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While attritional losses were up for the quarter, those in the carrier’s core business declined. -
Many commercial risks will have London coverage, but insured values are relatively low.
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The company reported no cat losses but saw a jump in attritional losses.
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The start-up has struggled to build scale since its 2024 launch and has cut back its 2026 stamp.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run to 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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Though wildfire losses are up, total losses are the lowest since 2015.
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The governor has yet to sign a pending bill to create a public cat model.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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Declared events totalling just under A$2bn ($1.3bn) included one cyclone and two floods.
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Despite a rocky H1, 2025 insured losses from nat cat events may not surpass 2024 levels.
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The ratings agency cited a reduction in exposure to nat cat risk as a reason for the change.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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The tropical cyclone is expected to be named Imelda.
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Plus, the latest people moves and all the top news of the week.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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Despite formation of Gabrielle, there is "a very high probability" of a below-average season.
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The major storm is set to move on to mainland China later in the week.
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The economic loss from the event was around EUR7.6bn.
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The measures also seek to encourage greater wildfire mitigation efforts.
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Losses were primarily driven by personal property lines.
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Models anticipate a busier second half, particularly in the next few weeks.
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The carrier’s chief buyer urged a partnership approach from reinsurers.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
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The ratings agency warned negative PYD on US casualty will likely continue.
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The firm has also updated the loss-calculation engines of existing Jeannie tools.
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The group claims the White House is undermining disaster preparedness.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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The estimate covers property and vehicle claims.
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Both organisations still predict an above-average hurricane season.
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The carrier cited elevated cat and large-loss activity, including the LA wildfires.
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The forecast has increased since the early July update due to several additional factors.
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The carrier’s overall P&C combined ratio improved 1.8 points to 91.2%.
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Written premium increased by 31% to $2.41bn as top-line growth brought expense ratios down.
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California wildfires account for $40bn of the insured loss tally in H1.
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Aviation reinsurance reserving issues will also be a broader focus for the market.
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The claim could add pressure to the hull war market after a recent High Court ruling.
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The CEO said business remains adequately priced in most classes.
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The carrier is reducing its exposure to quota shares and shifting to XoL.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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Insured losses produced the second highest first-half tally since records began in 1980.
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The impact on the (re)insurance market has been muted due to its strong capital position.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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The suit claims billions of dollars are being illegally withheld.
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The US accounted for 92% of all global insured losses for the period.
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US events accounted for more than 90% of global insured losses.
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State legislation has led to major strides in rate adequacy.
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Category 4 and 5 storms could become more common and hit further north.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The weather-modelling agency is predicting a below-normal season.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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Plus the latest people moves and all the top news of the week.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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The Australian carrier’s nat cat losses are A$200mn lower than its annual allowance.
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Ex-Tropical Cyclone Alfred has been the costliest event, with A$1.36bn in losses.
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The company said the reduction was due to years of steady improvements.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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This is up from last year’s $1bn protection for its Florida treaty.
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In April, the loss modeller pegged losses at A$2.57bn.
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The number has expanded by around 40% from an earlier update, sources said.
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The modeller said the insurance market could be exposed to unexpected aggregations.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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HCI secured three towers with $3.5bn in XoL coverage.
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This year is predicted to be an above-average season, like 2024.
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The $2.59bn renewal is up 45% from last year.
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Up to nine million acres of US land are considered likely to burn.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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Last week, TSR updated its forecast and is now predicting above-average storm activity.
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Most of the losses are attributable to a supercell storm in Texas.
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Almost 50,000 people have been forced to evacuate.
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It previously predicted activity slightly below the 1995-2024 average.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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The agency forecasts up to five major hurricanes and 19 named storms.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The carrier’s overall P&C combined ratio improved 0.1 points to 91.8%.
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The revision is significantly lower than the $4.5bn October estimate.
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The new CEO said recent purchases were designed to protect earnings volatility.
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The carrier’s share price dropped 3.6% on its Q1 results.
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The carrier booked EUR800mn in LA losses in the P&C segment.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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The CEO expects overall P&C pricing to be “stable” through 2025.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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Beazley, Hiscox and Lancashire all grew in Q1 despite widespread rate decreases.
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The carrier estimated its California wildfire loss at $145mn-$165mn.
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Growing economic and population exposures are driving potentially larger insured losses.
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Six weeks after the storm, Perils released its first industry-loss estimate at EUR619mn.
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The storm made landfall in Queensland, Australia at the beginning of March.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Insured losses were the second highest on record for the first quarter.
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The firm now reports on insurance exposures to natural perils for 21 countries.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The worsening of extreme weather is becoming a global problem, presenting data challenges.
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Storms in the UK and Ireland drove losses in the commercial segment.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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The prediction comes after a highly active hurricane season in 2024.
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The combined ratio improved by 1.9 points to 94.7%.
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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
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The carrier has received 12,300 claims as of 28 March.
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Analysts see Conduit’s extra reinsurance buying as a positive development.
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The event has caused widespread damage in Bangkok, Thailand.
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The syndicate’s claims ratio worsened due to an “exceptionally active” hurricane season.
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The syndicate expects £5.8mn-£8.6mn in California wildfire claims.
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Cat losses from Helene, Milton and the Oklahoma tornadoes will fall within expectations.
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The market took a higher share of hurricane losses and couldn’t cut its acquisition costs.
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The syndicate expects to book a combined loss of £39mn from hurricanes Helene and Milton.
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Plus, the latest people moves and all the top news of the week.
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The March 13-16 storms would mark the first billion-dollar US SCS event of the year.
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The syndicate achieved a profit despite a “relatively heavy” catastrophe year.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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Sources warned some property XoL books are already running 50% loss ratios.
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The insurance industry has experienced mounting losses from severe convective storms.
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Some of the Big Four are slowing growth as the market softens.
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Plus, the latest people moves and all the top news of the week.
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The carrier was seeking to expand its 1 March-renewing programme.
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Reinsurers’ hopes that LA wildfires will slow 1.4 softening are in question.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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Both carriers have extensive reinsurance coverage.
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Aviation reserve strengthening added 10.1 points to the combined ratio.
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The market improved on attritional losses in 2024 – but slowing rate growth raises queries over top-line momentum.
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While market underwriting profit slipped 10%, the underlying combined ratio was under 80%.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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Almost 300,000 people have been left without power from the storm.
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This loss number covers the property line of business.
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CEO Alex Maloney said the LA fires might prompt some carriers to go more “risk-off”.
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The London D&F market will shoulder most of the losses.
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The reinsurer pegged the market loss at $40bn.
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North America is likely to be the most financially impacted by the scenario, Lloyd’s said.
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Ascot Underwriting CEO Ian Thompson, who took the helm last summer, discussed emerging headwinds.
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The programme structure was expanded, but it is unclear what percentage was placed.
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Plus, the latest people moves and all the top news of the week.
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The company also announced a EUR2bn share buyback.
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Changes in business mix towards specialty and improved reserve development offset higher Q4 cat losses.
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The estimate is based on industry losses in the range of $35bn-$45bn.
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CEO Andreas Berger addressed Swiss Re’s primary aviation exit.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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The carrier expects the market loss to land at $35bn-$40bn.
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The carrier pegged its claims expenditure for the LA wildfires at EUR1.2bn.
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The reserve includes hull, liabilities and legal expenses.
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Cedants could choose to retain more as cross-share sell-offs boost their capital.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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Plus, the latest people moves and all the top news of the week.
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Retention levels for reinsurance fell across the different geographies the carrier operates in.
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The ratings agency has revised Mercury’s outlook from stable to negative.
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The carrier estimated January cat losses of $1.08bn, or $849mn after-tax, including the fires.
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The carrier pegged its California wildfire losses at $200mn pre-tax.
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In tandem, it pegged its net cat loss estimate from California wildfires at $160mn-$190mn.
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The carrier said 72% of those losses occurred in personal property.
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The chairman said the recent events were akin to Andrew, Katrina and the WTC.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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A higher loss quantum will put a greater burden on retro programmes.
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The carrier expects to book $100mn-$140mn from the California wildfires.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The crash is the latest of several losses for aviation insurers in recent months.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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The insurance commissioner said the carrier has not shown the need for price increases.
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More than 33,000 claims had been filed as of 5 February.
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The estimate covers property and vehicle claims.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The carrier enters H2 with a clean reinsurance programme.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The role at PCS included acting as primary touchpoint for ILS.
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Its post-tax estimate of $1.3bn is net of reinsurance recoveries.
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Underinsurance, total loss claims, and high property values have impacted loss estimates.
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The company did not take questions on its recently announced business review.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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