Reinsurance News
Losses
News on catastrophe and man-made losses that impact or could impact the reinsurance industry and reinsurers around the globe.
Insured losses from Greece’s deadly Attica fires reach €33.7mn
23rd August 2018
The Association of Insurance Companies of Greece (EAEE) has estimated that the total initial value of insurance pay-outs relating to the deadly fires which burnt through the Attica region on July 23 amounts to at least €33.7 million (US $39.1 million). More than 15 fires broke out simultaneously last month in ... Read the full article
Half of Australia’s Hobart storm claims paid as insured losses reach $100mn
21st August 2018
The Insurance Council of Australia (ICA) has announced that over half of the insurance claims relating to the flooding and storm that hit the Australian city of Hobart, Tasmania over May 10-11 have now been closed as the insurance bill nears AUD $100 million (USD $73 million). The $99.72 million figure ... Read the full article
Reinsurers likely to raise India flood rates following Kerala loss
21st August 2018
Re/insurance experts in India are expecting to see an increase in the premium charged by reinsurers for covering flood risk following the recent disaster in the Kerala region, which has caused estimated economic losses in excess of US $3 billion, according to the Indo-Asian News Service (IANS). IANS reported that ... Read the full article
AIR pegs insured property/auto damage from Japan floods at up to $4 billion
20th August 2018
Global catastrophe risk modeller, AIR Worldwide, has estimated that the intense rainfall and flooding that hit southwest Japan in June and July of 2018, claiming the lives of at least 200 people, will drive an insurance industry loss of as much as JPY 423 billion (US$4 billion). AIR Worldwide notes that ... Read the full article
Genoa bridge collapse to cost insurers up to $685 million: J.P. Morgan
20th August 2018
Analysts at J.P. Morgan have estimated that the Genoa bridge collapse will result in an insurance industry loss of up to €600 million (US$685 million), driven primarily by property damage and business interruption (BI) losses. Amid extremely heavy rainfall, a 200m section of the Morandi bridge, which is the main road ... Read the full article
Kerala, India floods to cost $3bn, insurers told to expedite claims
20th August 2018
Severe flooding in the Kerala region of India is now expected to drive economic losses of at least US $3 billion, while the toll for the insurance industry is anticipated to rise. Based on the scale of the flooding and the still developing catastrophe in the Kerala region this estimate could ... Read the full article
Society must prepare for more frequent and severe extreme weather events: Swiss Re
17th August 2018
Martin Bertogg, Head of Catastrophe Perils at reinsurance giant Swiss Re, has called on society to adapt and prepare for increasingly frequent and severe occurrences of extreme weather conditions, such as the heatwaves and dry spells witnessed in recent times. The Swiss Re Institute, a division of Switzerland-based reinsurer Swiss Re, ... Read the full article
Lloyd’s syndicates hit by further loss creep
17th August 2018
Data from the specialist Lloyd's of London insurance and reinsurance marketplace, reveals that the most recent syndicate projections for the 2017 year of account (YoA) includes further loss deterioration in Q2, at the mid-point. According to the data, which details Lloyd's syndicates' capacity for the 2017 YoA and both the best ... Read the full article
U.S economic hail losses to exceed $10bn for 11th year, say experts
17th August 2018
2018 is looking likely to become the 11th year in a row that U.S economic losses from hail have exceeded $10 billion, a figure set to increase as population growth drives up potential for property and infrastructure damage. Furthermore, in all decades since 1960, except for 2000 - 2009, insured losses ... Read the full article
Combined Irma loss creep exceeds $1bn for Floridian insurers
16th August 2018
The devastation caused by hurricane Irma continues to impact Floridian insurance companies, with a number of market players increasing their loss reserves as creep from the storm continues. Recorded as the strongest storm to exist in the open Atlantic region, hurricane Irma devastated parts of South U.S., especially Florida, as well ... Read the full article
Allstate’s YTD catastrophe loss bill falls by 22%
16th August 2018
The Allstate Corporation (Allstate) has announced estimated catastrophe losses for the month of July of $262 million, pre-tax ($207 million after-tax), driven primarily by two severe hail events and the Carr wildfire in Northern California. 15 events in July, 2018 saw catastrophe losses alone contributed $220 million, pre-tax, of the overall ... Read the full article
Nat cats drive losses in 2018 but totals down significantly: Swiss Re
16th August 2018
Global economic losses from catastrophes in the first-half of 2018 declined to $36 billion, year-on-year, with $20 billion, or 56% being covered by re/insurance, according to reinsurance giant Swiss Re's preliminary sigma estimates. The $36 billion economic loss total represents a decline of 44% from the $64 billion recorded by Swiss ... Read the full article
Tokio Marine expects July flooding in Japan to drive $452mn of losses
10th August 2018
Tokio Marine & Nichido Fire, a subsidiary of Tokio Marine Holdings, has announced that it expects to incur losses from the heavy rainfall that impacted Japan in July, 2018 of approximately 50 billion yen (US$451.9 million). Southwest Japan was hit by intense rainfall and subsequent flooding in the month of July, which caused ... Read the full article
Drought and wildfires drive global catastrophe losses in July: Impact Forecasting
10th August 2018
Global insured catastrophe losses in July were primarily driven by severe droughts and heatwaves across Northern Europe, as well as major wildfires that caused extensive damage and loss of life in Northern California and Greece, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s report estimated that ongoing drought in ... Read the full article
Mendocino wildfire is largest in California’s history, set to burn until September
9th August 2018
The Mendocino Complex fire has now burnt through 302,086 acres of northern California, making it the largest wildfire in the state’s history, and it is set to continue to burn through the month into early September, according to officials. Firefighters had originally hoped to have the blaze extinguished by mid-August, but ... Read the full article
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