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Bermuda-based carriers not only saw their third quarter earnings evaporate but also as much as six quarters worth of operating profits following an active hurricane season that is expected to yield up to $100bn in industry insured losses.
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Farmers' $1.8bn catastrophe reinsurance programme looks set to price up by around 25 percent after the insured warned its panel that it expects to pass on $1bn of claims from the California wildfires, The Insurance Insider can reveal
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Insurance claims for last year's Kaikoura earthquake totalled more than NZ$2.0bn ($1.4bn) as of 31 October, with carriers on track to settle most of them by year-end, the Insurance Council of New Zealand (ICNZ) reported
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Insurance losses for damage arising from Cyclone Debbie now stand at A$1.57bn ($1.2bn), according to the Insurance Council of Australia (ICA).
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AIG is looking to overhaul its reinsurance strategy, including a cut in retentions, after a third quarter with $3bn of hurricane losses that fell short of attaching its core cat cover.
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Insurers in the French territories of Saint-Martin, Saint-Barthélemy, Martinique and Guadeloupe face claims that could total EUR1.2bn ($1.6bn) from Hurricanes Irma and Maria, according to the French Insurance Federation (FFA).
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HCI Group fell as much as 9.7 percent in early New York trading after reporting a deeper third quarter loss than expected late yesterday.
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Insured losses from Windstorm Herwart have already reached EUR300mn ($348mn), according to Aon Benfield, which cited early reports
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Brit and Allied World reported Q3 major losses of $243.8mn and $412.3mn, respectively, pushing both Fairfax businesses to an operating loss.
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Specialty carrier Assurant booked a $191.8mn hit from the North Atlantic hurricanes and the Mexico City earthquake in the third quarter, pushing the firm to a net operating loss of $76.3mn for the period.
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Specialty insurer Kinsale took a pre-tax hit of $8.0mn from hurricanes Harvey, Irma and Maria in the third quarter, net of reinsurance.
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The $70bn gap between reported third quarter cat losses and industry loss estimates can be largely accounted for by (re)insurers and alternative markets that have not disclosed their losses, according to Morgan Stanley analysts
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