Insurers are facing losses of more than $1bn after a spate of severe storms that included tornadoes, hail and flooding hit parts of the US in mid- to late March, according to Aon’s latest Global Catastrophe Recap report.
Insured losses from claims filed related to flooding in New South Wales and southeast Queensland have now risen to A$567mn ($431.3mn), according to the Insurance Council of Australia (ICA).
State Auto is facing an estimated $80mn to $82mn of net catastrophe losses from 2021’s first quarter, with the bulk coming from its exposure to claims from winter storms Uri and Viola.
Fidelis and Convex have scaled up their space/satellite capacity for 2021, helping offset the impact of the withdrawal of AIG last November.
WR Berkley has struck a loss portfolio transfer (LPT) with its Lloyd’s subsidiary, whose Syndicate 1967 was one of the worst performers on Lime Street in 2020 as losses from the pandemic ripped through its contingency book, adding to the impact of last year’s property cat events.
Estimated insured losses from flooding in New South Wales and southeast Queensland now total A$517mn ($389.6mn), according to the Insurance Council of Australia (ICA).
Lloyd’s chairman Bruce Carnegie-Brown has commented that the Suez Canal blockage will lead to a “large loss” for the market, with claims coming in related to the Ever Given as well as other vessels that were trapped.
Suncorp has estimated its net claims costs from the heavy rainfall and flooding across New South Wales, South East Queensland and Victoria will be A$230mn to A$250mn ($175mn to $190mn), with losses capped at the higher end of that range under its main catastrophe reinsurance programme.
Secondary peril events accounted for 71 percent of natural catastrophe insured losses in 2020 while the record-breaking North Atlantic hurricane season was a lucky escape for the industry, according to a new Swiss Re Sigma report.
Australian carriers may face a further tightening of terms and conditions at upcoming renewals if material losses are ceded to reinsurers from the ongoing flood event in New South Wales and southeast Queensland, according to AM Best.
The blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event for the reinsurance industry, Fitch Ratings has warned, with the ratings agency noting marine reinsurance rates will rise further.
The marine insurance market is bracing for multi-million dollar losses as efforts to refloat the container ship blocking the Suez Canal continue amid fears the operation could potentially take weeks if the vessel needs to be unloaded.
Insurers have now received more than 22,000 claims related to flooding and severe weather impacts in New South Wales and South East Queensland, according to the Insurance Council of Australia.
PG&E’s wildfire liability insurers are set to be presented with a loss from last year’s Zogg Fire after a Cal Fire investigation into the blaze determined its cause to be a tree contacting the Californian utility’s electrical lines.
Lloyd’s has increased its gross estimate for full-year 2020 Covid-19 losses to approximately £6bn ($8.2bn), an increase of £1bn on its previous estimate issued alongside its H1 results.
Texas’ power generation companies rather than insurers are set to foot the bill for the price spikes that arose in the aftermath of the winter storms that pummelled the Lone Star State last month, according to Nardac’s Brandon Statton.
European reinsurer Munich Re has revealed it expects claims “in the mid triple-digit million euro range” as a result of the winter storms that hit southern states last month.
Florida-based homeowners insurance specialist FedNat Holding has revealed that the $73mn 2020 net loss reported in its full-year results and the prospectus for its just-completed fundraise was understated as it estimated a new range of $77mn to $80mn.