Loss aggregator Perils has disclosed its first estimate for the October floods in southeast Australia, with its initial industry loss standing at A$791mn ($532.9mn).
Bermuda-based crypto insurer start-up Relm Insurance has allocated an undisclosed portion of its general reserve to cover both known and unknown future claims relating to the collapse of crypto exchange FTX.
Bermuda (re)insurers will incur gross losses of more than $13bn from Hurricane Ian representing as much as 25 percent of industry losses, according to the Bermuda Monetary Authority (BMA), with this figure lower than the 30 percent share from hurricanes Harvey, Irma and Maria in 2017.
Climate risk solutions platform Arbol has revealed its parametric reinsurance solution delivered a $10mn payout to Centauri Insurance on 21 October – just three weeks after Hurricane Ian made landfall.
Methods of indexing have a material impact on how high-level trends in natural catastrophe losses can be explained, with an overestimated impact of climate change at risk of creating “inconsistent conclusions”, according to a loss study by TigerRisk Partners.
Hurricane Ian and other extreme weather events such as the winter storms in Europe, flooding in Australia and hailstorms in France and the US resulted in an estimated $115bn of natural catastrophe insured losses in the year to date, according to Swiss Re Institute.
The 2022 North Atlantic hurricane season was the third-most expensive on record with insured losses of approximately $65bn and overall economic losses of around $110bn, excluding the National Flood Insurance Program (NFIP), according to Munich Re.
Bermudian cat heavyweight RenaissanceRe has told reinsurers on Syndicate 1458 that its Hurricane Ian primary insurance loss estimate is now ~$250mn – substantially lower than its initial range, The Insurer can reveal.
The total insurance bill for storms and floods across Australia since January 2020 has topped A$12.3bn ($8.3bn), according to new data released by the Insurance Council of Australia (ICA).
The National Flood Insurance Program (NFIP) has now paid out $793mn for claims related to Hurricane Ian, according to the Federal Emergency Management Agency (Fema).
AmRisc has reduced its preliminary Hurricane Ian loss estimate on its E&S portfolio from $800mn to a range of $450mn to $650mn while several other cat-focused MGAs have seen claim frequency and severity from the storm come in meaningfully below initial expectations, Program Manager can reveal.
Personal lines carriers offering motor and home insurance policies in the UK are expected to see their largest annual loss in more than a decade in 2022 with further losses on the horizon for 2023, according to EY.
FTX has Relm-led D&O, general liability and E&O cover in place as well as a modest crime policy, but attention is also turning to a reported $250mn crime limit in place at BitGo, which is the custodian of assets stored in so-called cold wallets for the bankrupt cryptocurrency exchange, according ...
The marine insurance market faces a spike in claims from the ongoing effects of the Russia-Ukraine conflict, with vessels valued at up to $1bn trapped in Ukrainian harbours, according to Allianz Global Corporate & Specialty (AGCS).
Australian carrier QBE has revised its forecast for catastrophe losses for the year to $1.06bn as it said it expects to exceed its previous FY22 catastrophe allowance of $962mn.
Lloyd’s has estimated that claims to syndicates arising from Hurricane Ian will be in the range of $2.3bn to $3bn net of reinsurance.
Almost $9.63bn of estimated Hurricane Ian claims have now been filed in the Sunshine State with 47.2 percent of those recorded having already closed, according to the latest data from the Florida Office of Insurance Regulation (FLOIR).
Florida insurer-of-last-resort Citizens Property Insurance Corp has projected its gross losses from Hurricane Nicole last week to total around $63mn, a modeled figure that includes both indemnity losses and expected loss adjustment costs.