Losses
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As a result of mostly flooding, £474mn of losses occurred in the UK.
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This follows February’s cat losses coming in below the $150mn reporting threshold.
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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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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The Magnitude-7.4 earthquake occurred early on 3 April.
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Tremors were felt as far north as capital city Taipei.
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The estimate is up from A$1.4bn, published by Perils in February.
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Several prior-year cat losses deteriorated during the quarter.
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Severe convective storms were the biggest driver of last year’s losses.
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Insured loss estimates are not yet available.
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The US tallies $97bn in economic losses from major perils each year.
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The vast majority of 2023 recoveries were from events in prior years.
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The notes were further marked down after a year-end Ian loss update.
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The event occurred a fortnight after major North Island flooding in New Zealand.
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Monthly cat losses were driven by two major events.
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The bond is trading at 70c-75c in the dollar in the secondary market.
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There were 10 fatalities, mostly due to drowning or tree fall accidents.
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The carriers were in arbitration with UnipolRe and Gen Re.
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The claw-back is anticipated after PCS revised down its Ian loss estimate.
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A so-called atmospheric river effect is behind the severe weather.
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The figure represents a 26% increase on the previous estimate.
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Most of the losses occurred in France, followed by the UK and Belgium.
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The final estimate is a 12% increase on an August tally of NZ$1.99bn.
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The increase can be attributed to the Christmas storms of 2023.
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Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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As a result of mostly flooding, £467mn of losses occurred in the UK.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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More than three-quarters of the losses came from the firm’s UK&I line of business.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
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The scale of the claim is expected to be just within the expected total weather losses for insurers.
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The figure does not include losses from the likes of infrastructure, automobiles and business interruption.
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The year was characterised by several severe and costly thunderstorms.
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While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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Tsunami warnings were initially issued following the earthquake but were subsequently downgraded.
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The ICA escalated the event from a ‘significant event’ to an 'insurance catastrophe', reflecting the escalating severity of the situation.
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The broker has reported that Storm Zoltan is set to become the second-highest wind-related insured loss event in Europe in 2023 after Storm Ciarán.
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Insurers have received more than 7,500 claims related to storms across Queensland, New South Wales and Victoria.
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The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
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The ICA has activated its preliminary extreme weather processes to assist in assessing the impact of the flood event.
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France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
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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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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
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Most of the industry loss occurred in the UK and was due to flood losses, with limited wind-related losses.
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According to the reinsurer at least EUR275mn will be covered directly by CCR under public reinsurance.
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The carrier’s combined ratio deteriorated by 10.9 points to 101%.
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Perils estimated the loss at EU377mn six weeks after the event and at EUR488mn three months after.
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Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.
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The number of disasters costing $1bn or more during the period is the highest on record.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
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The worst of the damage was experienced in Brest, northwest France.
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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The storm caused significant wind damage and flooding across parts of Scotland and England.
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Verisk said the majority of the insured losses can be attributed to wind damage.
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The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.
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By region, convective storms in the US alone accounted for 60% of global insured losses.
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During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
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Wildfires in British Columbia were the largest of 11 catastrophe losses for the insurer.
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Losses from the Maui wildfire include a modest amount of reinsurance recoveries from the Per Risk reinsurance program, while losses from Hurricane Idalia were fully retained.
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Loss data going back to 2000 reveals that severe convective storm plays an “ever more important role” in cat losses.
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Gallagher Re’s chief science officer warned that US SCS activity will keep rising.
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The final report said the majority of the losses occurred on Kyushu Island with 74% of the total industry loss.
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According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.
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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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European and Bermudian reinsurers are expected to be the most favorably affected by the current environment.
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Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.
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Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.
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The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
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The analytics firm said that the majority of insured losses will be attributable to wind.
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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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Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
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The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
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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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The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
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The figure – which is not a loss estimate – would be consistent with early views of a sub-$10bn insured loss.
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With Hurricane Idalia’s landfall underway loss estimates are uncertain, but sources noted that the storm’s trajectory shows it taking the best path to impact minimal insured values in Florida.
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The storm will weaken further, but remain a hurricane as it passes through Georgia and the Carolinas.
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The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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Parts of Tampa, as well as Georgia and the Carolinas, now face dangerous conditions.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
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The storm is set to become an “extremely dangerous major hurricane” by landfall on Wednesday.
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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
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The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
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The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.
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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
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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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Large carriers with geographic spread across the continental US will have the capital and reinsurance coverage to absorb losses related to the wildfires, according to AM Best.
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The agency put insured property values in the burn footprint at $2.5bn to $4bn, which marks an uptick compared to Moody’s estimate from last week, when the agency pegged insured losses at around $1bn.
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
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The loss event was flagged by European carriers in recent Q2 earnings disclosures.
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"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.
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Data from the NHC shows that maximum sustained winds are near 65mph, with higher gusts.
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Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.
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The Cat-4 storm is likely to weaken as it approaches the California coast.
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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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Allstate reported cat losses of $1bn and $885mn for June and May.
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The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.
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The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
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The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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Thursday’s update pegs the likelihood of near-normal activity at just 25%, a decline from the 40% chance outlined in May's outlook.
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Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
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Due to the collapse of the value of the lira since February, payouts are worth less in dollar terms.
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The floods struck New Zealand’s North Island between 27 January and 2 February 2023.
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The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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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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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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The loss tally comes in 39% above the average for the 21st century.
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The state of Texas in particular has experienced an unusual amount of severe weather.
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The economic loss, including damage to public infrastructure, is expected to hit EUR9bn.
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ILW limit of around $1bn could change hands depending on where the Hurricane Ian industry loss number settles.
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The 7.8 magnitude earthquake struck southern Turkey and northern Syria on 6 February, followed by a series of aftershocks.
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The firm says hail alone is estimated to make up 95% of losses, making it one of the biggest hail losses in history.
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The $49.4bn number remains below a critical ILW threshold.
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Damaging hail and wind hit Texas, Arkansas, Mississippi and Georgia.
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The National Hurricane Centre said the Lesser Antilles, Puerto Rico and the Virgin Islands must be vigilant.
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The carrier said 70% of the claims stemmed from two wind and hail events.
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The loss for the month was 60% comprising losses from two wind and hail events.
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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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The firm noted prior-year development on cat events that primarily occurred in late 2022.
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The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.
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The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
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Exposure growth in Japan was in the low-single digits, reflecting a more modest inflationary environment.
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The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.
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The council has appointed Deloitte to examine carriers’ performance during the crisis.
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Total economic losses came in well above average, driven by the earthquake in Turkey.
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High tornado activity at the end of the quarter is expected to add to the claims toll.
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The firm identified market inefficiencies in its analysis of loss data.
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The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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More than 40,000 claims have been made in relation to Cyclone Gabrelle.
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The devastating quake left more than 50,000 dead and destroyed 160,000 buildings in Turkey.
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The estimate is an increase on the figure released by Perils in December, which gauged the insured losses at 120bn yen.
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Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.
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The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.
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The amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.
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The loss aggregator raised the quantum from its third estimate of A$6,292mn, put out in early September.
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According to the ICNZ, 48,000 claims have been lodged, with NZ$111mn of insurance claims paid so far.
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The Florida insurer recognised a major increase in Ian losses in Q4, rendering its personal lines carrier insolvent.
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The manager’s life & alternative credit segment invested in the reverse mortgage specialist.
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More than 239,000 insurance claims relating to the event have been lodged, according to the ICA.
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The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn.
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The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.
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The loss estimate rose from a previous figure of EUR3.7bn issued six months ago.
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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.
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The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
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As New Zealand has been hit by two major cat events in succession, Australian carrier Suncorp said the retained cost of any second declared event in the country will be NZ$25mn ($15.7mn).
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More than 140,000 homes are without power, while buildings and roads have been destroyed.
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Almost 40,000 are feared dead following the disaster, and more than 1 million people have been left homeless.
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The carrier has increased its full-year perils cost estimate to A$1.15bn.
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The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
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New Zealand carrier Tower Limited said it is likely to purchase reinstatement cat reinsurance as it disclosed that losses from the Auckland and North Island flooding would trigger its A$934mn ($649mn) cat reinsurance coverage.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.
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More rain is forecast for Auckland, with three 'heavy rain warning – red' notices issued today.
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The intermediary tallied $360bn in economic losses worldwide.
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Mayor Wayne Brown said infrastructure and emergency services had been overwhelmed by the storm’s impact.
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The loss aggregator pegged the loss figure at A$791mn in its initial claim estimate.
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The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.
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Total economic losses are likely to be between $5bn and $7bn.
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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
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This takes its ex-Florida cat losses since the start of its reinsurance annual risk period in April above $2bn.
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The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
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The federal flood program expects ultimate losses to reach between $3.5bn and $5.3bn.
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The firm missed its earning per share target for the quarter.
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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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The government will look to mitigate against future disasters rather than subsidise insurance.
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Canadian windstorms and freezing conditions in the UK led to the losses.
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The losses include damage to homes, businesses, infrastructure, facilities, roadways and vehicles, as well as BI losses.
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Atmospheric rivers are expected to bring further severe weather into next week.
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The state is contending with flash flooding, mudslides, rockslides, power outages and high winds.
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Natural disasters in North America destroyed assets worth around $150bn, of which roughly $90bn were insured.
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The increase mainly stemmed from an influx of personal property claims.
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The largest loss of the year outside the US was the Australia flooding in February and March.
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Guy Carpenter’s note echoed modelers’ views that Elliott will not be comparable to the losses inflicted by Storm Uri last year.
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Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.
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The city of Buffalo in New York state was worst impacted, but power was also knocked out in areas stretching from Maine to Seattle.
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The NOAA has warned of blizzards, flash-freezing, dangerous wind chill and sub-zero temperatures.
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The update to the October figure implies the ultimate number will comfortably breach the $50bn mark.
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The updated loss and allocated loss adjustment expenses in the property segment from the hurricane is now $1bn.
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The update is a slight increase to November’s 114bn yen estimate.
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Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.
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Swiss Re said a loss-heavy 2022 adds to a continuation of elevated cat losses that started in 2017, after a benign period from 2012 to 2016.
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The flooding affected the states of New South Wales, Victoria and Tasmania.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
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2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.
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Flooding in February and March this year was the most expensive event in Australian history.
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The pay-out figure has nearly doubled over the last two weeks.
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Initial loss estimates for the last quarter show lower hits to equity than observed after hurricanes Harvey, Irma and Maria five years ago.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.
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Most claims so far have been for damage to residential property.
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The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
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The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.
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The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
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The central-west region of the state was struck by severe flooding over the weekend.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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The bonds had been heavily marked down initially.
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According to the latest reports, around 110,000 customers have been left without power in Florida as Nicole makes its way across the state.
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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.
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The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.
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The NHC has warned of a large storm with hazards extending across the state.
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The sector’s performance was better overall compared with September 2017.
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The storm will hit a state already devastated by Hurricane Ian, which has eroded the capital of local carriers.
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The carrier has booked major losses of A$350mn-A$410mn in the three months to 31 October.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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Perils said the storm tracked through an area of low value concentrations.
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The previous estimate, released in May 2021, pegged the losses at A$1.016bn.
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Early reporters emphasised an ongoing demand for structural change.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
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The charge included the carrier’s $80mn retention and $35mn of reinstatement premiums.
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The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.
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Nearly two-thirds of the Florida claims are homeowners and business claims (272,465), and the remaining are personal automobile claims (151,892).
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The firm said inflation and modelling changes had driven the need for bigger limits.
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For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.
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The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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The estimate anticipates a full retention loss of $12.5mn from Hurricane Ian.
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The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.
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The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
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The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
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More than half of insured losses came from Nova Scotia.
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The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.
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The estimate is driven by $540mn of losses attributable to Hurricane Ian.
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The reinsurer attributed $600mn to Hurricane Ian, based on an estimate that the total insured industry losses would come to approximately $55bn.
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Many homeowners are likely to see a significant portion of uninsured water damage despite roughly 30%-45% having NFIP coverage in certain areas.
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The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.
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Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.
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Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.
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The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.
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The states of Victoria, New South Wales and Northern Tasmania have all been struck by floods.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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The state-backed insurer's claims tally was just over 47,000 this morning.
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The carrier is the latest in a string of primary insurers to provide loss estimates.
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The carrier’s property business retained $175mn of losses net of reinsurance related to the Hurricane.
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So far, the company has received nearly 12,000 claims associated with the storm.
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The insurer has received roughly 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims.
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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
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The Florida carrier suggested that Ian will not exhaust the state’s reinsurance Cat Fund.
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Buyers are more open than ever to different sources of capacity, but the timing of entry will not be on the industry’s terms.
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The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
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The state insurance body received reports of 375,293 claims as of 6 October.
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The estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
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As of October 4, Fema has received more than 25,000 claims and pushed out over $3.5mn in advance payments in Hurricane Ian affected states.
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Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.
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The loss estimate does not include litigation or claims below the deductible.
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The flooding is now the costliest nat cat event ever in Australia, with insured losses higher than Cyclone Tracy and Sydney Hailstorm in 1999.
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KCC has added a loading for litigation costs to the storm loss estimate for the first time.
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The broker’s global head of catastrophe management Dan Dick said that a realistic view on Ian’s loss suggests it would remain an earnings event for (re)insurers.
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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.
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Constraints in rebuilding supplies and contractors, inflation and post-event litigation will be key loss amplification drivers.
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Most of the losses will come from wind damage, while storm surge and inland flooding could account for up to $6.5bn in total.
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The storm, which made landfall as a Category 1 hurricane, has now been downgraded to a post-tropical storm.
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In 2022, the NFIP placed reinsurance with 28 private companies - including 13 Lloyd’s syndicates.
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KCC previously issued a $32.5bn number in a private client advisory based on Ian's Tuesday track.
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The National Hurricane Center noted that Ian should weaken rapidly after landfall and transition into a post-tropical cyclone overnight.
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The modelling firm’s Thursday guidance based on prior hurricanes spanned $20bn-$88bn, compared to $12bn-$83bn the previous day.
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The figures include both wind and storm surge losses.
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The National Hurricane Center has issued hurricane, tropical storm and storm surge warnings for a variety of locations.
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Speaking on a panel at Trading Risk New York, Montero said that the previous guidance was assuming a track closer to Tampa.
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RMS released event sets with a $12bn-$80bn range, while AIR put out an event set spanning $20bn-$64bn.
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Georgia, Virginia and the Carolinas have declared a state of emergency as the storm moves north.
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The storm made landfall Wednesday with maximum sustained wind speeds of 150 mph at 3:05 PM ET.
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The insurer-of-last-resort does not expect the hurricane to attach its reinsurance at this stage.
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NHC discontinued warnings of hurricane and storm surge for the Dry Tortugas.
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The storm’s likely quantum is still highly contested, but all scenarios are challenging for Florida homeowners and cat treaty writers.
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Hurricane Ian is currently moving north-northeast at 9 mph, 1 mph below the speed registered in NHC’s update earlier today at 08:00 ET.
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The storm has sped up considerably over the past six hours.
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Storm surge may be felt in Tampa even if Ian does not land in the city.
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The dangerous storm is now projected to make landfall between Sarasota and Port Charlotte, Florida.
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The storm is due to turn north-northeast and slow down after passing over Cuba today.
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Hurricane Ian is expected to make landfall in Cuba today before moving through the south-eastern Gulf of Mexico into tomorrow.
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The comps include 1896 (Category 3), 1921 (Category 3), 1944 (Category 2) and Hurricane Gladys in 1958 (Category 2).
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A landfall at Category 3 or 4 along the west coast of Florida later this week would be one of the more damaging scenarios for Ian.
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Cat 4 Hurricane Charley made landfall on Florida’s west coast in 2004, while Tarpon Springs (1921) was the last major storm to hit Tampa.
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In the more extreme of two scenarios, Ian could mimic 1921’s Tarpon Springs hurricane at a cost in the double-digit billions, BMS said.
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Fiona weakened to a tropical storm late last week but still brought torrential rain and high winds.
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The National Hurricane Center forecasts ‘considerable flooding’ in Florida later this week.
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The storm may be “much more powerful” than Hurricane Sandy, which hit the Northeast US in 2012, wrote BMS Group’s Andrew Siffert in a commentary.
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The Island is also on hurricane watch as the storm moves north
-
Many storm losses would be the result of flood, which is not covered by the standard homeowners’ policy.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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The storm was downgraded from super typhoon status before making landfall on Sunday.
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The storm is currently moving over the Dominican Republic and headed for Bermuda.
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The Category 1 storm will likely cause “life-threatening flash and urban flooding” in eastern portions of the Dominican Republic through early Tuesday, according to the NHC.
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The storm is currently at Cat 4 strength but will weaken to Cat 3 as it approaches land.
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Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
-
Earlier loss reports suggested the total costs would be much lower – Perils’ first report estimated losses at A$3.99bn, while its second pegged losses at A$4.89bn.
-
Market sources are suggesting inflation could require a wider group of US cedants to buy $10bn-$20bn of additional cat coverage for 2023.
-
The cities of Busan and Daegu have been placed on red alert and are expected to be hit by a Category 1 storm tomorrow.
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Insured losses in 2021 alone hit $20bn.
-
After the quietest start to hurricane season since 1997, weather experts forecast storm activities in the Atlantic to happen as early as this week.
-
The ratings firm also predicted that ILS losses from Covid-19 would remain limited.
-
The forecast for the number of hurricanes remains unchanged and calls for six to eight hurricanes and three to five major hurricanes this season.
-
If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.
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The latest estimate is an increase on Perils’ earlier figure of EUR3.6bn.
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France’s Gironde region struck by serious wildfire outbreak
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While still too early to assess the damage fully, Aon believes the impact on property, infrastructure and agriculture will be significant.
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Colorado State University has also slightly reduced its forecast for the season to four major hurricanes.
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Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.
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Louisiana policyholders have filed 460,709 claims of all types, of which 65% were closed with payment.
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Hundreds of homes have been destroyed, while 33,000 have been left without power.
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The McKinney and Oak fires are 0% and 67% contained, respectively.
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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.
-
US severe thunderstorms caused insured losses of $17bn during the first half.
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If no action is taken to reduce emissions, costs could soar by 87% in average annual losses to residential properties, JBA Risk Management said.
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No matter what the outcome, further market dislocation is on its way – but there are various band-aid options that could help Florida insurers limp through hurricane season.
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The release followed an appeal judgment from the High Court of Australia.
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.
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The first six months of the year also saw more billion-dollar loss events than average.
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A case against Fireman’s Fund reversed an earlier decision that Covid-19 cannot cause physical damage.
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Fires in Portugal, Spain, France, Greece and Croatia have caused widespread crop damage.
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The number of tropical cyclones decreased over the past 30 years, but the damage is increasing due to more people migrating to cat-exposed areas.
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The storms at the end of May generated 355,000 claims, while those between 18 June and 4 July saw 624,000 claims.
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The current estimated insurance loss for the flooding is A$142mn.
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The impacts of the July floods are coming on top of significant flood losses in other parts of the country in March and April.
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Insurers have received more than 10,500 claims so far in relation to the storms and flooding in New South Wales since 1 July.
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Carriers have received more than 8,000 flood claims since 1 July.
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The July date of the event is favourable for reinsurers as Suncorp and IAG have just reset their deductibles, although QBE buys on a calendar-year basis.
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Tropical Storm Risk set the probability of above-normal accumulated cyclone energy in the North Atlantic at 46%.
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In the last 24 hours, more than 35,000 people have been evacuated or asked to prepare to do so.
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Widespread rainfall, thunderstorms and flash flooding is expected to continue until Tuesday.
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The March earthquake that struck Fukushima in Japan will cost $2.3bn.
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The carrier’s losses from the Melbourne earthquake and various large storms have also exceeded initial estimates by $8mn.
-
Storms from 16-23 June added to a “very active” quarter for the peril.
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The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
-
Investors, fund managers and service providers are adapting in the face of potential large losses from secondary perils.
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The losses were caused by 14 events, most notably wind and hail in Texas, the Midwest and Canada.
-
The east coast of the country was struck by severe rainstorms earlier in the year.
-
The varying treatment of the flood losses raises questions over how the industry should define flood events.
-
The storms tracked 1,000 km through densely populated regions of Quebec and Ontario.
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The loss aggregator pegged the event at EUR3.3bn in its first estimate in March.
-
The figure includes around $17mn of unfavorable reserve re-estimates for prior period events.
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Group chief accounting officer Erick Fernandez will step in as an interim.
-
Severe convective storms in the US caused hundreds of millions of losses, while a small number of expensive homes in California were hit by a wildfire
-
Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS.
-
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.
-
Despite a move away from non-official indices, global ILW trading is still sometimes relying on a patchwork of triggers.
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Brokers - SectionThe company announced net retained catastrophe losses of $462mn.
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European storms have inflicted heavy claims on insurers in recent years.
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The nat cat loss aggregator said the Q1 event was the “largest flood loss on record” for the Australian insurance industry.
-
The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.
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The Florida-based insurer’s 2019 issuance is expected to lose up to $37mn of its $40mn principal after Hurricane Ida.
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
-
The syndicate won new backers after Credit Suisse ILS significantly scaled down support.
-
The agency highlighted potential aviation losses from the war ranging from $6bn to $15bn.
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Most of the losses occurred in Germany, followed by the Benelux states, the UK and France.
-
Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
-
The study says a more La Niña-like environment has driven the trend.
-
Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.
-
Of that roughly $400mn to $820mn can be attributed to commercial and industrial properties, according to Verisk.
-
Property losses contributed 88% of the total industry loss total, while 12% were due to motor lines of business.
-
-
The insurer predicts there will be some release from its provision, but it will happen over time and is subject to court proceedings.
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BMS’s Andrew Siffert said losses from US winter-related storms and thunderstorms are likely to arrive at a below-average figure for Q1.
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The earthquake on Wednesday night caused power cuts for more than 2.2 million homes.
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The home and auto carrier has received around 5,000 claims so far.
-
Ceded premiums earned were also up by 27.7% due to new quota share agreements.
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The carrier lifted its estimated net natural hazard costs for the year by A$25mn to A$1.1bn.
-
The claims count from New South Wales rose by 12% over the weekend.
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Windstorm Nadia/Malik was one of several to strike the region this winter.
-
-
The claims count on day 18 of the flooding stands at 118,016.
-
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 insurer has used up about 40% of its aggregate reinsurance limit, after quota share impacts.
-
Insurers have received nearly 107,844 claims relating to the Southeast Queensland and New South Wales floods.
-
The Floridian insurer said the write-down reflected prevailing valuation multiples.
-
Net income was impacted by $4.4mn of reserve strengthening, net of reinsurance recoveries.
-
Claims have reached 67,537 since yesterday’s update.
-
Claims from New South Wales are expected to increase in the coming days, given the flooding emergency in Sydney.
-
The 2020s is the key decade for action to limit global warming and its impacts.
-
The firm’s 2020 edition cat bond has also lost $3.2mn.
-
Insurers will prioritise claims made by affected policyholders, and claims will be triaged to direct urgent assistance to the worst-affected property owners
-
This estimate would rank Eunice as the most damaging European windstorm event since Kyrill in 2007.
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The ruling deemed that the restaurant group was entitled to separate payouts for multiple premises.
-
German actuarial firm Meyerthole Siems Kohlruss warned the losses represented a “turbulent” start to the year.
-
The final bill is likely to be higher as further damage occurs due to gusts of wind.
-
European windstorm cat bonds mainly cover the less-affected countries of the Netherlands and France.
-
Absent more significant reform, any changes this year look set to simply shift the timing of burdens falling on the public purse.
-
-
As of December 31, 2021, policyholders have filed 434,633 claims of all types from Hurricane Ida, with 83% of them already closed.
-
The year broke a number of records in terms of insured losses.
-
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.
-
The December redemption was raised to 7.5% of the fund from the usual 5%.
-
There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.
-
Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
-
The year saw a substantial uptick in natural disaster losses compared with 2020 and 2019.
-
Almost 130 insurers claim that the defendants failed to prepare for the power loss that caused “significant property damage” to carriers and policy holders.
-
The Australian insurer paid a mid single-digit rate increase for the reinsurance cover.
-
The fund’s net assets grew 12.2% to $983mn year-on-year.
-
A heavy snowfall helped to bring the major conflagration under control.
-
The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
-
Arwen knocked out power for around a million UK homes.
-
Pricing sheets appear to show little impact on aggregate ILS deals.
-
While funding under a World Bank loan agreement is expected to flow, the 2019 cat bond protecting the nation was not expected to be at risk.
-
Jefferies’ report shows that cat losses have been spread across a broader range of perils and regions this year.
-
The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.
-
The firm said $3bn was still a substantial loss given that the weekend events were driven by pure tornado claims.
-
The firm’s estimate fell at the lower end of the range for historic Top 10 tornado events.
-
Aon’s Impact Forecast has suggested that only a limited portion of the loss will pass to reinsurers.
-
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.
-
This late in the year, where the claims land in terms of historic tornado loss parallels is almost irrelevant to the question of disruption, as the event will compound existing delays.
-
Domestic carrier Definity has said the event could cost it up to C$25mn.
-
Hail, wind and torrential rain struck Victoria and Tasmania.
-
The storm tore through north-western Europe in October, with major losses in France, Germany and Belgium.
-
With sustained windspeeds of more than 60mph, the storm disrupted power supplies and transport lines
-
Nearly three months on, the event still seems heavily stacked towards residential claims.
-
The loss-tracking agency’s claims total for Louisiana rose by roughly $1bn, as losses hitting New York increased by $0.5bn.
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ILS Capital described it as “the ultimate short-tail risk” but noted structural and sourcing challenges for ILS writers.
-
On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.
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The cat bond market has priced a $20mn tranche of Safepoint’s 2019 Manatee Re cat bond for a full loss after Hurricane Ida as two regional, low-attaching deals are set to be impacted by the 2021 hurricane.
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Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.
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The four major European reinsurers reported strongly improved results in the first nine months of 2021, despite the heavy toll of catastrophe claims, according to analysis from Fitch.
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Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.
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United Insurance holdings (UPC Insurance) reported net catastrophe losses of $37.0mn in Q3 2021, down from $140.0mn for the prior-year quarter, after action to significantly reduce gross and net catastrophe exposure during the past year led to a “materially reduced” hurricane loss.
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Insurance commissioner Jim Donelon encouraged policyholders to file supplemental claims for expensive rebuild costs.
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HannoverRe said that EUR180mn of its EUR221.6mn ceded Ida losses stemmed from ILS businesses that Hannover Re fronts.
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Hannover Re has ceded more than twice the level of large catastrophe losses to reinsurance and retro partners in the first nine months of 2021 as it did in 2020, as it retained only around a third of its Bernd flood claims on a net basis.
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The carrier revised its cat bill following Ida and PG&E losses.
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October storms touched the insurer’s occurrence reinsurance trigger of A$169mn.
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Review of quarterly financial updates released so far shows Bermudian carriers wearing major losses.
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Hailstones of up to 14 cm in diameter inflicted major damage on cars and property in the state.
-
Reserve releases more than doubled compared with Q3 2020.
-
The CEO and president said he expects to shrink the portfolio for retro-focussed sidecar Upsilon.
-
The modeller incorporated a 5% exceedance probability insured loss estimate to its report for the first time.
-
The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas.
-
The insurer pegged its updated gross claims figure higher than the Elbe flood of 2002.
-
The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
-
The insurer said most of the losses stemmed from lines of business it exited last year.
-
The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year
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The executive said “every reinsurance buyer” underestimated the impact of the flooding.
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The carrier also cited increasing continental cyber losses as a factor in continued market hardening.
-
The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
-
The accumulation of cat losses have taken a toll on carrier’s aggregate reinsurance covers, which could set up 1 January renewals for such treaties to be as difficult as last year.
-
The first pieces of solid risk loss information are coming to light following the storm, for which loss emergence has been slow.
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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
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The cyclone made landfall on 11 April, with strong winds affecting 800km of coastline.
-
From now on, per-event retentions for second and third events will lower to $55mn for hurricane and earthquake perils.
-
The carrier also estimated its European flooding burden will be $520mn.
-
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 loss aggregator said the change indicated initial over-reserving in the wake of the flooding.
-
The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
-
The midpoint for the estimate is around $97mn above the company’s pre-tax cat load, with $75mn resulting from Hurricane Ida.
-
Surpassing the $30bn threshold will trigger more occurrence covers, as another painful year looms for aggregate writers.
-
Provinzial confirmed its claims had risen above EUR1bn and it now estimates they could reach EUR1.5bn.
-
The modeller’s estimate is higher than BMS’s earlier $700mn figure.
-
Progressive books $341.9mn in cat losses from Hurricane Ida in August and sees the total rising to $510mn.
-
The new figure includes a prediction of between $6bn to $9bn in both public and private insured flood losses in the Atlantic states region after Ida moved inland.
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The insurer’s net monthly cat losses reached $876mn.
-
The sharpest decline was with the Catahoula Re 2020-1 Class A deal issued by Louisiana Citizens on which bids dropped 60.3c from 100.3c to 40c.
-
The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
-
Over nine inches of rain struck Houston and more than half a million Texas residents were left without power.
-
Insured cat losses for August were almost 3.8x higher than the 10-year average, according to Jefferies analyst Philip Kett.
-
Total economic losses are thought to be around $900mn.
-
The modelling firm’s wind and surge losses remain at $17bn-$25bn.
-
Economic losses from Hurricane Ida are likely to reach double-digit billions as costs rise globally from widespread cat events, Aon said.
-
Scor Global P&C CEO Jean Paul Conoscente said on a briefing that rate hikes were barely keeping up with inflation.
-
Coupled with aggregate cover the company has in place, United said Thursday that exposure to cat events for the remainder of its current reinsurance program would be $9mn.
-
The upward revision reflected significantly increased industry expectations, it said.
-
European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.
-
The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.
-
The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.
-
The broker CEO said this went against a “core premise” of the industry which was the absorption of such volatility.
-
The flooding in the northeast increases scope for commercial lines and auto losses.
-
The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador.
-
The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
-
“It's at the five- and 20-year return periods where insurers have to start looking and be worried about making sure these models capture these events,” Clark told this publication in an interview.
-
The carriers with the largest Louisiana market shares also ceded more than $100mn to Lloyd’s syndicates during 2020.
-
The storm has moved north across the US after making landfall in Louisiana at the weekend.
-
The energy market is being watched closely due to its potential to produce large risk losses.
-
The company predicts that total insured and uninsured losses from the storm overall will amount to between $27bn and $40bn.
-
The area of Laplace was the worst impacted on ICEYE’s list, with a total of 10,390 structures affected, 370 of which were in a high depth of water.
-
The ratings agency said that a surge in demand could add to the costs of rebuilding.
-
The estimate includes damage to residential, commercial and industrial property and vehicles.
-
Damage to crucial power infrastructure caused by the storm left over one million Louisiana residents without power.
-
Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.
-
The further losses edge into the $20bn range, the more the loss will shift to the retro market, but high uncertainty remains.
-
There is no such thing as an average loss year, but investors will still be looking for benchmarks.
-
Aggregate deals remain an exposure, but overall Ida should be a more readily digested loss than surprise disaster scenarios.
-
Post-Covid demand surge is a particular focus and fear.
-
Around EUR6.5bn of losses will come from the residential buildings, household contents and business claims, and around EUR450m will come from automotive claims.
-
Hurricane Henri is seen as a minimal event historically as the world braces for peak hurricane season, which begins on September 10.
-
The group’s CEO Jörg Asmussen made the comments in Berlin on Wednesday.
-
The second-largest fire in California’s history has so far affected mostly woodland areas.
-
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.
-
Despite the Q2 increase, the Everest Re sidecar’s written premium for the first half was down 2% to $155.3mn.
-
The carrier said flooding in the country would have an impact of EUR55mn on its net results.
-
Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.
-
Winds and high temperatures point to potential further growth of the blaze.
-
The fire is the second largest in California’s history behind the August Complex Fire last year.
-
Louisiana insurance department says claims for 2020 hurricanes rise 4% in second quarter; Hurricane Laura now 2nd most expensive.
-
Provinzial announced a EUR761.3mn loss, while Deutsche Rück’s costs could stretch to EUR230mn.
-
Hannover Re has estimated that the floods could end up costing the industry as much as EUR7.5bn.
-
Executive board chairman Jean-Jacques Henchoz said earnings for H1 were up to pre-pandemic levels.
-
Early indications point to a loss quantum of $1.4bn but insurers’ portfolios are well diversified.
-
The insurer follows Allianz in reporting a loss that implies reinsurance has been triggered.
-
The national insurance association has added Bavaria and Saxony to its tally.
-
Nissan was forced to halt production, but SAIC’s car-making facility and Hon Hai Precision’s iPhone factory are not thought to have been seriously affected.
-
The German insurance association called the low-pressure system Bernd ‘one of the most devastating in recent history’.
-
The insurer’s better-than-assumed cat loss in Q2 followed on from it burning through 48% of its aggregate cat reinsurance deductible in Q1.
-
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.
-
The loss was subject to claims inflation due to building supply and labour challenges.
-
Despite the quake, 2021 has been a benign year for cats so far, the data compiler said.
-
The insurer has lifted its ceded premium ratio and noted tougher terms on low-lying all-perils coverage.
-
The figure was significantly down on the prior month’s $544mn, and also came in 39% below the year-ago loss tally.
-
Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
-
The funds made a $93.9mn loss in 2019, ahead of a leadership changeover at legacy adviser Armour.
-
The monthly tally came in 14% lower than the $632mn reported a year ago.
-
A high proportion of the more than $3.5bn economic losses caused by April severe weather will be insured, the broker said.
-
Most damage to private and commercial property was covered, but agriculture losses were uninsured.
-
The catastrophe modeller made the estimate using a new climate change risk model.
-
The firm reported an industry-wide loss of $36.8bn caused by the pandemic, up from $29.5bn in Q3.
-
The initial loss figure was A$1.23bn, with a second report putting the loss at around A$1.3bn.
-
The hurricane made landfall in Alabama on 16 September 2021 and swept through a number of southern states.
-
The Earthquake Commission paid eye-watering increases in the years following the events.
-
Covid-19 losses remained stable as the insurer said rate rises should endure.
-
The February Deep Freeze has already pushed cedants to access reinsurance, adding fuel for rate rises later this year.
-
The insurer has benefited from recoveries from its captive after reworking its reinsurance treaty with the unit.
-
The Floridian insurer expects net current quarter “other weather” losses to make up $16.1mn of the claims tally.
-
Property losses make up 96% of claims.
-
The insurer offset $1.08bn of Q1 cat losses with reinsurance recoveries and subrogation payouts in total.
-
Analyst Philip Kett estimates US winter weather losses at $15.3bn.
-
Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
-
States most impacted include Alabama, Mississippi, Texas, Georgia, and Tennessee.
-
The industry association reports 37,858 claims lodged so far.
-
Both private and cat bond funds were down for the month.
-
The data company describes the first quarter as benign.
-
Covid-19 losses accounted for 60% of the major claims, with the rest attributable to catastrophe events.
-
The event will further erode the deductible in the group’s aggregate excess of loss reinsurance programme.
-
Environmental, social and governance concerns are of growing importance to the ILS industry, but work remains to be done on building a consensus about concrete goals.
-
The loss is steering more towards a personal lines event, with loss notifications leading to more optimism amongst reinsurers.
-
Insured losses from severe weather in the central and southern US are expected to reach hundreds of millions of dollars, according to Aon’s Weekly Cat Report.
-
The tally so far comes in far below the broker’s year-ago estimate of $80bn for a twelve-month lockdown.
-
Heavy rains have caused the worst flooding in 60 years and resulted in mass evacuations.
-
The company said adjustments to a previously reported loss related to ceded losses and commissions stemming from a quota share treaty with a captive reinsurer.
-
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 firm's insurers picked up roughly a third of the carrier's losses for the year.
-
The overall $96mn year-on-year increase in ceded losses was mostly driven by higher storm activity, UPC said.
-
Trapped capital subdued the firm's overall fund return to a 1.6% gain, as primary insurance gains outweighed reinsurance losses.
-
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 modelling agency said it is still monitoring how factors such as demand surge and mould damage may impact claims.
-
As some in the market believe the winter claims will remain notably below $20bn, there are multiple factors creating challenges in assessing the event.
-
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 said Texas claims are beginning to drop off with quota share and minor perils cover in place to help minimise its retention.
-
Policyholders have filed some 730 claims after fires hit hills outside the western city.
-
The modeller said it is “likely” that the number of claims could exceed the high of Hurricane Harvey in 2017.
-
The Insurance Capital Fund combines US wind cat bonds with subordinated debt issued by European insurers.
-
Aggregate cat bonds and quota shares may be exposed although the loss would typically be expected to skew to the traditional binders and insurance market.
-
The ratings agency says it will continue to monitor whether the cat event could affect the rating outlook for any entity.
-
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.
-
In a note to clients seen by this publication, the risk modelling firm says the event may break records for insured winter storm losses.
-
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 loss estimate for the February 2020 event is up 3% on an August assessment.
-
The final loss estimate fell by 2.5% as Perils said similar-sized losses could recur every three years.
-
Lancashire Capital Management delivered an 80% uplift In the reinsurer’s share of profits from its retro-focused portfolio.
-
The combined ratio improved overall despite the marked increase in catastrophe claims.
-
The California-based carrier had to tap reinsurers for two reinstatements in Q4.
-
The fourth-quarter charge will take group full-year pandemic losses to EUR1.2bn.
-
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.
-
The analyst predicts the insurance sector could experience its best performance in nearly a decade.
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The event was the third Australian hailstorm event of 2020 reported by the data aggregator.
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The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
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Last year’s season was “unprecedented” in terms of frequency, but not in terms of severity.
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The Convex CEO reiterates his prediction of a potential $200bn casualty-reserving deficit and anticipates a similar amount of Covid claims.
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The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.
-
The sector has received a post-Covid boost heading into January, with strong interest in liquid cat bonds, but challenges around structures, pandemic exposures and lifting ESG commitments will remain.
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The total would give the Bermudian a higher yearly cat loss total than it recorded in 2017.
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Storms tore through four states in January last year with hailstones up to 6cm in size.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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The uplift in insured losses would be much lower due to underinsurance for storm surge and flooding damage.
-
This came after analysts said reinsurers could face further cat losses as a result of the case, although XoL claims are likely to be disputed.
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The four-year aggregate notes will replace the 2017 Vitality VIII bond that matured last week.
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The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter.
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A total of 24 million hectares of land was burnt in the worst bushfire season on record.
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Combined insurance losses for these events total $7.1bn, representing a “benign year” for large non-US losses, the company said.
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A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.
-
The consultancy said losses were expected to keep mounting following Q4 disclosures.
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The 12 Days of ILS Christmas
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The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development.
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Shares in the Australian carrier slumped 12% following the disclosure.
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Claims arose from events including Hurricane Delta, Hurricane Zeta and Tropical Storm Eta.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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The bond’s size remains at $150mn.
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The majority of losses occurred in the western Turkish city of Izmir and the rest of Izmir province.
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This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.
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Aon’s Impact Forecasting put total insured losses across various events including Hurricane Eta at $1.2bn or more.
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With a low initial expected loss of 0.25%, the notes offer a substantial 11.6x multiple.
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Carriers have raised $19bn so far this year, with another $3bn in the pipeline, the broker says.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
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The event is the most costly wildfire loss to hit New Zealand in recent times.
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The pact over Canterbury earthquake payouts stretching back almost a decade will generate a NZ$9.5mn write-off for the carrier.
-
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The carrier’s annual catastrophe losses ticked up to $2.9bn in October.
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The latest annual estimate was 4% higher than in 2019 and up 11% since 2018.
-
Several of the insurer's cat bonds have been heavily marked down in the secondary trading.
-
The Everest Re sidecar had an underwriting loss for the quarter.
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Reinsurance demand will be up in the near term, but a stronger if smaller pool of carriers would be another desirable outcome.
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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.
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CFO Bouas-Laurent reassures analysts that the cash injection will not harm solvency.
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The reinsurer passed lower natural catastrophe losses to retro partners than in Q3 2019, but Covid ceded losses rose to EUR173mn.
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The modelling firm anticipates up to $500mn of additional claims from offshore platforms, oil rigs and pipelines in the Gulf of Mexico.
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Parent Axa leaves its EUR1.5bn estimate for Covid-19 losses unchanged at the nine-month mark.
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The fund’s loss estimates for the 2017 hurricane have climbed nearly $3bn in 18 months.
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The modelling companies issue lower ranges than KCC’s earlier $4.4bn forecast.
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Louisiana, Mississippi and Georgia are likely to bear the brunt of the insured losses.
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The company relies heavily on underwriting expertise to prepare for cat events.
-
That figure compares to pre-landfall loss estimates in the low-single-digit billions.
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Cat claims stemmed from hurricanes Laura, Sally and Isaias, the Midwest derecho and California wildfires.
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Bruce Lucas tells Trading Risk Live that 10-12 companies are at “extreme insolvency risk”.
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Hurricanes Isaias and Sally were "full retention events" and the firm took 2,000 new Irma cat claims in Q3, the company said.
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The company’s overall operating income was down 24% to $907mn.
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The calls will provide a barometer of claims activity on historic storms Irma and Michael as well as recent Hurricane Sally.
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Repeated pelting from smaller cat losses presents a host of challenges for carriers.
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The tally surpassed its $16mn retention, but this was the first hurricane of 2020 for which it pre-announced a loss.
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The carrier expects “significant” operating income and “positive” net operating income for Q3.
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The Bermudian is expecting to pay $17mn in third quarter Covid-19 claims.
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The service provides a higher level take on ex-US loss data than the Perils index
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Around 95% of the loss was property damage, mainly residential.
-
Florida rivals Universal and United had previously announced quarterly cat loss totals of $58mn and $135mn apiece.
-
The risk modelling firm also says offshore energy losses from the storm are unlikely to exceed $1bn.
-
The carrier's Hurricane Laura loss has risen close to its occurrence treaty trigger.
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The Midwest derecho in late August accounted for about $103mn of the carrier’s quarterly claims tally.
-
The carrier’s third quarter catastrophe losses will fall on its global housing business segment.
-
Regional insurers are more likely to face significant surplus deterioration, the ratings agency said.
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The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
-
The reinsurer also cited West Coast wildfires, the August derecho, Hurricane Isaias and Typhoon Maysak as contributing to the total.
-
The carrier also says its Q1 Covid-19 loss estimate remains at $235mn.
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Hurricane Delta looks set to be another mini hurricane loss, but one which may aggravate some existing trends.
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A report by the reinsurance broker says that just over $3bn of insured losses occurred in Iowa.
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The storm has largely impacted small towns already suffering from Laura damage.
-
Storm Delta may feel like a reprieve, but escaping storms gives no upside for investors.
-
The new estimate sits in the middle of the range, following previous figures given by modellers
-
Carrier has a cat event retention of $10mn for all perils under its reinsurance programme.
-
The 2020 figure tops the 1.96 million-acre high of 2018, when fires cost the industry around $18bn.
-
The estimate includes claims from four hurricanes: Hanna, Isaias, Laura and Sally.
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The president and CEO urges wordings precision to avoid cyber-related litigation.
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EMC and Church Mutual turn back to reinsurers after devastating wind losses.
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The utility will draw down $843mn of its own insurance to help meet settlement costs related to the Thomas and Koenigstein fires, and the 2018 Montecito mudslides.
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In June, the company renewed its reinsurance program, holding the program’s retention for Florida events steady at $43mn.
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The carrier had topped up its cover earlier this month after Laura triggered recoveries.
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The total compares with around $50mn pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.
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The figure compares with around $50mn in pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.
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Sally buffeted cities and town as it moved across Alabama at speeds as low as 2 mph, the modeller said.
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The estimate excludes NFIP losses, offshore assets, and the potential impact of Covid-19.
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Analyst Philip Kett says consensus opinion has yet to wake up to mounting claims from smaller wind and rain events.
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Pre-tax cat losses totalled almost $1bn, driven by claims related to hurricanes Laura and Isaias.
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Reinsurers and investors on the program’s flood-related cat bonds are watching the situation closely.
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The event may be more evenly split between insurers and reinsurers due to its impact on Florida's border counties.
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July rains and typhoons Maysak and Haishen severely damaged Kyushu region, the body said.
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The ratings agency says 2020 is already the third-highest year for California wildfire insured losses.
-
The insurer could have total gross losses of more than EUR500mn, according to a French publication.
-
Reports from operators suggest minimal damage to assets, most of which will be covered by retentions.
-
Meanwhile, in neighboring California, the largest wildfire, the August Complex, has burnt 755,603 acres of land.
-
Wind and hail-related property damage is expected to be covered, but a “sizable portion” of crop losses may not be.
-
Record heat, dry conditions and strong winds have helped wildfires spread, Aon said.
-
Having fuelled up on retro to grow, some carriers may need to focus on managing net exposures.
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It made a 4.4% gain over the past year from its insurance holdings, and has made 7.9% per annum since inception.
-
The Corporation said 25% of its losses came from property classes of business.
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The typhoon was far less destructive than early forecasts suggested, according to claims-adjusting firm Sedgwick.
-
Alternative capital reduced by around $3bn in H1 2020 due to trapping.
-
The ratings agency says reinsurance resilience is “starting to crack”.
-
One source predicted a loss tally as low as $200mn.
-
The carrier will also take low triple-digit-million euro hit from Laura, Hanna and Isaias.
-
Pandemic claims contributed to a 670% year-on-year increase in cat losses.
-
The Cat 4 storm has led to losses at oil refineries and chemical plants located in the western half of Louisiana, RMS noted.
-
Louisiana will account for the brunt of insured losses from the Category 4 hurricane, which made landfall last month.
-
Uncertainty remains over energy sector and Covid-19 impact on loss adjusting and rebuilding.
-
The February flooding took total UK winter losses to £775mn.
-
The Farm Bureau programmes feature strong Lloyd's participation, while depop carriers are ones to watch.
-
As new PE inflows arrive in the sector, it remains to be seen how this will be matched on the ILS side.
-
Depop insurers will be closely watched.
-
Storm surge losses are expected to remain under $500mn.
-
Early modelling data points towards a single-digit billion loss, but excludes energy and Covid-19 impact.
-
The state insurer of last resort buys cover from a much lower-attaching level than its Texas peer.
-
ILWs at the $10bn mark failed to clear, as auction participants suggested losses would not reach the trigger.
-
Over 83% of bushfire claims are closed, the ICA said.
-
Insured losses from past storms in Laura's vicinity range from $13bn to $24bn, inflation-adjusted.
-
The firm's managing director says pandemic losses appear to pose no existential threat to the sector.
-
Hurricane Isaias will be another retention loss for insurers, even at surprise $4bn insured loss estimates.
-
If Hurricane Katrina were to hit the US in 2020 privately insured losses could reach $65bn, up from $41bn 15 years ago.
-
The research firm says the pandemic will become the leading example of “silent” coverage uncertainty.
-
The country’s economy minister predicts the 2,500 claims received so far could quadruple to 10,000.
-
The $3.9mn claim followed an August revision to the PCS Irma loss estimate.
-
The February storm was the 13th notable event in a very active European windstorm season.
-
Tornadoes, hail and strong winds hit the eastern half of the US last week.
-
The absolute quantum has moved but the outlook is broadly the same, CFO Quinn said.
-
The updated total of A$958mn ($675mn) includes additional property and motor damages.
-
Losses from severe convective storms in the US were the highest since the first half of 2011.
-
The bill from the February storm, which hit Germany the hardest, was previously estimated at EUR1.55bn.
-
The Association of Insurance Companies in Lebanon estimates economic losses of up to $10bn, with about 30% insured.
-
Loss estimates outstrip early expectations.
-
The broker highlights industrial and commercial buildings as the likely source of international property market exposure.
-
Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
-
Major losses from natural catastrophes were comparatively low at EUR167mn for the quarter.
-
The UK insurer has exposure to BI losses through a Canadian dentistry book.
-
Axa estimated its total 2020 impact from Covid-19 for the group at EUR1.5bn, which it booked in the first half.
-
Sources say initial modelled loss data converges on another sub-$1bn loss with wider variations than over earlier 2020 storms.
-
The retro vehicle has only picked up a small share so far but this will grow.
-
The insurer had previously confirmed details of its $4.5bn treaty renewal.
-
The P&C business posted a EUR167.9mn underwriting deficit on EUR380mn in Covid-19-related losses.
-
The company confirmed it had bought $500mn of additional catastrophe aggregate.
-
Nat-cat experience was slightly adverse but Covid-19 losses were the main driver.
-
Parent Lancashire fell to an underwriting loss for the first half after lifting its Covid-19 loss estimate to $42mn.
-
The estimate includes privately insured wind and storm surge damage to homes, commercial properties and cars, but not NFIP losses.
-
Rainfall in some areas could lead to flooding and landslides.
-
Early Q2 forecasts show Covid-19 losses well short of initial hit to carriers from 2017 hurricanes.
-
The Australian carrier lifts its guidance on natural catastrophe claims to A$904mn ($644mn) from $850mn.
-
Six-month figures beat long-term average of $20bn with North American natural disasters driving the majority of the losses.
-
The group-wide impact came to $2.5bn including the firm's life and insurance businesses.
-
Over 200 nat cat events occurred in H1 2020, topping the 20-year average.
-
The Australian insurer had a relatively low reinsurance trigger on its UK BI loss exposure.
-
Motor accounts for 47% of the industry’s total bill, while property claims rise sharply from earlier estimates.
-
Lower-than-average major losses helped offset nearly $800mn in pandemic-related claims.
-
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.
-
Hailstorms across the Midwestern US will likely add to substantial losses this year.
-
This week the team looks at the underperformance of Bermudian syndicates at Lloyd’s.
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June losses from wind and hail events in Texas, Pennsylvania and Alberta total $181mn.
-
The insurer is anticipating a pre-tax underwriting loss of $210mn for the quarter, and expects to absorb $182mn in Covid-19 claims.
-
Catastrophe losses will account for 65 percent of quarterly losses, the company estimates.
-
The range adds to mounting evidence that the industry may be hit less than initially feared by the pandemic.
-
The (re)insurer said Covid-19 losses would account for about $170mn-$180mn of the claims tally.
-
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.
-
Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
-
The claims emanate from 14 weather events and amount to $12.8mn on an after-tax basis.
-
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.
-
The Calgary hailstorm in mid-June could become the fourth-costliest nat cat event in Canadian history.
-
The estimate is in line with Argo's earlier projection and will likely precede additional announcements from the sector in the coming weeks.
-
The island's ILS capacity grew by $19bn, or 37 percent, the year after Irma.
-
The estimate marks a 19 percent deterioration on a February forecast.
-
The figure was net of reinsurance recoveries and connected to 15 events in the quarter.
-
Covid-19 claims could make the year the most expensive on record, the broker warns.
-
Worldwide losses may reach half the level projected by Lloyd’s, analysis suggests.
-
Florida Citizens received more than 500 new Irma claims each month up until April, which has slowed 30 percent from 2019.
-
Four severe weather events in Texas and the Midwest generate about 80 percent of the claims.
-
The estimate for the third named storm of the season covers privately insured wind and storm surge damage.
-
Primary property and facultative covers will respond to losses under civil commotion clauses.
-
BI and cancellations are the major drivers of its loss.
-
The German reinsurer’s performance “will decline” this year amid Covid-19 turmoil.
-
After Bertha’s landfall, the firm also noted that 2020 has joined 2010 and 2016 as an early year for named storm activity.
-
Fires alone set to cost insurers A$2.3bn.
-
The $632mn tally was up from $290mn reported in April 2019.
-
After the immediate claims hit, reinsurers face the prospect of harder rates but shrinking premium volumes in some lines.
-
The carrier is one of a few that offers affirmative BI cover.
-
Around one-eighth of the Corporation's estimate related to property reinsurance specifically.
-
Some argue that what appears to be a stepping back by Japanese investors may just be a pause as investors switch managers.
-
The crisis may impact insurers for several quarters, but could offer opportunities for new entrants, industry leaders said at the digital Insider US conference.
-
The insurer has forecast a total hit of $750mn for 2020 across all lines.
-
Lloyd's expects property losses will make up 29 percent of the corporation's $3bn-$4bn share of claims, with overall industry losses at $107bn.
-
The carrier’s P&C division could miss its 2020 operating profit target by 20 percent, CFO Giulio Terzariol said today.
-
The “magnitude” of claims could ease in future quarters, Argo CEO Kevin Rehnberg said.
-
The association is planning to issue $200mn of Alamo Re II notes later this year.
-
Plummeting global markets have reduced the value of the carrier’s investments, results show.
-
A surge in earned premiums and reserve releases helped profits climb to $108mn in the first quarter.
-
Catastrophe losses were EUR208mn, up 6.6 percent from last year.
-
The insurer's Q1 cat losses dropped by more than two thirds.
-
The insurer said it was two thirds of the way to attaching a UK reinsurance treaty.
-
Covid-19-related catastrophe losses at TransRe contributed to a Q1 underwriting loss.
-
The carrier expects event cancellation losses from Covid-19 in the “mid-triple-digit-million euros”.
-
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 broker's total insured loss estimate spanned $11bn to $140bn, depending on the recovery from Covid-19.
-
Storms last week could add hundreds of millions of dollars to loss estimates.
-
CEO David Long said he expects the greatest impact of Covid-19 to be on the group’s investment portfolio.
-
BI may seep into some reinsurance and retrocession covers but insurers will take the biggest hit, said the head of ILS at Schroders.
-
Carrier books $10mn loss on WHO pandemic bond
-
About 75 percent of this figure is expected to come from BI losses.
-
Willis Re president Andrew Newman said capital will continue to flow into insurance if adequate returns are on offer.
-
Evan Greenberg compared pandemic exposure to terrorism risk before 9/11.
-
Reinsurance cover may be triggered and losses could end up significantly higher, estimates suggest.
-
The carrier included just $13mn in Covid-19 losses as the event will be tracked as an ongoing catastrophe.
-
Marine, property and reinsurance would contribute $100mn of total net losses, the insurer said.
-
The insurer's Q1 net profit fell 25 percent to $600mn as cat losses were almost double those of Q1 2019.
-
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.
-
The carrier said its reinsurance protection would respond to the loss, but recoveries may be limited.
-
The firm revised its 2019 estimate for insured disaster losses up by $4bn but kept Typhoon Hagibis under $10bn.
-
The loss aggregator will issue an updated estimate for the losses at the end of May.
-
The carrier said its solvency ratio remains within its target range.
-
Property damage in eastern Australia totals $488mn, according to an initial loss estimate by Perils.
-
The majority of losses hit the UK, Germany and Belgium, estimates show.
-
Both tranches of the bond could trigger as soon as April, once the growth rate is calculated.
-
The Olympics is one of the largest events insured in the contingency market, and it is understood that the IOC buys $800mn of cover.
-
The ICA has increased its estimate for the January hailstorm total losses to A$1.2bn.
-
Most of the losses have been reported in Germany, followed by the Benelux countries, France and the UK.
-
Cancellation of the games could be a billion-dollar hit for the insurance sector.
-
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.
-
Timings, penalty fees and dual treatment of attritional claims are among the measures under consideration.
-
The firm's K sidecar avoided major Dorian claims, as the firm also grew its whole-account covers.
-
This is the first time premium income has outpaced claims in three years.
-
The European storm was the most expensive cat event of February, followed by US winter storms that cost nearly $700mn.
-
The APRA’s chairman says carriers are well placed to pay out claims and respond to new events.
-
The loss aggregator lifts the tally by EUR10mn from its previous prediction.
-
Insurers are facing estimated losses of £363mn ($473.7mn) from storms Dennis and Ciara, which caused widespread damage in the UK during February.
-
The losses include those of the parent company as well as Monarch National Insurance Company.
-
The losses were initially pegged by the Insurance Council of Australia at A$320mn ($211.5mn).
-
The “vast majority” of the Irma loss increase would be covered by the Florida Hurricane Catastrophe Fund, CFO Frank Wilcox 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.
-
As of 30 June last year, the fund had deployed $40mn of its committed funds to HSCM Bermuda.
-
Large cat and man-made losses for the year amounted to $2.3bn.
-
Projected Ciara/Dennis losses for major local insurers are expected to be below reinsurance retentions.
-
The GDV says natural events caused EUR3.2bn of insured losses in Germany in 2019.
-
Ciara and Dennis could be the most significant European windstorm losses since 2018.
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