Claims and losses

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.

Whether the Texas Deep Freeze ends as a $12.5bn, $15bn or $20bn insured loss, it will be a medium-sized cat event that will deal an earnings hit to carriers with exposure to the affected states.

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.