Losses – Page 7

  • Typhoon Hagibis Hits Japan

    AIG reveals its maximum Hagibis net loss excluding Validus is $75mn


    AIG’s general insurance CEO Peter Zaffino has revealed the insurer’s maximum net loss from Typhoon Hagibis is $75mn not including losses at Validus, which has a retro aggregate cover attaching at another $155mn in cat losses.

  • Thomas Cook plane

    Swiss Re and Arch reveal Thomas Cook loss details


    (Re)insurers have begun revealing their exposures to Thomas Cook’s collapse, with Swiss Re announcing a $100mn loss and Arch Capital taking a 3 percent hit to its third quarter reinsurance loss ratio.

  • Typhoon Hagibis

    RMS estimates Hagibis insured losses at $7bn to $11bn


    Insured losses from Typhoon Hagibis have been estimated in the range of $7bn to $11bn by modelling firm RMS.

  • Universal Insurance Holdings

    “Vast majority” of Irma creep borne by FHCF: Universal president


    The Florida Hurricane Catastrophe Fund (FHCF) will absorb the “vast majority” of the approximately $200mn increase in gross Irma loss reported by Universal Insurance Holdings, according to the carrier’s president and chief risk officer Jon Springer.

  • Hurrican Irma – Florida

    UPC and Universal report significant Irma loss creep


    Florida insurers United Insurance Holdings (UPC) and Universal Insurance Holdings have significantly increased their gross loss estimates for Hurricane Irma by $235mn and $195mn respectively, with UPC also upping its Hurricane Michael estimate.

  • Kevin O’Donnell – RenaissanceRe

    Demand surge could drive combined Faxai-Hagibis losses to $25bn


    RenaissanceRe has warned interaction between Typhoons Faxai and Hagibis will exasperate demand surge and complicate claims adjusting. 

  • Lloyd's Cyber

    Cyber attack on APAC ports could leave $110bn losses uninsured: Lloyd’s


    In an extreme scenario where a single cyber-attack affects major ports across the Asia Pacific region, total economic losses could soar to as much as $110bn, but 92 percent of which would be left uninsured, research from Lloyd’s has found.

  • Mark Watson Argo

    Argo warns of $42mn Q3 reserve charge


    Bermudian carrier Argo has preannounced it expects to suffer prior accident year losses of approximately $42mn – or 9.3 points – on its consolidated loss ratio in its upcoming third quarter results.

  • California Wildfires 2019- Kinkade Fire

    State of emergency declared as Cali wildfires blaze and threaten blackouts


    Californian governor Gavin Newsom has declared a state of emergency in the state, as Kincade, Tick and Getty wildfires forced a mass evacuation and left circa 1 million people without power, with more blackouts expected to follow.

  • ICT Dallas tornado

    Dallas tornadoes insured losses estimated at $2bn


    The Insurance Council of Texas (ICT) has estimated insured damages from nine tornadoes that touched down in and around Dallas County on 20 October at $2bn, making it the costliest tornado event in Texas history.

  • Numis – Hurricane

    Numis pegs FY 2019 cat losses at $70bn


    Numis has estimated that total insured impact from 2019 catastrophes will be around $70bn, accounting for $8bn+ losses apiece after Hagibis, Faxai and Dorian; deterioration in 2018 cat losses; and an $8bn “margin” for events that may happen from now until 31 December.

  • Assurant

    Assurant estimates $46mn of Q3 cat losses


    US insurer Assurant expects $46mn of pre-tax catastrophe losses in the third quarter, mainly in its global housing segment.

  • Boeing and Rolls Royce

    No further loss deterioration expected from Boeing grounding


    Aviation giant Boeing has revealed in its third quarter results that it doesn’t anticipate any substantial changes to the $500mn claim insurers are expected to pay relating to the grounding of its 737 Max jet.

  • Canaccord Genuity

    Light at the end of a dark H2 tunnel: Canaccord Genuity


    As carriers gear up to report the toll taken on Q3 balance sheets after months of substantial losses in both the property and casualty markets, H2 results will be partially offset by strong investment returns and an uptick in rate rise momentum.

  • AIR Worldwide

    AIR Worldwide: Hagibis insured losses in $8bn-$16bn range


    Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses from Typhoon Hagibis, which made landfall in Japan on 12 October will be between JPY 865bn ($8bn) and JPY 1,730 billion ($16bn), with more than half of the losses due to inland flooding.

  • California wildfires

    Record catastrophe years have been catalyst for seamless automation


    After the major loss years of 2017 and 2018, Aon’s head of Impact Forecasting, Adam Podlaha, explained how the development of more efficient underwriting and modelling systems underpinned by seamless automated pricing algorithms are the silver lining to the costly nat cat storm clouds that still linger over the industry. ...

  • Typhoon Hagibis

    Hagibis adds to retro uncertainty at 1.1


    As the industry assesses the damage from a second Japanese typhoon in a matter of weeks, there is a growing expectation that a significantly tighter retro market will add momentum to property cat reinsurance renewals at 1 January.

  • Typhoon Hagibis

    Hagibis adds to retro uncertainty at 1.1


    As the industry assesses the damage from a second Japanese typhoon in a matter of weeks, there is a growing expectation that a significantly tighter retro market will add momentum to property cat reinsurance renewals at 1 January.

  • Typhoon Hagibis Hits Japan

    Faxai and Hagibis to match Jebi and Trami losses


    As preliminary loss estimates for Typhoon Hagibis begin to emerge, damage from the cyclone – coupled with losses from last month’s Faxai – look set to cost the industry as much as last year’s Jebi and Trami.

  • Florida

    Florida insurers pressured over slow payment of Michael claims


    Insurers in Florida are facing criticism over outstanding claims from Hurricane Michael – with the state’s insurance department promising to review the industry’s response – while some analysts warn of further loss creep from the storm.