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Widespread underinsurance and low exposures will limit losses. -
While attritional losses were up for the quarter, those in the carrier’s core business declined.
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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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The carrier’s Eaton Fire loss would be a retained net loss hit.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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The company’s reinsurance business also has some exposure, the executive said.
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Plus, the latest people moves and all the top news of the week.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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Secondary perils accounted for 65% of global insured losses in 2024.
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The figure does not include specie or auto losses.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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Munich Re and Berkshire Hathaway are among the major providers to large California cedants.
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The carrier also has a $500mn excess $2.4bn aggregate protection.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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The California fires will test post-2018 treaty revisions – and reinsurers’ nerves.
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Guy Carpenter said personal-lines exposure would account for 85% of the aggregate loss.
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The industry loss number has increased threefold from an initial $5bn pick.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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The broker said disaster data can attract more risk capital.
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The pool services a number of public authorities in California.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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The estimate has reduced slightly since the modeler’s last update in October.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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This will be the most expensive fire in the state’s history, it said.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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The members’ agent said 2024 will still be a profitable year for Lloyd’s.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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Losses are likely to fall within syndicates’ loss budgets, it said.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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High-net-worth binders and treaty exposures will bring significant claims to Lloyd’s writers.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Investigators are homing in on the likely causes of the incidents.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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AM Best said it expects insured losses from the California wildfires to be “significant”.
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Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Six fires now cover more than 27,000 acres across Southern California.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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The fast-moving blazes have prompted evacuations across the city.
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More than 4,000 acres are burning as thousands evacuate.
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The multi-day weather outbreak caused widespread damage from Texas to the Carolinas.
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The largest non-US event in 2024 was the catastrophic flooding in Valencia.
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As 2024 draws to a close, we reflect on the events of the year for the London market.
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High deductibles, tighter underwriting and lack of flood cover meant lower claims figures.
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The storms struck Victoria, New South Wales and Queensland.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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A look back at the year in (re)insurance, with the aid of some of our visual journalism.
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TSR anticipates that next year will see an ACE value of 129 compared with the 30-year norm of 122.
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It estimated insured losses from nat cats on track to exceed $135bn in 2024.
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The carrier attributed the intensification of storms this season to climate change.
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Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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The floods add to an already historic loss tally for Canada in 2024.
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Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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Twia’s SCS losses in Q1-Q3 2024 have been more than double the budgeted amount.
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Swiss Re reported some $743mn in catastrophe losses for Q3 alone.
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The company said it is still on target to achieve $3bn net income for the full year.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
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The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss.
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The carrier’s retail division saw the largest growth at 4.7%.
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The carrier has pegged preliminary pre-tax Milton losses at less than $200mn.
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Most of the losses derive from France.
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The firm will provide an update on 22 November to avoid holiday season.
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The firm is also integrating changes to its process to allow it to cover wider ground.
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The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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Arch is assuming an industry loss related to Helene in the $12bn-$14bn range.
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The figures imply first-layer reinsurance recoveries for Helene.
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The ratings agency said higher attachment points would make 2024 hurricane claims “manageable”.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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In line with Milton’s moderate forecast loss, the ILS market reaction will be less influential in post-event dynamics.
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The cyclone pool received $479mn in GWP in the year to 30 June 2024.
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The vehicle will leverage global reinsurance market capacity in the event of a natural disaster.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
