Losses
-
As a result of mostly flooding, £474mn of losses occurred in the UK.
-
This follows February’s cat losses coming in below the $150mn reporting threshold.
-
Insured loss for Q1 was 10% higher than the decadal average of $18bn.
-
The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
-
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.
-
The Magnitude-7.4 earthquake occurred early on 3 April.
-
Tremors were felt as far north as capital city Taipei.
-
The estimate is up from A$1.4bn, published by Perils in February.
-
Several prior-year cat losses deteriorated during the quarter.
-
Severe convective storms were the biggest driver of last year’s losses.
-
-
-
Insured loss estimates are not yet available.
-
The US tallies $97bn in economic losses from major perils each year.
-
The vast majority of 2023 recoveries were from events in prior years.
-
The notes were further marked down after a year-end Ian loss update.
-
The event occurred a fortnight after major North Island flooding in New Zealand.
-
Monthly cat losses were driven by two major events.
-
The bond is trading at 70c-75c in the dollar in the secondary market.
-
There were 10 fatalities, mostly due to drowning or tree fall accidents.
-
The carriers were in arbitration with UnipolRe and Gen Re.
-
The claw-back is anticipated after PCS revised down its Ian loss estimate.
-
A so-called atmospheric river effect is behind the severe weather.
-
The figure represents a 26% increase on the previous estimate.
-
Most of the losses occurred in France, followed by the UK and Belgium.
-
The final estimate is a 12% increase on an August tally of NZ$1.99bn.
-
The increase can be attributed to the Christmas storms of 2023.
-
Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
-
The broker’s latest climate report tallied global insured cat losses at $118bn.
-
As a result of mostly flooding, £467mn of losses occurred in the UK.
-
Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
-
More than three-quarters of the losses came from the firm’s UK&I line of business.
-
Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
-
The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
-
The scale of the claim is expected to be just within the expected total weather losses for insurers.
-
The figure does not include losses from the likes of infrastructure, automobiles and business interruption.
Most Recent
-
World Bank ‘just scratching surface’ of cat-bond market
25 April 2024 -
Insurance Insider ILS Awards shortlist confirmed
25 April 2024 -
Ariel Re, Hiscox Re ILS launch cyber-cat group
25 April 2024