Losses
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NewsDemotech and AM Best act on AmCap ratings after surplus drops 64% in 2021
Demotech has pulled its rating from American Capital Assurance Corp (AmCap) while AM Best has slashed its rating from A- to C after the Florida-based commercial residential and flood specialist reported surplus that plunged from $61mn to just $22mn in 2020 on the back of multiple severe weather losses.
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Renewables insurers avoid heavy US freeze claims: sources
Sources in the renewable energy market have downplayed the prospect of heavy losses from the winter storms that battered Texas and other parts of the US in February despite initial concerns that there would be a meaningful impact.
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Cat bonds slump in secondary market following Uri
A number of US-focused cat bonds have seen their prices slump in the secondary market last week following concerns that the winter storm Uri increases the likelihood of them being triggered.
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FedNat estimates $41mn Uri exposure and confirms $50mn back-up cover
Florida-based homeowners specialist FedNat has said that Winter Storm Uri losses will attach its reinsurance with a retained loss of $41mn as it also confirmed it has purchased a back-up cover in a move first revealed by The Insurer .
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FedNat in market for back-up cover after Texas winter storm
FedNat and its broker Aon have been in the market looking to secure back-up reinsurance protection following last month’s Texas winter storm, with the homeowners specialist also expected to restructure its 1 July cat placement to purchase a separate tower for its ex-Florida book, The Insurer can reveal.
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Lemonade shares trade down 14% on Q1 guidance that includes Texas impact
Shares in Lemonade were trading down almost 14 percent on Wall Street late this morning after the insurtech issued first quarter top and bottom line guidance that included an Ebitda loss that will reflect a spike in its gross loss ratio from the Texas winter storms.
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Uri potentially a “significant” earnings event for less diversified carriers: S&P
Winter storm Uri could be a “significant earnings event” for less diversified carriers but it will not trigger a ratings event, although losses could cause a “modest deterioration” in some insurers’ capital cushions, according to S P Global Ratings.
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FBD raises provision for BI test case claims to €65mn
Irish insurer FBD has more than doubled provisions set aside to cover the fallout from the High Court business interruption (BI) test case to €65mn ($79mn).
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ICA estimates “Halloween Hailstorms” loss at A$805mn
The Insurance Council of Australia (ICA) has pegged insured losses from last October’s “Halloween Hailstorms” in southeast Queensland at A$805mn ($629.9mn).
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Perils pegs final February 2020 UK flood loss at £368mn
Loss data aggregator Perils has updated its loss estimate for the UK floods in February 2020 to £368mn ($513mn).
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PG&E records $649mn insurance receivable for Kincade and Zogg fires
PG E’s insurers are staring at further potential wildfire claims after the utility recorded a combined $649mn of insurance receivables for losses associated with the Kincade and Zogg fires in its 2020 results.
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AIR says February winter storm insured losses could be well in excess of $10bn
AIR Worldwide has said the extreme winter weather that impacted Texas and other states from 12 February is likely to exceed $10bn in insured losses and could be driven well in excess of that depending on whether utility service interruption pays out, government intervention, mold damage and other factors.
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Hartford sees “high likelihood” of winter storm reinsurance recoveries
The Hartford’s management has commented that its losses from Winter Storm Uri are split “somewhat 50-50” between personal and commercial lines and are likely to hit the $250mn excess of $100mn layer of its reinsurance programme.
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IG ups Golden Ray loss estimate to $788mn
The International Group (IG) has informed reinsurers on its Axa XL-led XoL programme that losses stemming from the Golden Ray now stand at $788mn, marking a more than six-fold increase from its initial notification, The Insurer can reveal.
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Texas winter storm a “significant” insurance event: Munich Re
Munich Re expects the winter storm that hit Texas and other US states to be a major loss event for the insurance industry and has maintained its previous “low three-digit-million euro” loss range for the Beirut port explosion in August last year.
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ICA estimates Perth Hills bushfire losses at A$60mn
Insurers are expected to pay out more than A$60mn ($47.9mn) from the Perth Hills bushfires which burned from 1-7 February 2021, according to the Insurance Council of Australia (ICA).
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Liberty facing mid-hundreds of millions of dollars loss from US winter storm
Liberty Mutual expects to take a mid-range hundreds of millions of dollars loss from the devastating winter storm that has hit Texas and other US states, although its exposure is not expected to trigger its reinsurance protections.
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Uri’s balance of commercial and personal lines losses key for ILS market: Twelve Capital
The cat bond market would be less exposed to Winter Storm Uri if the majority of losses come in commercial lines rather than personal lines, but more junior aggregate covers are exposed to further erosion of their deductible, Twelve Capital has commented.
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Uri puts aggregate covers and ILS in spotlight (once again)
Cat bonds and reinsurance placements that incepted on 1 March or later last year with aggregate deductibles are most at risk of being triggered by losses associated with Winter Storm Uri.
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Thaw to bring surge of burst pipe claims as winter storm losses mount
As the US P C industry begins to get to grips with the scale of potential losses from the big freeze, claims volumes from the ongoing severe weather in Texas and other southern US states are expected to rise over the coming days as the region continues to thaw.
