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Los Angeles wildfires and SCS pushed US losses to $89bn. -
The storm outbreak follows similar events in the area in 2020 and 2023.
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The outlook flags “large uncertainties” amid possible El Niño through summer 2026.
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The highest portion of losses was experienced in Alberta.
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An “extraordinary” proportion of storms reached Category 5 status this year.
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The peril has been historically difficult to model compared to others.
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After a challenging period, the industry is now earning above its cost of capital.
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The shuttering of Munich Re Ventures reflected a focus on the reinsurer’s “core offering”.
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The (re)insurer has a higher-than-average Jamaican market share.
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The Marsh-placed account renews its all-risks cover on 16 November.
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Widespread underinsurance and low exposures will limit losses.
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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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