Perils ups Friederike estimate againEuropean catastrophe data provider Perils has again increased its loss estimate for extratropical cyclone Friederike, this time to EUR1.68bn ($1.97bn).
Light cat losses expected to fuel strong Q2 earningsA comparative reprieve from heavy catastrophe losses in the second quarter is expected to bolster carriers’ earnings for the period.
Insured nat cat losses down a third in 2018Insured losses stemming from natural catastrophes in the first half of 2018 were down a third compared to the first six months of 2017, according to Munich Re.
US storms expected to cost insurers $3bnSevere thunderstorms in the month of June have led to over $3bn of insured losses, according to estimates by Aon.
Japanese flood losses likely to top $1bnEconomic losses from flash floods and mudslides that have devastated parts of southern Japan in the past two weeks are likely to exceed $1bn, according to an early estimate from Aon.
US cyber loss ratio shrinks in 2017 despite $275mn Merck lossDespite 2017 witnessing the industry’s largest ever insured cyber loss at $275mn, it was a banner year for US cyber underwriters with a combined ratio of only 61.4 percent and aggregate premiums climbing to at least $1.84bn.
Merck $275mn loss tops league table of insured cyber eventsRe-Insurance.com’s revelation earlier this week that Merck may still look to recoup hundreds of millions of dollars of cyber losses from insurers on its $1.75bn property program would see the bill for the US pharmaceutical firm’s NotPetya hit dwarf any other insured cyber loss.
CCRIF to remain parametric ‘for now’; launching new productsThe chief executive of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) has dispelled speculation that the organisation is moving away from parametric triggers while confirming it is close to launching new products.
AmTrust shutters its Lloyd’s marine bookAmTrust has jettisoned its Lloyd’s marine business - which is thought to be worth up to £30mn ($39.9mn) - in a shock decision announced earlier this week, re-Insurance.com can reveal.
Gard faces P&I loss from Rotterdam port spillNorwegian P&I club Gard could be on the hook for a pollution-linked loss after a spill from a chemical tanker in Rotterdam released 217 tons of heavy fuel into the water while exiting the Dutch port.
PG&E pegs California wildfire insurance recoveries at $375mnCalifornia public utility company PG&E has said it hopes to recover around $375mn from its insurers over damage caused during a spate of wildfires in the state in the second half of last year.
Allstate suffers $224mn of cat losses in MayUS carrier Allstate was hit with $224mn of catastrophe losses in May mainly stemming from a serious of severe wind and hail events.
Moody’s predicts ‘average’ 2018 Atlantic hurricane seasonThis year’s storm activity in the Atlantic basin is expected to be near historical averages, according to data collated by Moody’s.
World Cup could demand over $7bn of cover: BeazleyLondon insurer Beazley has estimated that (re)insurers could have written up to $7.4bn of cover for the World Cup, which kicks off in Russia later this month.
Aon pegs US May storm losses at $1.53bnInsured losses stemming from four separate weather outbreaks in the US last month are expected to exceed $1.53bn, according to estimates by Aon.
Insurance can reduce tax-payer burden: BealeInsurance products have the ability to directly reduce the risk to economic output globally and close the protection gap, Lloyd’s CEO Inga Beale has said.
Threat of violence puts Tokyo in danger of $24bn loss of outputOf all the cities in the world, Japan’s capital is the one that faces the greatest risk to its economic output, according to a study by Lloyd’s.
Rate rises ‘negligible’ at Florida renewals despite cats: JLT ReThe critical 1 June Florida renewals season failed to produce meaningful rate rises despite the state being hit with a swathe of catastrophes in 2017, according to analysis by JLT Re.
Catastrophes make 2017 costliest year ever for UK specialty insurersThe UK specialty insurance market experienced the costliest year on record in 2017, according to EY.
Colorado State lowers 2018 hurricane forecast to ‘average’Colorado State University (CS) researchers have tempered their annual Atlantic hurricane forecast for this season, predicting that the lack of a significant El Niño will translate into only average activity.