Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Conduit Re CEO Trevor Carvey to retire
31st March 2025
Trevor Carvey, Chief Executive Officer (CEO) and Director of Bermuda-domiciled property and casualty reinsurance group and the ultimate parent company of Conduit Re, Conduit Holdings, has notified the Board of his decision to step down from the roles and retire on April 11th, 2025. Conduit has confirmed that Carvey's retirement is ... Read the full article
Cyclone Reinsurance Pool faces A$1.7bn loss from Alfred
26th March 2025
Australian Reinsurance Pool Corporation (ARPC) has provided preliminary loss estimates on ex-Tropical Cyclone Alfred, with initial modelling indicating that total losses covered by the Cyclone Reinsurance Pool are approximately A$1.7 billion. The ARPC noted that this estimate is likely to change as further assessments are conducted and more claims data becomes ... Read the full article
Gallagher Re estimates insured losses of up to $3bn from March US Tornado outbreak
21st March 2025
From March 13-16, 2025, intense weather conditions across parts of the US led to numerous hazards, with preliminary assessments from reinsurance broker Gallagher Re estimating insured losses between $1-3 billion, making it the year's first billion-dollar severe convective storm (SCS) event. Steve Bowen, Chief Science Officer at Gallagher Re, explained that ... Read the full article
Allstate pegs catastrophe losses for February at $92m
20th March 2025
U.S. primary insurer Allstate has estimated catastrophe losses for February 2025 at $92 million or $73 million, after-tax. Considering Allstate's January 2025 catastrophe losses of $1.08 billion, or $849 million after tax, the company's total year-to-date catastrophe losses now stand at $1.17 billion, or $922 million after tax. Readers will recall ... Read the full article
Ex-Tropical Cyclone Alfred not as significant as first feared, claims reach 60k+
17th March 2025
The Insurance Council of Australia’s (ICA) claims data indicates that ex-Tropical Cyclone Alfred is not as significant as initially feared across the majority of the impacted zones, according to Kylie Macfarlane, Deputy CEO at ICA. Insurers have now received more than 63,600 claims related to the event. An additional 10,000 claims ... Read the full article
Cyclone Alfred losses to at least be hundreds of millions AUD, says Aon
11th March 2025
Global insurance and reinsurance broker Aon has estimated that Cyclone Alfred's economic and insured loss impacts will reach at least into the hundreds of millions of AUD, although has stressed that it's too early to determine the ultimate financial impact and its implications on the local re/insurance market. On March 9th, ... Read the full article
Insurers receive over 22,000 claims following ex-Tropical Cyclone Alfred: ICA
11th March 2025
The Insurance Council of Australia (ICA) has revealed that insurers have received more than 22,000 insurance claims from policyholders across southeast Queensland and northern New South Wales following ex-Tropical Cyclone Alfred. Of the total claims lodged, 20,460 are in Home, 1,182 are for Motor, and 758 are for Commercial. The ICA observed ... Read the full article
Greenlight Re reports rise in GPW for Q4’24 as reserve strengthening & cats drive underwriting loss
11th March 2025
Cayman Islands-domiciled reinsurer Greenlight Capital Re, Ltd. has reported a 28% increase in gross premiums written (GPW) for the fourth quarter of 2024 to $143.8 million, as the firm fell to an underwriting loss in the quarter due to the strengthening of reserves related to aviation losses from Russia's invasion ... Read the full article
PERILS places initial industry loss estimate for windstorm Éowyn at €619m
10th March 2025
Zurich-domiciled catastrophe insurance data provider, PERILS, has placed its initial industry loss estimate for extratropical windstorm “Éowyn”, also known as “Gilles” at €619 million, based on loss data collected from the affected insurers. The storm, which generated very strong winds affecting the Republic of Ireland, Northern Ireland, and the Central Belt ... Read the full article
Vortex expands its hurricane insurance program for SMEs
7th March 2025
Parametric weather insurtech Vortex Insurance has expanded its hurricane insurance program to provide supplemental coverage for all hurricane categories (1-5) which includes fast, automatic payouts, and zero deductibles for businesses along the Gulf and Atlantic coasts, with limits up to $1 million. Higher coverage amounts can also be requested through Vortex ... Read the full article
Solar storm could expose global economy to losses of $2.4trn over five years: Lloyd’s
4th March 2025
In a recently published systemic risk scenario, the specialist Lloyd's insurance and reinsurance marketplace has highlighted that a hypothetical solar storm could expose the global economy to losses of $2.4 trillion over five years, with an expected loss of $17 billion from such an event. Lloyd's explains that global economic losses ... Read the full article
State Farm to retain $212m of $7.6bn LA wildfire loss after reinsurance
26th February 2025
State Farm General has estimated direct losses from the Los Angeles wildfires at $7.6 billion, with retained losses after reinsurance at $212 million and its share of FAIR Plan losses at $400 million. According to its latest update, State Farm General has paid out $1.75 billion on approximately 9,500 claims filed ... Read the full article
UK P&I Club ‘pleased’ with outcome of 2025 renewal despite Baltimore bridge losses
24th February 2025
The UK P&I Club has successfully completed the 2025 P&I renewal, gaining new business in 2024, which is expected to slightly increase its market share for the upcoming policy year, despite challenges such as the significant "Dali" incident. The Club is focused on enhancing the quality of its membership to better ... Read the full article
US P&C industry results improve in 2024 despite $2.6bn underwriting loss: AM Best
20th February 2025
The US property and casualty (P&C) insurance industry saw a significant improvement in its 2024 results, with momentum expected to continue into 2025, despite an estimated net underwriting loss of $2.6 billion in 2024, according to a recent AM Best report. AM Best attributes part of this progress to higher interest ... Read the full article
Allstate projects $1.4bn in reinsurance recoveries for California wildfire losses
20th February 2025
U.S. primary insurer Allstate has estimated catastrophe losses for the month of January at $1.08 billion, or $849 million after tax, after accounting for $1.40 billion in estimated reinsurance recoveries related to the California wildfires. January's losses reportedly stem from three events, with approximately $1.07 billion attributed to the California wildfires. The ... Read the full article
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