Catastrophes
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Overall economic losses hit $45bn in the first quarter of 2024.
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Sums insured for European windstorm increased by 10.1% due to inflation.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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Sabine Re marks Allied Trust’s entry to the market.
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Insured loss estimates are not yet available.
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The Insurance Council of Australia has estimated A$743mn ($489.6mn) of insured losses from Tropical Cyclone Jasper and the Christmas and New Year storms.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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In total there were seven international events that exceeded $1bn in 2023.
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The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range.
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CFO Christoph Jurecka said losses for 2023 were in line with its expectations, but he added that the events producing the losses differed from those of years previous.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
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More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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The 2020 bond provides $125mn of parametric, per occurrence coverage.
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Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
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Experts agreed that investment in understanding wildfire risk had come a long way in recent years.
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Lara's plan, backed Thursday by an executive order from California Governor Gavin Newsom, repackages elements of a proposed bill that collapsed earlier this month.
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SCS accounted for nearly two-thirds of global first-half catastrophe losses.
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With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.
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Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.
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Data from the broker indicated that around 70% of global losses were driven by SCS, with events in the US causing $35bn of insured losses over H1.
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Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.
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Buyers expect rates to climb by 2.5% to 15%, continuing year-on-year hikes since 2017.
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Karen Clark & Company said the majority of insured losses will incur from US wind and storm surge damage, apart from just under $5mn which was attributed to winds across the Caribbean.
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Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
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The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.
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For insurers, the Golden State is one of the last places they want to face disputes or lawsuits with consumers.
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The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.
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Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
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The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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Board members voted five to four in favor of rate increases but fell short of the two-thirds majority required.
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The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
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The loss tally comes in 39% above the average for the 21st century.
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The bulk of risks linked to a new investment grade cat bond it is working on relate to US private motor risks, with a fifth from commercial motor.
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The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.
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There has never been a named storm to form in the eastern tropical Atlantic this early in the season.
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The cat bond will cover earthquakes in California, Utah, Oregon, Nevada and Arizona, as well as areas of Mexico and Pacific offshore locations.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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The Metrocat cover is heavily weighted towards Battery Park, which forms part of three districts in the cover's area A, alongside Sandy Hook and Rockaway Inlet.
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The issuance is split between $100mn-$120mn of Class A notes and $115mn Class B notes.
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The insurer is seeking $100mn in Class A notes and $50mn in Class B notes.
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Governments could encourage cat bond issuance by lowering costs, a policy paper said.
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