Perils pegs insured loss for October Australia floods at A$791mn
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).
Relm allocates portion of general reserve for FTX claims during “difficult period”
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.
BMA: Bermuda (re)insurers to take up to 25% of Ian industry losses
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.
Arbol reveals $10mn Ian payout to Centauri using parametric reinsurance solution
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.
TigerRisk: Climate impact on rising loss volatility may be overstated
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.
Swiss Re pegs 2022 industry nat cat losses at $115bn
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.
Munich Re puts 2022 hurricane season insured losses at $65bn
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.
RenRe reduces Lloyd’s Ian estimate by 26% in latest signal of lower industry loss
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.
Insurance bill for Australian storms and floods tops A$12.3bn since 2020
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).
NFIP Ian claims payments reach $793mn
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).
Lower-than-expected Ian losses for some MGAs but capacity challenges remain
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.
EY: UK personal lines carriers face two consecutive loss-making years
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.
Industry on alert over potential FTX losses amid crypto fallout
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 ...
AGCS: Marine market faces losses from ships trapped in Ukraine
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).
QBE ups FY cat allowance by 10% to $1.06bn as anticipates exhausting budget
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 pegs Hurricane Ian losses at $2.3bn-$3bn
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.
FLOIR: Over $9.6bn in estimated Ian insured claims now filed with regulator
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).
Citizens projects $63mn in gross Nicole losses
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.