Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Extreme weather losses in Australia exceed AUD 1.8bn in H1’25: ICA
2nd July 2025
According to new data released by the Insurance Council of Australia (ICA), the total insured cost of extreme weather events in the first half of 2025 has now surpassed AUD 1.8 billion from 148,437 claims. A breakdown of these claims shows that the most recent event, the Mid-North Coast and Hunter ... Read the full article
Hurricane Erick insured losses expected to be contained: AM Best
27th June 2025
Insured losses from Mexico’s Hurricane Erick, which made landfall last week, are expected to be contained, with parametric insurance contracts unlikely to be triggered, according to a recent report by AM Best. Hurricane Erick made landfall last Thursday morning as a dangerous Category 3 storm, striking Mexico’s southern Pacific coast. It ... Read the full article
Severe storms in Europe & US to cause significant insurance losses: Aon
27th June 2025
Aon has reported that recent severe convective storm (SCS) activity is expected to drive economic and insured losses into the hundreds of millions of dollars in Europe, while similar events in the United States are projected to result in losses in the tens of millions. According to the firm's weekly catastrophe ... Read the full article
Allstate estimates May cat losses at $777m
18th June 2025
The Allstate Corporation has estimated catastrophe losses for May 2025 of $777 million or $614 million, after-tax. These losses stemmed from 11 separate events, with roughly 70% attributable to three widespread wind and hailstorms. By comparison, May 2024 saw catastrophe losses of $1.4 billion, approximately 70% of which resulted from five ... Read the full article
PERILS lowers industry loss estimate for Cyclone Alfred 12% to AUD 2.25bn
12th June 2025
Zurich-domiciled catastrophe insurance data provider PERILS AG has disclosed its second industry loss estimate for Cyclone Alfred to AUD 2.25 billion, a 12% dip from its initial loss estimate of AUD 2.568 billion issued in April 2025, six weeks after the event. Cyclone Alfred affected the Australian states of Queensland ... Read the full article
US P/C insurers hit by $1.1bn underwriting loss in Q1’25 primarily due to LA wildfires: AM Best
9th June 2025
According to credit rating agency AM Best, the US property and casualty (P/C) insurance industry recorded a $1.1 billion net underwriting loss in the first quarter of 2025—a significant decline from the $9.4 billion gain reported during the same period in 2024. The drop was primarily driven by elevated losses from ... Read the full article
GIC Re reports underwriting loss of ₹392.3 crore for Q4
27th May 2025
General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has reported an underwriting loss of ₹392.3 crore for the fourth quarter ended March 31st, 2025, compared to a profit of ₹570.06 crore in the prior year fourth quarter. The combined ratio for Q4’25 deteriorated to 103.56%, compared to ... Read the full article
ICA declares NSW floods ‘Insurance Catastrophe’ as claims received nears 5,000
27th May 2025
The Insurance Council of Australia (ICA) has upgraded the Mid North Coast and Hunter flooding event classification to an "Insurance Catastrophe" due to updated feedback on ground information about local event severity. So far, insurers have received 4,900 claims from the event, which has seen flooding in the Mid North Coast ... Read the full article
Up to $7bn May storm losses reinforce SCS reclassification need: Gallagher Re
23rd May 2025
With a preliminary insured loss estimate ranging from $4 billion to $7 billion for the severe weather events across the U.S. between May 14 and 20, Gallagher Re's Chief Science Officer and Meteorologist, Steve Bowen, has argued that it's well beyond time to abandon the semantic classification of severe convective ... Read the full article
May severe weather outbreaks could rank among costliest in US history: Aon
22nd May 2025
Given the widespread tornado, hail, and wind damage across the central and eastern United States, Aon has suggested that the May 14–17 outbreak could rank among the costliest severe weather events in U.S. history when adjusted for inflation. In a new report, Aon examined the meteorological drivers and impacts of two ... Read the full article
Tornado outbreak likely costliest US severe weather event of 2025
21st May 2025
In what is currently regarded as the costliest severe weather event of 2025, a widespread tornado outbreak across the U.S. Midwest and Southeast has resulted in substantial economic and insured losses, with Cotality estimating that approximately 63,000 properties may have been damaged nationwide and total reconstruction costs nearing $16 billion. The ... Read the full article
Allstate estimates cat losses for April at $594m
15th May 2025
The Allstate Corporation has revealed estimated catastrophe losses for April 2025 of $594 million or $469 million, after-tax. According to the firm, catastrophe losses for April 2025 included 11 events, with approximately 60% of the losses related to two geographically widespread wind and hail events. In comparison, Allstate's catastrophe losses in ... Read the full article
Ambac reports total revenue growth of 27% in Q1’25
13th May 2025
Ambac Financial Group, Inc., an insurance holding company, has reported a 27% growth in total revenue from continuing property and casualty (P&C) operations for the first quarter of 2025 to $63 million, alongside total P&C premium production of $318 million, a 70% increase year-on-year. The company’s Specialty P&C Insurance (Everspan) business ... Read the full article
Global insured losses reach $146bn in 2024, driven by hurricanes & SCS: Swiss Re
13th May 2025
A new report from the Swiss Re Institute has revealed that global insured losses reached $146 billion in 2024, up from $125 billion in 2023 and significantly exceeding the 10-year average of $108 billion. Natural catastrophes accounted for $137 billion of 2024's losses, an increase from $115 billion in 2023 and ... Read the full article
Extreme weather costs in Australia in 2025 hit AUD 1.5bn: ICA
12th May 2025
According to new data released by the Insurance Council of Australia (ICA), the February North Queensland floods and ex-Tropical Cyclone Alfred in March have so far caused insured losses of almost AUD 1.5 billion. The ICA has clarified that these two events are being prioritised by insurers as they have resulted ... Read the full article
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