimated containment date for the fire is 17 August, according to the US Forest Service.
-
The NHC has warned of heavy rainfall, storm surges and flooding as the storm moves northeast.
-
Parts of South and North Carolina are under hurricane warning but the storm is expected to bypass the city of Charleston.
-
Financial hub Shanghai has been placed on yellow alert.
-
The blaze started on Friday and had spread to over 20,000 acres by Monday morning.
-
The utility spent 13% more to secure its insurance but cut back third-party cover to $870mn.
-
The estimate includes privately insured wind and storm surge damage to homes, commercial properties and cars, but not NFIP losses.
-
The Qatar-based group reported a loss of about $54.5mn as the underwriting performance of its international carriers deteriorated.
-
The storm remained offshore but lashed Kauai with rain.
-
Rainfall in some areas could lead to flooding and landslides.
-
After rapid intensification ahead of landfall, Hanna hit southern Texas as a Category 1 hurricane.
-
Barbados and St Vincent are under hurricane watch from Gonzalo while Tropical Storm Hanna will bring heavy rain to parts of the Texas coast.
-
Barbados is on a hurricane watch.
-
Six-month figures beat long-term average of $20bn with North American natural disasters driving the majority of the losses.
-
Over 200 nat cat events occurred in H1 2020, topping the 20-year average.
-
Analysts estimate that Lancashire, Allianz, Hannover Re and Scor will book an underwriting profit for the first half.
-
Motor accounts for 47% of the industry’s total bill, while property claims rise sharply from earlier estimates.
-
The new claims chief has over three decades’ experience and has worked at TMK since 2012.
-
There has been a spate of claims in the cannabis insurance market after riots and looting broke out in many US cities earlier this month, according to broking sources.
-
Pacific Gas and Electric Company (PG&E) has received approval from the California bankruptcy court for an $11bn settlement with insurers related to wildfire losses in 2017 and 2018.
-
Insured losses for 2020 could make it the largest year for claims in history, according to Guy Carpenter, with losses totalling $160bn in the broker’s worst-case scenario.
-
A $49mn marine liability policy held by supply ship operator Rodi Marine is expected to be one of the first in the market to receive a Covid-19-related claim.
-
The directors’ and officers’ (D&O) insurance market is bracing for a total loss of around $600mn for claims against American-Israeli drug manufacturer Teva Pharmaceuticals.
-
The loss from a March explosion at a South Korean petrochemical plant has expanded from about $200mn to around $600mn after business interruption (BI) claims pushed up the initial loss estimate.
-
The Hiscox Action Group (HAG) has been given permission to take part in the Financial Conduct Authority (FCA)’s test case on Covid-19 business interruption (BI) claims.
-
Insurance lawyers are anticipating a massive surge in PTSD-related claims in the aftermath of the Covid-19 outbreak, amid a wider uptick in liability claims triggered by the pandemic.
-
Several US states were hit by tornadoes, heavy rainfall and large hail in July.
-
Bushfire losses make up just over 40 percent of the total claims bill.
-
US cat events in June resulted in some 250,000 insurance claims being filed and four deaths.
-
The estimate is in line with Argo's earlier projection and will likely precede additional announcements from the sector in the coming weeks.
-
The Chikugo River on the island of Kyushu is one of many to have broken its banks.
-
The Japanese Meteorological Society expects heavy rain to move north towards Tokyo.
-
The estimate marks a 19 percent deterioration on a February forecast.
-
There is only ‘limited validity’ in comparing the Covid-19 losses to those experienced in 2001, the report said.
-
Codes were also generated for a number of natural hazards.
-
Outgoing All England Club CEO Richard Lewis says it would be “impossible” to get cover for next year.
-
Marijuana dispensaries in cities including Chicago, Philadelphia, Boston and Los Angeles were among the targets.
-
The cover, which is stable from 2019, was brokered by Aon.
-
Four severe weather events in Texas and the Midwest generate about 80 percent of the claims.
-
CEO Mac Armstrong has also been elevated to the role of chairman.
-
A $300mn Dell loss is among the drivers strengthening underwriters’ resolve.
-
High Atlantic sea surface temperature is one driver of the forecast.
-
The regulator’s interim chief says 90 percent of cover is for basic property damage.
-
The estimate for the third named storm of the season covers privately insured wind and storm surge damage.
-
US convective storm losses have already topped $13bn for the year.
-
The storm currently has wind speeds of 34mph and these could strengthen to 40mph.
-
Surge warnings are in place, with the tropical storm forecast to move across Arkansas and Missouri.
-
Similar government schemes have been launched in the UK, Germany and France.
-
Cristobal could impact the Gulf Coast as a tropical storm late on Sunday.
-
CEO Buberl says the carrier has struck deals with 200 customers but will appeal a ruling about a Parisian restaurant payout.
-
The litigants warn the regulator’s case could delay a final decision by months.
-
The regulator sets out the process agreed with eight insurers.
-
The late July High Court hearing will also involve Arch, Argenta and QBE.
-
The carrier says the response and recovery after events could be hampered by Covid-19.
-
The losses have surpassed $10bn for the past 13 years.
-
Director general Huw Evans said some £900mn would go to businesses and £275mn to travel insurance.
-
Bushfires to cost an estimated A$2.3bn
-
Law firm Edwin Coe rallies more policyholders seeking claims for BI losses.
-
Carrier notes property policy BI does not usually Covid-19.
-
Dow Chemical says there have been “no reported product releases” and no injuries.
-
Company management is prepared to lose local court battles but believes it will win appeals, analyst Larry Greenberg noted.
-
The agency expects between three and six major hurricanes to hit the Atlantic Basin this year.
-
More than half the losses came from two major wind and hail storms.
-
Policyholders will have a grace period of up to 120 days before coverage lapses.
-
Flood water is commingling with Dow Chemical reservoirs, according to media reports.
-
The decision comes after a review of more than 500 policies by law firm Mishcon de Reya.
-
The Japanese parent predicts a Covid-19-related drop in fiscal 2021 earnings.
-
The weaker international result was driven by deteriorating loss ratios and reserve strengthening in North America.
-
The first named storm of the year skimmed the North Carolina coast yesterday, 11 days ahead of the official start of hurricane season.
-
Analyst Michael Huttner predicts that rising rates could allow Zurich to recover pandemic losses in just a year.
-
The policyholders’ law firm may draw on the Enterprise Act to seek redress for the late payment of claims.
-
Hiscox policyholders’ law firm Mishcon de Reya urges insureds to continue to pursue their own claims.
-
Analyst Michael Huttner forecasts lower pandemic-related losses for the Axa unit than for Allianz.
-
Declines in GDP could affect the flow of business into the market.
-
The carrier says more than 99 percent of property policies have virus or similar exclusions.
-
Insurers say the policy at issue has a $15mn sub-limit for windstorm damage.
-
The broker’s catastrophe report suggests 6 to 9 April events alone could cost the industry about $1.4bn.
-
The results were impacted by an unrealised investment loss of $612.6mn.
-
The “pragmatic" move is contingent on the gastronomy companies involved agreeing to exclusions on existing policies.
-
The insurer added $121mn to its catastrophe treaty, covering it for up to $5bn of losses.
-
The earthquake insurer has also recruited Bill Bold as chief strategy officer.
-
The country was hit by devastating wildfires and hailstorms in December and January.
-
The carrier has $1.3bn of public reinsurance cover remaining.
-
The estimate excludes losses from Lloyd’s and the London market.
-
The carrier underwrites the policy on behalf of Gallagher and has around 2,000 customers.
-
BI and credit and surety claims are forecast to be the main drivers.
-
The Night Time Industries Association becomes the third business group to fight the carrier over denied claims.
-
In an earlier-than-expected trading update, Beazley estimates net $170mn exposure to the pandemic, excluding liability lines.
-
In an earlier-than-scheduled Q1 trading update Beazley says premiums rose 13 percent, while rates climbed 8 percent.
-
The storms will be the fifth such event to create insured losses of more than $1bn in the US so far this year, the broker says.
-
Stress testing put 2020 North Atlantic hurricane exposure at $6.4bn and credit default losses at $2.4bn.
-
Ricardo Lara says certain carriers had tried to dissuade policyholders from filing claims.
-
Shares in peers Lancashire and Beazley also registered losses during trading.
-
Former Axa UK and Ireland chief Amanda Blanc will lead the work.
-
It will also bolster its catastrophe reinsurance programme to reduce peak exposures.
-
The twisters followed storms in March that caused an estimated $2bn in insured losses.
-
The ratings agency discussed impacts from the pandemic and noted that it is still awaiting responses to a “stress test” questionnaire.
-
Twisters included those that struck Nashville and Jonesboro last month.
-
The storm forecasting and tracking firm predicts up to three intense hurricanes in the June-to-November period.
-
The total is up from a December forecast of $56bn.
-
Iwan Ropcke will lead Netherlands and Belgium, with Guy-Antoine de La Rochefoucauld taking on Luxembourg.
-
The All England Club decided to take out pandemic cover after the 2003 Sars outbreak.
-
As the Covid-19 crisis continues to deepen, this week signs of strain became increasingly evident in certain lines of business.
-
Philip Kett said Axa’s likely loss for the outright cancellation of the games would be EUR60mn.
-
Director general Huw Evans says UK claims are likely to exceed £1bn.
-
Some 4800 properties were damaged in the largest UK flood event since December 2015.
-
Underwriters have been instructed to attach the label CORO to claims from the pandemic.
-
Strong investment returns allowed the business to post a $165mn profit for the year.
-
The syndicate narrowed its underwriting loss year on year with a combined ratio of 110 percent.
-
Some programmes also renewed with Covid-19 exclusions.
-
The order also forbids insurers operating in the state from charging fees for late payment.
-
Reinsurers secured rate rises of 35-55 percent on wind exposures, with quake effectively flat.
-
The initial estimate represents the third largest industry loss for an east coast low pressure event.
-
Local authorities noted the casualties would have likely been worse if not for business closures due to Covid-19.
-
The majority of losses are thought to stem from the UK, Germany and Belgium.
-
Plummeting passenger volumes will directly affect premiums collected by insurers.
-
The February event is set to generate the largest European windstorm loss since Friederike/David in January 2018.
-
Japanese Prime Minister Shinzo Abe concedes that the event may be delayed.
-
The rating agency notes that the majority of BI policies would not cover coronavirus losses.
-
The earthquake specialists says it’s exposed in 586 insured locations.
-
The epicentre of the quake was in Magna, a suburb of Salt Lake City.
-
Global healthcare claims leader Steven Chang becomes global head of complex claims.
-
Clubs could be hit by passenger liability claims as well as crew repatriation and operator expenses.
-
Despite large Q4 cat losses, the P&C normalised combined ratio improved year on year.
-
The carrier passes on about 36 percent of a total of EUR1.5bn in large claims to reinsurers.
-
European windstorm Ciara was the most expensive event of the month.
-
A total of 82,000 claims have been made, with the cost of flooded homes accounting for the largest loss.
-
The loss aggregator lifts the tally by EUR10mn from its previous prediction.
-
APRA chairman Wayne Byres tells lawmakers carriers remain sufficiently capitalised to respond to new events.
-
The company also added 5.5 percent, to its Hurricane Michael losses, taking the total to $479mn
-
The storms killed 22 people across the state and levelled at least 140 buildings, according to reports.
-
Reinsurance chief Jeworrek diverges from rivals, citing limited typhoon activity based on a 30-year view.
-
Losses at StarStone narrowed as the carrier cut premiums while Atrium profits were up 90 percent.
-
The utility firm also contributed $61mn to a fund to compensate wildfire victims.
-
The analyst said claims development in the sector usually takes three to five years.
-
The deal boosts Fema’s total reinsurance cover to $2.53bn.
-
The Florida carrier makes no reserve strengthening in the final quarter after responding to Irma loss creep in the July to September period.
-
The carrier said claims would be partially offset by favourable prior year development.
-
The resort’s owner said it had settled its dispute with XL, Lloyd’s underwriters and US Fire over a Hurricane Irma claim.
-
The troubled commercial specialty unit reports strong renewals price growth but a $647mn full-year loss.
-
The carrier said the charge mainly stems from non-core business, including $5.5mn from commercial general liability.
-
Projected losses for major local insurers are expected to be below reinsurance retentions, but could rise, with flood warnings still in place.
-
The industry association says the vast majority of losses come from property.
-
Ciara and Dennis may turn out to be the most significant European windstorm losses since 2018.
-
Carriers led by Axa XL are accused of “not acting in good faith” and acting “miserly”.
-
The forecast broadly aligns with estimates from rival modelling company AIR.
-
The firm returns to the black at underwriting level with a combined ratio of 95.8 percent.
-
Group profits slip back due to cat loss reserve strengthening.
-
Most claims emanate from Germany, France and the UK.
-
Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.
-
Natural catastrophe losses halve to $411mn, while the carrier releases reserves at the GI division.
-
Chilean riot losses of about EUR20mn and almost EUR107mn in Japanese typhoon claims weigh on the final months of the year.
-
The marine insurance union predicts coronavirus will be “small black swan event”.
-
The Abu Dhabi Investment Authority becomes a new shareholder in the company via the fundraise.
-
Firms open negotiations with talk of double-digit increases after Hagibis, Faxai and Jebi creep.
-
The Lloyd’s chairman predicts the virus will be a “reasonably underinsured” event.
-
Bushfires losses still dwarf claims from the other five major events to afflict Australia since October.
-
The events a year ago generated the highest Australian flood claims in eight years.
-
The P&I club called a general increase in October in response to losses.
-
The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
-
Cumulative ceded incurred losses under the ADC with Nico are now $640mn
-
A fire to the southwest of the Australian capital is “out of control” and over 21,500 hectares in size.
-
The Bermuda carrier predicts full-year net profit of about $1bn, in line with forecasts.
-
Claims made from the 2017 hurricane in December impact its 2017 portfolio.
-
The ICA will also meet Townsville residents whose flood claims remain open.
-
The carrier predicts fiscal first-half reserve releases equivalent to 1.3 percent of NEP.
-
The carrier said hailstorm losses would be high enough to meet the trigger on its treaty cover.
-
The broker estimates Hagibis losses at $8bn and Faxai claims at $7bn.
-
The fast-escalating claims costs come as insurers contend with hefty bushfire losses.
-
The carrier expects to book a Q4 P&C loss ratio of between 134 percent and 148 percent.
-
The broker’s estimate is more than a third higher than Munich Re's $52bn insured loss tally.
-
The Insurance Council of Australia has tracked A$407mn ($279mn) of claims from the storms, which may impact aggregate reinsurance covers.
-
More claims are expected to be lodged by homeowners as they inspect damage this week.
-
Only FI, international property fac, marine and cat reinsurance teams are still writing.
-
No loss was large enough to breach the per-occurrence limits of the carrier’s reinsurance treaties.
-
The carrier’s CFO pledges tighter risk selection following December’s profit warning, but no major pullbacks.
-
Wildfires, tornadoes and civil unrest in Hong Kong and Chile contributed to losses.
-
The lagging loss tally has risen 35 percent in the past week.
-
A 6.4-magnitude earthquake last Tuesday triggered widespread blackouts on the crisis-battered island.
-
Bushfire losses mount, and as does the likelihood that other Lloyd's businesses will follow Neon into run-off.
-
The insured loss total is more than one third down on the 2018 tally of $80bn.
-
Heavy insured losses are unlikely because of scant earthquake coverage in the region, according to Fitch.
-
The equity research group says international P&C losses look likely to exceed earlier expectations.
-
A round-up of reinsurance renewals news plus the best of the rest from the past seven days.
-
The carrier’s quota-share reduces the cost of the first event to about $118mn, unchanged in Australian dollar terms from last year.
-
NSW has declared a state of emergency, with conditions expected to deteriorate.
-
Thousands are trapped on beaches in Victoria and New South Wales.
-
The trade association’s claims tally for Faxai reaches $3.05bn.
-
Pressure grows on firefighters after a brief cool period over Christmas.
-
A total of 873 homes have been destroyed this fire season, with an additional 100 likely destroyed since last Thursday.
-
Net catastrophe exposure assumed by cedants fell by 14.8 percent year on year.
-
Up to a third of the vineyards around the South Australian capital Adelaide have also been scorched.
-
There are now over 1 million homes in fire-hit areas protected against non-renewal.
-
The local insurance association has revised up its estimate of the disaster costs by 11 percent since 6 December.
-
The cat loss data firm increases property damage figure in final estimate.
-
The measure will now go to the White House to be signed into law.
-
Losses arise from four events plus reserve re-estimates.
-
The move will release funds to insurers and subrogation rights holders, transferring losses from the Camp Fire and other 2017 events to the utility.
-
The 2019 combined ratio is expected to be above the targeted upper limit of 96.5 percent.
-
The measure will mark the 14th short-term extension for the program since October 2017.
-
Modest gains follow a broadly flat European cat treaty market for 1 January.
-
Natural catastrophe, financial and geopolitical events still pose the biggest global threat.
-
Over 20 houses have been destroyed as around 120 bush and grass fires burn across New South Wales.
-
The parent of Philadelphia Energy Solutions will receive an additional $15mn upfront for damage from a refinery fire.
-
Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
-
The Texas Windstorm Insurance Association also increased its ultimate loss figure for Hurricane Harvey to $1.7bn.
-
The issues lag the size of expiring ILS cover for both carriers.
-
The deal will facilitate the payment of subrogation claims to insurers.
-
NDF Deutschland will work in tandem with a parallel UK-backed vehicle to mitigate developing world nat cat and climate change risk.
-
More than 2,000 firefighters are battling fires across the state after the driest spring on record.
-
The incident has prompted the filing of lawsuits over allegations that people were exposed to high levels of Butadiene.
-
The payout would remove a major obstacle to the settlement of $11bn in insurance subrogation claims.
-
Loss deterioration, interest rates and capacity reduction lend weight to reinsurers’ case for rate rises.
-
CFO John Dacey says the new alternative capital partners unit will enhance its flexibility.
-
The country's ministry of finance has agreed a deal with 56 insurers to insure public buildings against natural disasters.
-
The costliest event, Typhoon Hagibis, will generate a near-$60mn hit across two classes of shares.
-
About 60 percent of the loss stemmed from one weather event in Texas.
-
Ricardo Lara urged insurers to be flexible over deadlines for loss notification and the submission of documents.
-
Mitsui Sumitomo estimated its Hagibis hit at $2bn while Sompo said it had recovered almost $1bn from reinsurers this year.
-
The Japanese parent cuts its full-year overseas profit projection due to large losses within the Bermuda subsidiary.
-
The ICA estimates $75mn of claims to date from the Queensland and New South Wales bush fires, with another $27mn of claims from yesterday’s hailstorms.
-
The initial estimate may increase, with more rain due in the coming days.
-
Around 150 fires are blazing in Queensland and New South Wales.
-
Casualty rates and T&Cs should improve for 24-36 months, the executive said.
-
IAG's aggregate reinsurance contracts will be a major area of exposure.
-
Canaccord Genuity now expects Beazley’s earnings to be 25 percent lower than its previous forecast this year.
-
More analysis of the system is needed to protect policyholders.
-
New South Wales and Queensland declare states of emergency.
-
Speaking on an analyst call CFO Christoph Jurecka said that the reinsurer had been revising its US casualty books since 2017.
-
Nine-month revenues were up 11 percent year on year, driven by growth in P&C insurance.
-
Analyst Philip Kett said carriers had become less conservative about booking incurred claims.
-
Citi and RBC see ample room in the full-year cat budget for Hagibis claims.
-
Losses from natural catastrophes and Thomas Cook push the carrier into an underwriting loss within the P&C reinsurance unit.
-
A benign period for cats, sustained by improved investment income and a doubling of non-insurance revenue, helped the company boost operating earnings
-
Other Californian blazes include the recently ignited Ranch Fire in the north of the state.
-
President Trump blames the Californian governor for the destruction and threatens to cut federal funding.
-
Brit cut premiums by 2.5 percent compared to the prior-year quarter.
-
The data company will provide information on losses of $190mn or more from earthquake, flood and extratropical cyclones in the country.
-
RenaissanceRe earlier said it expects industry claims from the typhoon to hit $15bn.
-
The two Florida-based insurers have continued to suffer increased losses from prior year events such as Hurricanes Irma and Michael.
-
All new cat losses incurred during the quarter were retained by the carrier.
-
Higher non-catastrophe claims stemming from the firm’s Global Risks portfolio were blamed for an 18 percent decline in the reinsurance unit’s nine-month earnings.
-
Kincade Fire containment doubled overnight, with the Tick Fire now 94 percent contained.
-
The carrier also disclosed an estimate of pre-tax catastrophe losses for the third quarter of $19mn.
-
The two fires threaten more than 100,000 structures, with the Southern California fire affecting prosperous suburbs of Los Angeles.
-
The result would represent the third annual underwriting loss for the club.
-
The Insurance Council of Texas has estimated the industry‘s exposure to this week’s tornadoes will total $2bn.
-
The New York-headquartered carrier’s third quarter results suffered $33mn of pre-tax losses from Hurricane Dorian.
-
Fourth-quarter cat exposure significantly reduced by potential for recoveries.
-
The Hannover Re executive predicts stronger rate growth in the US.
-
Unprecedented rainfall could mean worse losses than 2018’s Jebi.
-
Rate rises continue to accelerate, with business insurance rate growth up from 3.6% to 4.3%.
-
The tropical storm is moving northeast along the east coast, whereas Bualoi is predicted to veer northeast away from Japan.
-
Climate change to significantly increase wildfire risk in Europe, says carrier.
-
There are questions on whether the four European reinsurers will continue to expand their top line as conditions improve
-
Neoguri and the stronger Bualoi look set to pass to the east of Japan.
-
There is little expectation that reinsurers will be able to push European cat pricing at 1.1.
-
Two-third of California carriers, including Farmers, Travelers, and State Farm, have agreed to the extension relating to the 2017 blazes.
-
The ratings agency says recent cat events could breach the carriers’ loss budgets.
-
The losses relate largely to Hurricane Dorian and tropical storms Barry and Imelda.
-
AIG is likely to have exhausted its $550mn Japanese reinsurance cover after typhoons Faxai and Hagibis.
-
The losses are not expected to trigger the carrier’s reinsurance cover.
-
The reinsurer expects to take a $100mn charge from Faxai and assume $55mn of Dorian liabilities.
-
Dorian is estimated to have caused $160mn in claims for NYSE-listed (re)insurer.
-
Shares in the Japanese big three carriers all rise as trading resumes after a public holiday.
-
The fire had damaged or destroyed almost 40 structures as of yesterday.
-
Carriers have so far paid out for $6.7bn of losses from the natural disaster.
-
Two Rugby World Cup matches have also been cancelled as the typhoon remains forecast to make landfall as Category 3 storm.
-
The Bermudian’s estimated loss range follows a similar disclosure by Arch earlier this week.
-
The Rappville bushfires have damaged dozens of homes and burned nearly 100,000 hectares of land.
-
This year is “firmly on track” to become one of the costliest loss years in aviation history, according to the broker.
-
A High Court judge rules that the owner was behind a fire that destroyed the vessel in 2011.
-
The carrier said the claims stemmed largely from hurricane Dorian and typhoon Faxai.
-
A proportion of the US cat portfolio written by Thomas Haegin’s Zurich team will transfer from 1.1.
-
Insurers are facing up to a total loss on MGM Resorts’ $751mn tower after the hotel and casino company agreed an $800mn settlement with survivors.
-
The Category 1 hurricane is to pass to the west of the Azores before weakening and moving northeast.
-
Lorenzo likely to hit Ireland and parts of UK as a tropical storm.
-
Hyeji Kang was formerly head of actuarial function and replaces Bernhard Arbogast, who retires after 25 years with the carrier.
-
The facility had initially estimated a payout of $10.9mn.
-
The estimate comes after AIR last week estimated claims from the catastrophe at between $3bn and $7bn.
-
The Californian utilities firm has established a $14bn backstop fund to ensure all liabilities are paid.
-
The hurricane is on track to move over the northern Leeward Islands
-
The Senate must pass the measure to ensure the programme remains funded.
-
The island was spared the worst of the storm but has suffered power cuts, according to reports.
-
New data show major losses are increasing, although claims frequency is stable.
-
The programme being offered only covers Sempra and CalEdison, but PG&E could be added in future.
-
‘Trami-like’ typhoon puts reinsurers on guard after vast Jebi loss creep.
-
Delegates say pricing momentum must continue to support a more sustainable market.
-
The estimate lags RMS' top-of-the-range loss forecast of $6.5bn for the Caribbean alone.
-
The risk modeller says the bulk of the losses will come from Grand Bahama and Abaco.
-
AIR last week predicted up to $3bn in insured losses in the Caribbean from the storm.
-
The Bermuda (re)insurer exits management liability, along with marine hull, power and product recall.
-
The response follows large losses in recent months and reduced risk appetite among space in insurers.
-
The payment comes from a parametric tropical cyclone policy covering the Abaco Islands and Grand Bahama.
-
The reinsurer also reiterates optimism about the 1.1 renewals.
-
The early renewal points to a tough market for cedants hit by California wildfires.
-
Downtown Charleston is experiencing flooding, according to media reports.