Losses
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NewsAirline insurers struck by ~$100mn New Mexico hail loss
The aviation market faces a loss of up to $100mn resulting from hail damage to grounded planes in New Mexico earlier this year, with Global Aerospace and Starr leading two of the placements thought to have the largest exposures to the event, The Insurer can reveal.
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PES reaches $270mn BI settlement with insurers over 2019 refinery explosion
PES Holdings has reached a $270mn settlement of business interruption claims from the July 2019 explosion of an oil refinery – with Scor and Munich Re taking the largest shares at $27mn each – with the $200mn property claim relating to the event remaining to be litigated.
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Global Aerospace leads ~$350mn Texas mammoth jury damages claim for Houston ground handler loss
MGA Global Aerospace and other aviation markets are facing a potential loss of as much as $350mn after an extraordinary Texas jury award 10 times higher than anticipated was handed down last month in relation to a serious ground handler injury.
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Louisiana Citizens reveals reinsurers will take most of $461mn Ida loss and ups commercial limits
Louisiana Citizens Property Insurance Corp has revealed its Hurricane Ida losses as of the end of September were $461mn, with all but $35mn of that ceded to reinsurers, while its board has voted to increase the commercial coverage limits offered by the state insurer of last resort.
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Aon: US severe weather & convective storm losses near $20bn in 2021
Insured market losses from severe weather and convective storms in the US are approaching $20bn in 2021, according to Aon.
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Zurich looks to reassure on reinsurance renewal costs after exhausting agg
Zurich has sought to allay concerns over elevated reinsurance costs next year after the company’s CFO George Quinn confirmed on an analyst call that the company has exhausted its $405mn catastrophe aggregate reinsurance coverage although its regional cat towers remain “untouched”.
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Louisiana carriers State National Fire and Access Home set for receivership
Louisiana Insurance Commissioner Jim Donelon has filed injunctions against State National Fire Insurance Company of Baton Rouge (State National Fire) and Access Home Insurance Company of New Orleans to put the carriers into receivership in response to heavy Hurricane Ida losses.
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Maison not alone as several Louisiana homeowners carriers face day of reckoning
News this week that FedNat will exit all of its non-Florida homeowners portfolio and put Louisiana-focused carrier subsidiary Maison into run-off came as a number of other carriers are assessing their options in the Ida-struck state with at least two having their Demotech ratings withdrawn.
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Louisiana carriers’ claims tally rises to $10.6bn for 2020 hurricanes
Louisiana insurers’ tally of paid or reserved claims from the 2020 hurricane season has now risen to $10.6bn, according to the latest data call issued by the state’s department of insurance.
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Q3 cats drive Berkshire Hathaway (re)insurance ops to $1.02bn UW loss
Increased average claims frequency and a $400mn Ida hit at Geico as well as the impact of third quarter cat losses totaling $260mn in its primary operations and $1.5bn in P&C reinsurance drove Berkshire Hathaway to a $1.02bn pre-tax underwriting loss at its (re)insurance business for the period.
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Liberty Mutual operating profit surges on investments despite $1.2bn cat bill
Pre-tax operating profits at Liberty Mutual were up 155 percent to $788mn for the third quarter as the insurer reported strong top line growth and a jump in the contribution from partnerships, LLC and other equity method investment income that more than offset a 23.9 percent increase in cat losses ...
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Suncorp: A$456-561mn of agg deductible eroded as late Oct hail losses tallied
Suncorp estimates it has already eroded A$456mn ($340mn) to A$561mn of the A$650mn retention on it’s A$400mn aggregate excess of loss treaty (AXL) while the company has also revealed it is facing estimated losses of A$225mn to A$250mn from the late October hail and wind event that struck South Australia, ...
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ICA extends cat status of South Australia storms
The Insurance Council of Australia (ICA) has extended the insurance catastrophe declared for South Australia last Friday to include those areas of Victoria and Tasmania affected by the same storm late last week.
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IAG shares slump as October storms push FY22 nat cat forecast to A$1bn+
Australian carrier IAG has pegged its net exposure to last month’s hail and wind event in Victoria at A$169m ($126mn) – the maximum retention for a first loss under its catastrophe program – as it increases its full year 2022 net natural perils claim costs to A$1.045bn.
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Perils estimates “Halloween Hailstorms” loss at A$1.22bn
Loss data aggregator Perils has updated its loss estimates for last October’s “Halloween Hailstorms” in southeast Queensland to A$1.22bn ($0.91bn).
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Canadian carriers’ July twister costs rise to C$100mn as Larry tallied at C$25mn
Canadian insurers are facing a higher than originally thought claims bill from six tornadoes that struck north of Toronto in July, while the country’s carriers have also been hit with losses of C$25mn ($20mn) from Hurricane Larry, according to the Insurance Bureau of Canada (IBC).
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ICA declares South Australia storms a catastrophe
Severe storms that have left thousands of people without power in South Australia have been declared a catastrophe by the Insurance Council of Australia.
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September Ontario storms leave insurers with C$105mn loss bill
Two severe storms that struck southern Ontario last month have left Canada’s insurers nursing losses of C$105mn ($84.7mn) according to estimates from PERILS subsidiary Catastrophe Indices and Quantification Inc (CatIQ).
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JMP: Casualty Re now the “elephant in the room” for James River as stock dives 16%
James River needs to find a long-term solution to halt adverse development on its casualty reinsurance book after a profit warning today sent its share price sliding by more than 16 percent, according to JMP Securities analyst Matt Carletti.
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Jefferies: Allianz aggregate cover to limit additional net impacts from European floods
Allianz’s aggregate reinsurance protection is expected to kick in should the carrier’s gross losses from July’s European flooding tick up to €1.3bn ($1.5bn), limiting potential for any increase to the insurer’s €400mn net loss estimate from the event.
