Losses
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NewsKBW: “Feasible” that Zurich has exhausted agg cover after floods and Ida
Zurich Insurance Group is yet to disclose its exposure to the German floods and Hurricane Ida, but it is “feasible” the insurance giant has already exhausted the $405mn of available limit on its aggregate reinsurance cover for this year, according to KBW’s William Hawkins.
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KCC estimates Hurricane Nicholas insured losses at $950mn
Hurricane Nicholas will cost insurers close to $950mn, according to a preliminary estimate from Karen Clark & Company.
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Reinsurers take share of Progressive’s $510mn Ida loss from Gulf and Northeast
US personal lines giant Progressive said that reported and incurred but not reported losses from Ida in both the Gulf Coast and Northeast had reached around $510mn by mid-September, with a significant portion of losses in its property division ceded to reinsurers.
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RMS Ida estimate jumps to $31bn to $44bn on inland flooding
RMS has upped its Hurricane Ida onshore and offshore insured loss estimate to a range of $31bn to $44bn to reflect a further $6bn to $9bn of claims from inland flooding in the Ohio Valley, Mid-Atlantic and Northeast regions of the US.
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Allstate hands more than half of $1.4bn Ida loss to reinsurers
Allstate has said it expects to retain $631mn of pre-tax losses from Hurricane Ida following significant recoveries through its nationwide excess catastrophe reinsurance program.
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Commercial and industrial flood losses to drive Ida’s northeast insured damage
Commercial and industrial flood losses in Pennsylvania, New Jersey and New York represent the majority of AIR Worldwide’s estimated $2.5bn to $5bn inland flooding insured loss impact from Hurricane Ida, according to Hemant Chowdhary, assistant vice president in the modelling firm’s research group.
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Hurricane Nicholas losses likely in line with ~$700mn Imelda
Insured losses from Hurricane Nicholas will likely be similar to the $700mn bill from Tropical Storm Imelda in 2019, according to BMS meteorologist Andrew Siffert.
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KCC: Mexico quake insured losses estimated at ∼$200mn
Insured losses from the earthquake that rocked Mexico’s Acapulco City earlier this month will be in the region of $200mn, according to a new estimate from Karen Clark & Company (KCC).
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Hurricane Ida will not hit Hartford reinsurance program
The Hartford does not expect Hurricane Ida losses to be sufficient to trigger its reinsurance coverage, with the carrier anticipating a pre-tax hit of ~$200mn from the storm.
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AIR increases Ida insured loss range to $20bn-$30bn following northeast floods
AIR Worldwide has said it expects insured losses from Hurricane Ida to total between $20bn and $30bn after increasing its estimate to factor in the storm’s inland flood impacts.
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Aon: Ida “likely” to be one of costliest US mainland hurricanes on record
Hurricane Ida is expected to emerge as one of the most costly US mainland hurricanes on record with total direct economic losses anticipated to reach “well into the tens of billions”, according to Aon’s latest Global Catastrophe Recap report.
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UPC expects $27mn net losses for cats so far in Q3
Florida-based carrier United Insurance Holdings (UPC) has estimated current year catastrophe losses incurred in the third quarter through 31 August of $27mn before income taxes, net of expected reinsurance recoveries, including a full retention loss from Ida.
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Guy Carp’s Mowery: No “one-size-fits-all” answer to whether Ida is one event or two
There is no clean-cut answer whether the devastation caused by Hurricane Ida in Louisiana and the northeast US will count as one event or two under reinsurance programs owing to the variability across wordings in any given cedant’s coverage, according to Guy Carpenter’s Lara Mowery.
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SiriusPoint pegs European flood losses at $70mn to $100mn
SiriusPoint has more than doubled its expected losses from July’s European flooding amid rising expectations of a €10bn ($11.8bn) industry loss from the event.
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Swiss Re’s Ojeisekhoba: secondary peril losses to fuel rate rises in 2022
Reinsurance renewal rates will need to increase further in 2022 to offset the rising cost of losses from secondary perils, according to Swiss Re’s reinsurance CEO Moses Ojeisekhoba.
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LA insurance commissioner slams State Farm and orders insurers to pay Ida evacuation expenses
Louisiana insurance commissioner Jim Donelon has slammed State Farm’s “unconscionable” decision not to voluntarily pay claims for costs incurred by policyholders that evacuated or could not access properties because of Hurricane Ida, as he issued a directive ordering carriers to honor extra living expenses.
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CoreLogic estimates Ida Northeast insured flood losses at $5bn-$8bn
CoreLogic has estimated Ida caused $5bn to $8bn of insured flood losses to Northeast residential and commercial properties, adding to the firm’s $14bn to $21bn estimate of insured wind and flood losses in Louisiana, Mississippi and Alabama.
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Market fears €10bn loss from European floods
Market concerns over the quantum of losses from July’s European floods are continuing to grow, with fears the event may now cost in excess of €10bn ($11.8bn), according to Ascot CEO Andrew Brooks.
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Hurricane Ida – the $20bn+ catastrophe with a sting in its long tail
Hurricane Ida could rank second only to Katrina in terms of cost to the insurance industry should claims reach the top end of estimates published to date by modelling companies.
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RMS estimates $35bn top end for Ida insured loss range in Gulf states
RMS has estimated insured losses of between $25bn and $35bn for Hurricane Ida’s Gulf Coast and offshore impacts, a range which includes up to $4bn of National Flood Insurance Program losses.
