Shares in the listed fund of retro investment specialist Markel CatCo fell 25 percent in London trading today (06 December) as the firm revealed US and Bermuda authorities are looking into loss reserves recorded in late 2017 and early 2018 at CatCo and its subsidiaries.
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses from the Camp Fire in Northern California will be between $6bn and $9bn.
US insurance giant AIG has said it expects to incur a cat bill in the region of $750mn to $800mn on a pre-tax basis in the fourth quarter.
The majority of the losses stemming from the wildfires that ravaged parts of California last month will be insured, according to Aon.
London insurer Beazley has pegged its loss bill for the 2018 California wildfires at $40mn net of reinsurance.
US insurer The Hartford has said it expects to pick up a loss bill of up to $365mn in the fourth quarter.
Escalating losses – such as the loss creep witnessed in the aftermath of Hurricane Irma in 2017 – have proved “challenging” for the alternative capital markets, Swiss Re has said.
Insurance giant Chubb has said it expects Hurricane Michael – which slammed into the US Gulf coast in October – to result in a cat bill of up to $250mn.
Catastrophe risk modelling firm AIR Worldwide has estimated insured losses from the Woolsey Fire in Southern California will be at least $2.5bn.
Axa XL will continue de-risking its cat exposures in 2019 through increased use of ILS, selective underwriting and more reinsurance purchasing, Axa XL CEO Greg Hendrick explained today.
The Camp and Woolsey wildfires which devastated California over the past two and a half weeks could cause $15bn to $19bn in residential and commercial losses, according to the property mapping firm CoreLogic.
Munich Re has incurred a substantial Ituango dam loss despite not being on original placement and was the principal reason for missing a Q2 P&C consensus earnings target by almost Eur300mn, Re-Insurance can reveal.
Shares in the listed fund of retro investment specialist Markel CatCo fell nearly 30 percent in London trading today (22 November) as the firm revealed Q3 nat cats will generate a further hit to the net asset value (NAV) of securities in its London-listed fund.
The (re)insurance industry is currently on course to incur circa $60bn of insured losses from 2018 cat events, according to Swiss Re’s head of insurance research.
RMS estimates the total insured losses from the Camp and Woolsey wildfires which devastated parts of California last week will be between $9bn and $13bn.
The $200mn Cal Phoenix Re Ltd ILS is being priced as an effective total loss in the secondary cat bond market which also suggests investors believe PG&E’s $1.4bn insurance program will be totalled by the ferocious Californian Camp fire.
Shares of Californian utility firm PG&E spiked 40 percent in early trading today after a state regulator eased concerns worries about the firm going bankrupt from liabilities attached to the Camp wildfire.
As wildfires continue to ravage large swathes of California, insurers face potential exposure through the upsized $1.4bn insurance cover bought by Pacific Gas and Electric Company (PG&E) on 1 August 2018 after the utility firm admitted it could be on the hook for billions of dollars in liability.