Catastrophes
-
Overall economic losses hit $45bn in the first quarter of 2024.
-
Sums insured for European windstorm increased by 10.1% due to inflation.
-
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.
-
Sabine Re marks Allied Trust’s entry to the market.
-
Insured loss estimates are not yet available.
-
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.
-
The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
-
In total there were seven international events that exceeded $1bn in 2023.
-
The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range.
-
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.
-
Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
-
Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
-
The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
-
The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
-
Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
-
More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
-
The 2020 bond provides $125mn of parametric, per occurrence coverage.
-
Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
-
Experts agreed that investment in understanding wildfire risk had come a long way in recent years.
-
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.
-
-
SCS accounted for nearly two-thirds of global first-half catastrophe losses.
-
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.
-
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.
-
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.
-
Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.
-
Buyers expect rates to climb by 2.5% to 15%, continuing year-on-year hikes since 2017.
-
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.
-
Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss.
-
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.
-
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.
-
For insurers, the Golden State is one of the last places they want to face disputes or lawsuits with consumers.
-
The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.
-
Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
-
The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
-
Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
-
Board members voted five to four in favor of rate increases but fell short of the two-thirds majority required.
-
The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
-
The loss tally comes in 39% above the average for the 21st century.
-
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.
-
The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.
-
There has never been a named storm to form in the eastern tropical Atlantic this early in the season.
-
The cat bond will cover earthquakes in California, Utah, Oregon, Nevada and Arizona, as well as areas of Mexico and Pacific offshore locations.
-
Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
-
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.
-
The issuance is split between $100mn-$120mn of Class A notes and $115mn Class B notes.
-
The insurer is seeking $100mn in Class A notes and $50mn in Class B notes.
-
Governments could encourage cat bond issuance by lowering costs, a policy paper said.
-
Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.
-
The amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.
-
An influx of Gabrielle claims comes on top of more than 21,000 IAG already received due to the floods that struck Auckland in January.
-
Almost 40,000 are feared dead following the disaster, and more than 1 million people have been left homeless.
-
The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
-
Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings.
-
The 17% uplift in its retention comes as reinsurers push for higher attachments.
-
The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.
-
The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
-
The federal flood program expects ultimate losses to reach between $3.5bn and $5.3bn.
-
Landslides, avalanche risks and submerged highways are just some of the extreme consequences of the storms.
-
The outcome over the debate on narrowing cat reinsurance coverage will not be an all-or-nothing bet, with all perils deals with exclusions not a polar opposite of named perils coverage.
-
The update to the October figure implies the ultimate number will comfortably breach the $50bn mark.
-
A 6.4 magnitude earthquake started out near the coast at 05:30 ET.
-
Citizens will be ineligible for the coverage, which will attract premiums ranging from rates-on-line of 50-65%.
-
The state’s House of Representatives will vote this week on whether to put the call to the US President and US Congress.
-
The modelling firm noted a shift towards stronger hurricanes making landfall.
-
The forecast included three intense hurricanes, six hurricanes and 13 tropical storms.
-
Frontier Advisors said sentiment continues to be challenged by performance.
-
Initial loss estimates for the last quarter show lower hits to equity than observed after hurricanes Harvey, Irma and Maria five years ago.
-
Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
-
The company said it expects portfolio positions to reflect the updated figures soon.
-
According to the latest reports, around 110,000 customers have been left without power in Florida as Nicole makes its way across the state.
-
Hurricane Ian losses at United Insurance Holdings (UPC) Insurance have nearly reached the top of its personal lines reinsurance tower, company executives said on its earnings call.
-
The California-based carrier specialises in personal lines cat cover.
-
The sector’s performance was better overall compared with September 2017.
-
The carrier pushed London brokers for a reduction in the traditional 15% commission.
-
FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
-
Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
-
The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
-
The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.
-
A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
-
The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
-
The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
-
The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
-
The cat bond market has a high level of exposure to Florida wind risk.
-
RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
-
Flagship sidecar funds run by Stone Ridge and Amundi Pioneer lost 12% and 5% respectively last week.
-
Amid a wide range of industry loss estimates, it is clear that ILS trapped capital will be a major issue for 2023 with back-of-the-envelope calculations suggesting at least double-digit billions held.
-
The storm, currently 285 miles south of Charleston, is expected to make landfall as a hurricane on Friday.
-
Georgia, Virginia and the Carolinas have declared a state of emergency as the storm moves north.
-
Florida domestic insurers have around $2.5bn of on-risk cat bonds, with flood and other ILW based deals exposed to the storm.
-
The storm has sped up considerably over the past six hours.
-
The agency added that conditions adding to losses after Jebi were not present today.
-
The storm was downgraded from super typhoon status before making landfall on Sunday.
-
The storm was downgraded from super typhoon status ahead of landfall but was still the equivalent of a significant hurricane.
-
The storm is currently at Cat 4 strength but will weaken to Cat 3 as it approaches land.
-
Twia noted that the cancellations had come as Texas enters peak hurricane season.
-
The reinsurer so far has made no claims on its retro protections for war-related impacts.
-
Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.
-
Louisiana policyholders have filed 460,709 claims of all types, of which 65% were closed with payment.
-
The McKinney and Oak fires are 0% and 67% contained, respectively.
-
The government-backed disaster insurance facility offered discounts to its members that increased their tropical cyclone and earthquake coverage from last year.
-
Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
-
The effort to resolve claims has been hampered by constraints on labour and materials.
-
US severe thunderstorms caused insured losses of $17bn during the first half.
-
The first six months of the year also saw more billion-dollar loss events than average.
-
More public-private partnerships should be a priority for governments and businesses.
-
The current estimated insurance loss for the flooding is A$142mn.
-
The impacts of the July floods are coming on top of significant flood losses in other parts of the country in March and April.
-
Tropical storms gain strength when passing over the deep warm current.
-
Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
-
Flash flooding and landslides are expected.
-
The March earthquake that struck Fukushima in Japan will cost $2.3bn.
-
The new recruit has worked for Argo, Allianz and the European Space Agency.
-
The flooding in February and March now ranks among Australia’s five largest loss events.
-
The state-funded body works to enhance disaster preparedness and financing.
-
The storms tracked 1,000 km through densely populated regions of Quebec and Ontario.
-
The 2022 reinsurance program will support cat losses exceeding $2.5bn, compared to $2bn in the corresponding period last year.
-
Insurers have paid out $580mn to policyholders already.
-
The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
-
Brokers - SectionThe company announced net retained catastrophe losses of $462mn.
-
The issuance is Vantage Risk’s second in the cat bond market.
-
Its prediction for an above average season is in line with the early outlook from Colorado State University (CSU) researchers.
-
Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
-
Of that roughly $400mn to $820mn can be attributed to commercial and industrial properties, according to Verisk.
-
This is down from the one-in-400-year benchmark used previously.
-
-
The earthquake was 250 times less strong than the 2011 Tohoku disaster.
-
Catastrophe reinsurers are already off to a messy start for the year and may have eroded a significant part of their year-to-date Q1 cat budgets as floods are still unfolding in Australia following recent European/UK windstorms.
-
The first month of the year was quiet for natural catastrophe events.
-
Net income was impacted by $4.4mn of reserve strengthening, net of reinsurance recoveries.
-
The company is focusing on non-catastrophe offerings, such as P&C.
-
The insurance trade body has called on governments to increase actions to mitigate risks.
-
This is the fifth issuance from FEMA and carries a slightly higher multiple than the 2021 deal.
-
The latest raise takes the satellite firm’s total financing to $304mn.
-
The private equity fund has identified modelling and risk transfer as areas of focus.
-
This is the first natural catastrophe loss under the World Bank series of ILS deals since 2019.
-
The firm took $411mn of losses in December, up 940.5% year-on-year, but losses since April are still below the aggregate attachment of its latest Sanders Re deals.
-
There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.
-
As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers.
-
Arwen knocked out power for around a million UK homes.
-
Jefferies’ report shows that cat losses have been spread across a broader range of perils and regions this year.
-
CyberCube forecast further capital market capacity will hit the cyber insurance market next year.
-
Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.
-
Cat risk-takers are benefitting from some money leaving the sector, but is this disruption creating inefficiencies as well?
-
Record rainfall has caused floods and landslides across the Canadian province of British Columbia, leading to at least one death and cutting all rail access to the country’s largest port in Vancouver, according to Reuters.
-
Climate change is likely to have already driven up insured losses from hurricanes by 11%, and could raise annual windstorm losses by an additional 10-19%, according to the latest white paper from Karen Clark & Co (KCC).
-
The carrier revised its cat bill following Ida and PG&E losses.
-
The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period.
-
Sidecars have lost some of their lustre in recent years but are still generally seen as an efficient diversifier.
-
Reserve releases more than doubled compared with Q3 2020.
-
The modeller incorporated a 5% exceedance probability insured loss estimate to its report for the first time.
-
The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year
-
Modelling firms say their data shows events like Hurricane Ida should be anything but a surprise.
-
This is followed by the severe convective storms in Europe in June which to date have generated losses of $5.1bn, and the Fukushima earthquake in Japan currently at $2.5bn of losses.
-
The firm is also planning a windstorm version for Florida hurricanes.
-
Cat losses have highlighted the importance of modelling for secondary perils, but there is room for optimism in the industry, panellists said at Trading Risk’s London ILS event.
-
Hot and dry weather conditions increase the challenges as Dixie and Caldor near full containment.
-
The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
-
Total economic losses are thought to be around $900mn.
-
The modelling firm’s wind and surge losses remain at $17bn-$25bn.
-
In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.
-
European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.
-
The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.
-
The catastrophe cover is more than twice the size of the 2020 deal.
-
The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
-
Casinos and ski resorts have shut down, and hotels are housing firefighters in usually buzzing holiday destinations near South Lake Tahoe, California.
-
The storm has moved north across the US after making landfall in Louisiana at the weekend.
-
The Caldor Fire, which is 18% contained, has been active for 17 days and in that time destroyed 675 structures and damaged 40.
-
The estimate includes damage to residential, commercial and industrial property and vehicles.
-
Experts fear for survivors, who now face an intense heatwave and up to a month without electricity.
-
Most of the damage occurred in Mexico as the country weathered an estimated $300mn of losses.
-
The earthquake that hit the island’s southwest peninsula on 14 August is estimated to have caused $1.7bn of total losses, according to the firm’s Caribbean earthquake reference model.
-
Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.
-
So far, damage costs caused by the California fire are thought to be below $1bn.
-
The fire is the second largest in California’s history behind the August Complex Fire last year.
-
Executive board chairman Jean-Jacques Henchoz said earnings for H1 were up to pre-pandemic levels.
-
The modeller said repairs to infrastructure could run into months.
-
The German insurance association called the low-pressure system Bernd ‘one of the most devastating in recent history’.
-
There are 7,500 properties impacted by a high depth of water according to the satellite operator and flood monitor for the insurance industry.
-
The severe flooding has the potential to change the outcome of 2022 renewals after muted European cat rate increases this year.
-
The storm was the earliest named E storm, forming nearly six weeks earlier than average.
-
This is the second year the insurer has bought a fiscal-year aggregate.
-
Austria and the Czech Republic are likely to record their most costly convective storms on record.
-
The flooding that took place in mid-March across Australia’s east coast states was labelled the worst in 60 years.
-
The reinsurer’s analysis of 20 research groups’ predictions points to a busier season than usual.
-
As new modelling tools emerge, we look at the benchmarks that ILS managers believe are appropriate for long-term stress tests and the shorter-term challenges.
-
The revelation came with the release of the institute's 2021 Resilience Index.
-
Funding from the UK and Germany will support early action and the managing of disaster risks in less wealthy countries.
-
The insurer has a previous history of buying earthquake reinsurance cover from the ILS market.
-
It is the Blackstone captive’s first foray into the cat bond market.
-
The official US forecaster said it did not expect activity to reach last year’s historic peaks.
-
SVP Jeremy Waite will head the operation, while continuing to lead the firm’s property treaty broking team for Australia and New Zealand.
-
The reinsurer recovered 24% of its gross major losses from retro partners.
-
A series of devastating hailstorms has struck Texas and Oklahoma in what BMS meteorologist Andrew Siffert has described as a “billion-dollar hail loss event” for insurers.
-
The insurer remained in underwriting profit despite the winter storm losses.
-
Covid-19 losses remained stable as the insurer said rate rises should endure.
-
Speaking at this publication’s 2021 ILS week, the managing partner of Integral ILS argued that primary catastrophe insurance was the best spot for ILS expansion beyond cat reinsurance.
-
The insurer has benefited from recoveries from its captive after reworking its reinsurance treaty with the unit.
-
Analyst Philip Kett estimates US winter weather losses at $15.3bn.
-
The data company describes the first quarter as benign.
-
The claim from the TASB Risk Management Fund is one of the first pieces of loss information to come to light following the Texas deep freeze.
-
The funding will be used to develop and improve risk models.
-
The insurer will pay a high-single-digit rate on line.
-
Widening the range of models used could allow 20% more insurers to survive, the study claims.
-
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.
-
The reinsurer’s ceded major losses were down 2% year-on-year, despite its net retained cat losses spiking by two-thirds to EUR1.6bn.
-
The overall $96mn year-on-year increase in ceded losses was mostly driven by higher storm activity, UPC said.
-
Texas winter storm losses to spill over FedNat reinsurance retention.
-
Markdowns have wiped more than $220mn off the value of $1.6bn of aggregate cat bonds benefitting major US insurers after the Texas Big Freeze.
-
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.
-
The carrier said Texas claims are beginning to drop off with quota share and minor perils cover in place to help minimise its retention.
-
ARPC said the move improves the pool’s capital strength.
-
ARPC said the move improves the pool’s capital strength.
-
The veteran risk modeller says claims will be driven by the combination of anomalous temperatures that are well below average in a region unprepared for such a sudden freeze.
-
The nature of the event means that more losses may take time to emerge.
-
Last year cat losses were highly dispersed across a large number of events with no single loss above $10bn.
-
The last loss tally was 1.7% ahead of an August 2020 estimate for the storm, which exacerbated floods caused by EUR1.57bn event Ciara.
-
The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
-
The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
-
A cluster of new launches demonstrate continued interest in an "independent aligned" model.
-
The combined ratio improved overall despite the marked increase in catastrophe claims.
-
The executive had been president of Bermuda for Chubb’s reinsurance arm since 2011.
-
The $296mn of reported cat losses were down 31% year on year.
-
The carrier has set aside $13mn to pay coronavirus claims at its international unit.
-
Of the largest insured losses from single events last year, the top eight occurred in the US.
-
Losses stem from four events and amount to $1.5mn gross.
-
A “pooling fund for disasters” would leverage insurance and reinsurance markets as a backstop.
-
US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
-
Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
-
Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
-
The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
-
The ILS market expanded by $1bn in Q3 but still shrank by 4% over the first nine months of 2020 to $92bn.
-
The carrier lifts its net catastrophe allowance by about 25% to $685mn as it reports more favourable renewal terms than it had expected.
-
The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
-
Combined insurance losses for these events total $7.1bn, representing a “benign year” for large non-US losses, the company said.
-
There were nearly twice as many new issuances than in 2019, but margins have remained elevated in the post-pandemic rebound.
-
Defence costs are expected to remain elevated, as weather losses have also weighed on results.
-
A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.
-
Losses were relatively evenly divided between the two events.
-
The 12 Days of ILS Christmas
-
Claims arose from events including Hurricane Delta, Hurricane Zeta and Tropical Storm Eta.
-
California blazes including the Glass Fire have driven up the estimate considerably since September.
-
Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
-
This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.
-
The state-backed carrier escaped lightly from hurricane losses but 500 Eta claims await payment.
-
Both storms had landed in the country as category 4 storms within a two-week period.
-
Cat events in 2017 and 2018 were a significant test of alternative capital.
-
Retro deals make up a third of this year's volumes, versus a quarter in 2019.
-
The carrier’s annual catastrophe losses ticked up to $2.9bn in October.
-
This third payment will be the largest yet received by Central American country.
-
Nearly 80% of respondents said underwriting capacity decreased in the quarter.
-
Purchasing the analytics firm will help Willis meet growing demand for climate change services.
-
Over 10,000 structures have been destroyed in California alone, Aon said.
-
The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
-
Several of the insurer's cat bonds have been heavily marked down in the secondary trading.
-
The carrier is approaching the halfway point of its A$950mn natural hazard allowance, four months into its financial year, and has eroded up to 63% of its aggregate reinsurance deductible.
-
The carrier, which has announced a strategic review, bought a further $5mn reinsurance top-up after storm Delta that will be triggered by Zeta claims.
-
The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
-
Further cat losses could be covered under activated aggregate reinsurance deals protecting IAG and QBE.
-
The carrier reported overall rate increases of 18% in the London market in the first nine months of the year, with reinsurance up 12%.
-
The company relies heavily on underwriting expertise to prepare for cat events.
-
Pricing on the deal's lower-risk layers has dropped below USAA's original target, falling 50 basis points.
-
The company’s overall operating income was down 24% to $907mn.
-
The carrier's Hurricane Laura loss has risen close to its occurrence treaty trigger.
-
The reinsurance CEO says Swiss Re will cut back its US casualty share.
-
Bonds had an implied average spread of 6.86%, the lowest quarterly rate since mid-2018.
-
Transparency and offering users the ability to adjust models would help advance the industry, panellists said.
-
The latest offering comes roughly four months after Fidelis’ first Herbie Re deal.
-
The company has upgraded its ImpactWorkbench tool to support Open Exposure Data.
-
The total compares with around $50mn pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.
-
Analyst Philip Kett says consensus opinion has yet to wake up to mounting claims from smaller wind and rain events.
-
Severe convective storms account for almost 60% of insured losses, the company said.
-
The National Hurricane Center is warning of “historic, life-threatening” flash flooding.
-
The start-up will run three auctions on Tuesday ahead of Hurricane Sally reaching the US coast.
-
The figure tops the 2018 high and comes ahead of the peak fire period.
-
Pandemic claims contributed to a 670% year-on-year increase in cat losses.
-
Typhoon follows similar track to Maysak, which made landfall in Busan yesterday.
-
Typhoon Haishen is following in the wake of the storm, and is currently forecast to approach South Korea at Cat 4 strength
-
Louisiana will account for the brunt of insured losses from the Category 4 hurricane, which made landfall last month.
-
The storm produced a storm surge less severe than feared and has now been downgraded to a tropical depression.
-
Storm surge losses are expected to remain under $500mn.
-
The February storm was the 13th notable event in a very active European windstorm season.
-
Losses from severe convective storms in the US were the highest since the first half of 2011.
-
The company increased non-cat reserves by $26mn in the second quarter.
-
Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
-
The estimated containment date for the fire is 17 August, according to the US Forest Service.
-
The NHC has warned of heavy rainfall, storm surges and flooding as the storm moves northeast.
-
Financial hub Shanghai has been placed on yellow alert.
-
The blaze started on Friday and had spread to over 20,000 acres by Monday morning.
-
Nat-cat experience was slightly adverse but Covid-19 losses were the main driver.
-
The carrier has reduced its frequency risk while lifting exposure to tail events.
-
Early Q2 forecasts show Covid-19 losses well short of initial hit to carriers from 2017 hurricanes.
-
After rapid intensification ahead of landfall, Hanna hit southern Texas as a Category 1 hurricane.
-
Motor accounts for 47% of the industry’s total bill, while property claims rise sharply from earlier estimates.
-
Claims on 15 cat events impacted the carrier, with most losses related to April.
-
The losses were driven by severe weather events in Florida, Texas and Louisiana.
-
The claims stemmed from US storms and civil unrest, with pandemic losses broadly offset by reduced claims frequency on the underwriting side of its business.
-
Several US states were hit by tornadoes, heavy rainfall and large hail in July.
-
Bushfire losses make up just over 40 percent of the total claims bill.
-
US cat events in June resulted in some 250,000 insurance claims being filed and four deaths.
-
Twelve Capital's Urs Ramseier says the potential for more distressed opportunities to appear will depend on the extent to which carriers pass on increased reinsurance costs to policyholders
-
The figure was net of reinsurance recoveries and connected to 15 events in the quarter.
-
The firm has narrowed its price guidance range, suggesting a higher multiple.
-
Losses to the Res Re and Caelus ILS series have narrowed from prior investor expectations.
-
Florida Citizens received more than 500 new Irma claims each month up until April, which has slowed 30 percent from 2019.
-
Bermuda-based cedants would cede roughly 70-80 percent of peak cat losses to reinsurers, the body said.
-
The firm will shift its private ILS strategies away from diversifying perils.
-
The deal could be expanded by up to 50 percent at the top end of pricing guidance.
-
The bond’s spread has settled at the top of the (re)insurer's target range.
-
The bond will pay a considerably higher spread than the Alamo Re bond issued last year.
-
Both tranches of Avatar’s second-ever Casablanca Re cat bond have had their spread guidance increased by 16-18 percent.
-
The $632mn tally was up from $290mn reported in April 2019.
-
Launched late in the renewal process, Casablanca Re is offering spreads of 600-850 basis points.
-
The parametric trade for a European asset owner in the advertising industry provides cover according to wind speeds near billboard locations.
-
The crisis may impact insurers for several quarters, but could offer opportunities for new entrants, industry leaders said at the digital Insider US conference.
-
Both deals priced at the top end of initial guidance ranges, making them the highest-paying cat bonds the CEA has completed in recent years.
-
Major cat reinsurance losses are unlikely without over-reaching judicial action, the HSCM Bermuda leader argued.
-
The two new cat bonds are set to become the highest-paying bonds the CEA has completed in recent years.
-
The spread on the deal settled 16 percent higher than initial forecasts.
-
The midpoint of the updated spread range promises a multiple of 5.8x the expected loss.
-
The insurer's Q1 cat losses dropped by more than two thirds.
-
Losses stemmed largely from February hail, tornado and wind events in the southeastern US.
-
Losses from 2019 Japanese cat events have risen by nearly 13 percent since mid-March.
-
The bond has less limit than the firm’s other issuances but offers 125 bps more return.
-
Storms last week could add hundreds of millions of dollars to loss estimates.
-
Disasters include bushfires and hailstorms, and some 242,000 claims have been lodged.
-
The carrier’s P&C reinsurance business reserved $253mn for Covid-19 in the quarter.
-
Carrier books $10mn loss on WHO pandemic bond
-
Windstorms and heavy rain earlier this month were already likely to cause over $1bn in estimated insured losses.
-
The bond priced at the top end of forecasts and 16 percent above initial targets, according to sources.
-
The transaction will provide storm surge and quake cover for New York's subway system operator.
-
The carrier included just $13mn in Covid-19 losses as the event will be tracked as an ongoing catastrophe.
-
Modelling firms said there were too many variables to quantify the impact, but many factors could escalate claims.
-
There were at least 121 confirmed tornado touchdowns from Texas to Maryland from 10-14 April.
-
Pricing on the transaction is up 12 percent, according to sources.
-
The California body’s $900mn in bonds constitute 20 percent of unrenewed notes maturing before July.
-
The platform transacted the most cat bond lite deals of 2019, with $300mn raised from such listings.
-
Spillover from the Covid-19 stock and bond market crashes made for some turbulence towards the end of the quarter despite the impressive volumes issued.
-
The ILS market has used every reversal as a base for its future growth and this should happen again after Covid-19, the firm argued.
-
Scor said it was eager to start marketing the transaction again within the next month when market conditions improve.
-
Munich Re will provide initial capacity but ILS investors have been approached for future cover.
-
CEO Bob Ritchie said entering the cat bond market offered stability for the company and policyholders.
-
Aon's estimate shows that bulk sums offered rose from the $250mn previously reported.
-
Most of the losses have been reported in Germany, followed by the Benelux countries, France and the UK.
-
Catastrophe losses saw a 31 percent hit to the fund's 2019 portfolio with attritional losses coming in more than three times as high as budgeted.
-
Palomar sponsored the $166mn Torrey Pines Re cat bond in 2017 which is still on risk.
-
Allstate sets the spread for riskier second layer at 1,275 bps in the upper range of the initial guidance.
-
Coronavirus cases could reach between 800,000 and 2.9 million by the start of April.
-
Multi-strategy funds seek to liquidate $200mn of cat bonds
-
Pricing has moved to the top of the guidance range, sources said.
-
The California governor had opposed the package as he was concerned the company was taking on too much debt.
-
Cat losses almost halved last year compared with 2018, which the carrier said was evidence of its ongoing reduction of cat risk exposure.
-
The ratings agency also said ILS capacity would ‘hold the line’ on returns following catastrophes.
-
The losses were initially pegged by the Insurance Council of Australia at A$320mn ($211.5mn).
-
But the carrier’s CEO stressed the importance of moderation in the price hikes.
-
The outcome for pricing was mixed across the four-tranche transaction.
-
The World Bank’s pandemic bond is expected to partially pay out as deaths surpass trigger points.
-
Pricing has moved in both directions across the four tranches, sources said.
-
Scor posted a fourth-quarter operating loss of EUR29mn ($31.7mn) for its P&C unit, which was almost two thirds down on the prior-year quarter’s loss.
-
The deal will take total cat bond cover available to the National Flood Insurance Program over the $1bn mark.
-
Third-party investors recorded a $2.6mn underwriting profit for the year.
-
Demand for the transaction, which doubled in size during marketing, demonstrates a renewed appetite for Florida risk this year on the cat bond market.
-
The company is keeping a near-A$300mn capital gain on hand as it plans for flexibility around its reinsurance renewal.
-
The event is the sixth major incident in Australia in the past five months.
-
The events a year ago generated the highest Australian flood claims in eight years.
-
There is room to scale up existing risk transfer pilots, said Dfid’s Nick Dyer at Aon's Collaborating to Close the Protection Gap conference.
-
The firm's cat excess-of-loss book rose 7.8 percent.
-
The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.
-
The deal will transfer the four remaining underwriting teams including property cat reinsurance to the US firm.
-
The deal covered Turkish earthquake risk.
-
The occurrence and aggregate transaction will replace maturing and loss-impacted deals for the carrier.
-
The (re)insurer has cut its peak risk exposures by more than a third in some cases.
-
The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
-
The carrier confirms A$519mn of natural hazard losses in its fiscal first half.
-
The cat bond covers hurricane and extreme mortality risks, according to sources.
-
Pricing dropped 6 percent from the midpoint of the initial range to reach 9.75 percent.
-
The Floridian carrier has returned to the cat bond market for a third time, adding wildfire, earthquake and winter storm perils to its latest transaction.
-
Aetna Life achieved its lowest coupon ever on the Class A tranche.
-
The carrier issued a profit warning as it revised up projected annual cat losses and forecast lower reserve releases.
-
The broker says natural catastrophe claims last year were 15 percent down on the average since 2011.
-
Losses of A$514mn and rising follow in the wake of costly bushfires.
-
The executive will join as senior vice president and Atlanta branch manager, moving from StarStone, where he had been involved in ILS initiatives and US E&S property.
-
Hagibis, Faxai and flooding in the Mississippi River basin were the costliest events.
-
ILS broker-dealers’ forecast cat bond issuance will range from $8bn to $11bn this year, reclaiming ground lost in 2019 when annual volumes plummeted more than 40 percent year on year.
-
-
New issuances fell to the lowest level since 2011, amid an uptick in risk levels and US exposures, according to Trading Risk data.
-
Reinsurers pegged 2019 nat cat losses 23 percent lower than the 10-year average, but prior-year disasters created headlines.
-
Cat bond fund returns rebounded in 2019, with widely divergent experience among ILS funds investing in private instruments.
-
The company's cat losses for the reinsurance year to date have reached $1.55bn.
-
Pricing on the ILW bond has dropped below the initial guidance range.
-
Over the past decade, the cat bond market has produced an average annual return of 6.38 percent, and 7.48 percent for 2019, Aon has calculated.
-
The US experienced twice the number of billion-dollar events in the 2010s than in the prior decade.
-
The average cat bond yield was 7.48 percent by year end as cat bond issuance picked up.
-
Every New Year the (re)insurance industry looks back at how much natural disasters cost it in the last 12 months – but the 2019 statistics undercut the value of this exercise.
-
The deals include a $30mn aggregate and a $110mn all-other-perils deal.
-
Markel is fronting the deal, which will cover insurance business transacted for Nephila by State National.
-
The reinsurer pegged 2019 cat losses at $52bn, in line with long-term averages but 40 percent lower than 2018.
-
Recent disasters have tested the idea of catastrophe risk as a short-tail risk.
-
Hannover Re issued seven Seaside Re cat bond lites totalling $74.5mn yesterday, following $77mn of notes at the end of 2019.
-
Both tranches of the transaction priced at the bottom of the guidance range.
-
The reinsurer is thought to be buying the ILW protection for its own account, sources said.
-
The Australian carrier boosted its overall reinsurance cover but cut back aggregate protection.
-
More than 400 claims were lodged in the past day.
-
The broker's chairman of international business James Vickers said reinsurers are only trimming capacity on the edges of the cat market.
-
The weather is expected to cool in the coming days but more high temperatures are due later in the week.
-
Insurers ceded 52 percent of gross losses in 2018, an increase of 2.4 percent on the 2017 total.
-
Damaging wildfires in recent years have made it more challenging for homeowners to find affordable insurance.
-
More than 830 homes and 62 facilities have been destroyed in NSW so far this fire season.
-
Pricing on the quake deal dropped 3-7 percent across its two layers, according to sources.
-
The two Credit Suisse vehicles are expected to have grown their premium base by 15-35 percent at year end 2019 compared to 2018, AM Best said.
-
The biggest risks still stem from natural catastrophes, finance and geopolitical issues.
-
In its latest update at 07:00 London time, New South Wales Rural Fire Service said there were two fires with an emergency warning.
-
Swiss Re ceded an additional $900mn of risk to the alternative reinsurance market in 2019.
-
The main disrupted segments are still aggregate retro and sidecar vehicles, where negotiations over the level of trapped capital have held up the renewal process.
-
Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
-
The association has increased its ultimate loss figure for Hurricane Harvey to $1.7bn, up from its May estimate of $1.61bn.
-
The (re)insurer had previously removed two tranches from the multi-peril transaction
-
Insurance coupons on the latest Everest Re cat bond are more than 20 percent higher than a similar issuance in 2017.
-
Varying levels of Japanese exposure led to a wide range in individual fund returns.
-
It is the first ILS vehicle to receive the credential from the FNG.
-
The typhoon is expected to reach Category 3 status by Tuesday local time, but the ILS cover is geared towards payouts for even stronger events.
-
It used to be called “diworsification” – a phrase coined by Dowling analysts that took hold and became the industry's standard jargon for low-priced international catastrophe risk back around 2011.
-
Sierra is Bayview Asset Management’s first ILS deal.
-
The reinsurer said use of third-party capital will limit its net retentions while permitting overall growth.
-
The cover will be provided by a consortium of 56 insurers, according to reports.
-
Hagibis losses have become the most costly event this year for the retro fund
-
Losses could have eroded as much as 44 percent of the carrier's aggregate deductible.
-
Mitsui Sumitomo estimated its Hagibis hit at $2bn while Sompo said it had recovered almost $1bn from reinsurers this year.
-
The deal points to a significant price correction in the cat bond market since 2018, with projected spreads up more than 20 percent when compared with past deals.
-
Pricing for the earthquake notes settled above the midpoints of the initial guidance.
-
The Insurance Council of Australia has tracked A$110mn ($75mn) of bushfire losses as it declared the Sunshine Coast hailstorm a catastrophe.
-
Hurricane Dorian and Typhoon Faxai losses have hit (re)insurers following a relatively benign first half of the year for catastrophe activity.
-
The Everest Re sidecar assumed $79.5mn of losses after Dorian and Faxai hits, up from $29mn in the same quarter last year.
-
The Kincade Fire in Sonoma County, the Simi Fire in Ventura County and the Getty Fire on the outskirts of Los Angeles are almost extinguished.
-
The carrier expects Typhoon Hagibis to cost it EUR200mn.
-
The carrier said it anticipated larger losses from Typhoon Hagibis in Q4 than those generated by the Q3 catastrophes.
-
The reinsurer reported a gross loss of EUR207.7mn ($230.2mn) for Dorian and EUR167.2mn for Faxai.
-
Multinational measures have helped to close the insurance protection gap in Asia.
-
Amid the information overload of results season, “man-made catastrophes” appear to be the main emerging theme – albeit manifesting in two very different ways.
-
The aggregator will provide loss data from earthquakes, floods and extratropical cyclones.
-
Latest loss estimate comes after the company had estimated Faxai losses of $5bn to $9bn.
-
This came as the deal priced at the bottom of the initial range at 515 basis points (bps), according to sources.
-
Large loss estimate ranges are arguably just masking risk modelling limitations – not improving themBenjamin Franklin apparently once said that ‘nothing in life is certain except death and taxes’ – and it seems like the adage resonated with the risk modellers of the (re)insurance industry.
-
The carrier retained EUR92mn for Hurricane Dorian and EUR89mn for Typhoon Faxai.
-
Over 70 percent of the losses come from Hurricane Dorian.
-
The Texas-based military insurer is offering double-digit premiums across two tranches of its second bond of the year.
-
The Japan Meteorological Agency has warned of heaving rain and flooding across several coastal prefectures, but the threat to Tokyo has diminished.
-
The insurer disclosed $46mn of losses for the quarter and $15mn in adverse reserve development from cat events in prior years.
-
The transaction sits above an earlier ILS deal from the French insurer.
-
The provider said the losses were driven by the impact of Hurricane Dorian and Japanese typhoons.
-
-
The August return was significantly below the 14-year historical average of 0.63 percent, according to the Eurekahedge ILS Advisers Index.
-
The carrier is among the first P&C insurers to release anticipated loss numbers ahead of the third-quarter earnings season.
-
Severe, unpredictable weather is becoming more frequent, said the Insurance Bureau of Canada’s Amanda Dean.
-
In the midst of reinsurance conference season you might expect there to be a tendency towards group-think.
-
Cerulean Re has now transacted deals totalling $167.9mn this year.
-
Both LGT and Schroders have signed up to the ILS notes trading platform.
-
The EUR45mn ($49.50mn) Atmos Re I cat bond from Unipol is likely to lose nearly 50 percent due to severe weather events in Italy, according to sources.
-
Experts have forecast that the cat bond market will rebound heading into 2020 following low issuance this year, with a diverse crop of maturities likely to drive more favourable dynamics for sponsors.
-
The RBS pension scheme increased its allocation to insurance in 2018, including catastrophe and life insurance risks, according to its most recent annual report.
-
The banking fund’s ILS investments have increased as fellow UK investor IBM Pensions Trust keeps its allocation steady.
-
The utility firm also criticised an alternative Chapter 11 proposal led by Elliott Management.
-
Participants predicted the rate pressure that has been centred on Japan and Florida would have a broader spill-over next year.
-
The potential for insured catastrophe losses has increased at an “exponential” rate since the 1970s, the broker said in a report.
-
Some 15 percent of cat bonds on risk will mature in Q2 next year.
-
Investors are taking a broader look when evaluating transactions with more emphasis on qualitative attributes of sponsors, according to the firm.
-
The partnership will layer Xceedance’s data and analytics services on to the community of cat modellers.
-
The CEO was speaking as Aon launched a new auction platform in Monte Carlo.
-
The firm said it wanted to offer more choice to clients.
-
Karen Clark & Company said Bahamian losses from Hurricane Dorian will reach $7bn including both insured and uninsured damages.
-
Private ILS fund returns fell below cat-bond-only strategies in July as loss creep continued to drag down side pockets.
-
The brouhaha over trapped ILS capital has led to the question of whether alternative collateral management solutions will emerge.
-
The cat bond pricing index only dropped by 0.78 percent last Friday when Hurricane Dorian was forecast to be a Florida hit.
-
Takashi Goda was head of Japan for Swiss Re until 2014.
-
Historical parallels including Jeanne have caused a huge range of economic losses.
-
The reinsurer helped Fermat to write $100mn for the Florida state reinsurer’s 2019 cover.
-
The catastrophe fund’s cover shrank by $80mn as it extracted flat pricing from carriers.
-
Since the 2017 and 2018 California wildfires reinsurers have become increasingly cautious of the risk, the rating agency said.
-
The fund has had to set aside more cash in side pockets after its mid-year 2018 portfolio rolled off risk.
-
Some 40 percent of the monthly loss estimate stemmed from a single severe hail event .
-
Natural catastrophe losses were around $15bn, with man-made disasters coming in $4bn.
-
The insurer’s overall cat losses were below its budget as higher Australian disaster activity was offset by benign international claims.
-
The typhoon was the strongest storm to hit the Chinese province of Zhejiang since 2015.
-
The lottery firm will recover EUR4.8mn from its ILS cover.
-
The council’s estimate is A$200mn ahead of the last industry loss figure from Perils.
-
The insurer has “several hundred million” of private reinsurance limit remaining.
-
Profit at the carrier fell from $2.4mn to $0.7mn year on year.
-
CUO Schmid noted that its catastrophe growth came after it reduced its market share in 2018.
-
The New York-listed carrier had stopped writing business in the quarter before its planned shut-down was announced.
-
The carrier has meaningful available capacity to deploy, according to CFO François Morin.
-
The reinsurer said its nat-cat exposure is at the highest level since 2015, with support from third-party capital.