Hiscox ups Covid-19 BI estimate by $48mn following Supreme Court judgment
Hiscox has increased its estimated Covid-19 business interruption losses by $48mn following the Supreme Court’s judgment this morning on the Financial Conduct Authority’s test case appeal.
Hiscox shares fall 5% following Supreme Court judgment
Hiscox’s share price fell nearly 6 percent in the immediate aftermath of this morning’s Supreme Court judgment in the Financial Conduct Authority (FCA)’s Covid-19 business interruption test case appeal.
RenRe set for Q4 operating loss after $345mn weather and Covid hit
RenaissanceRe has warned that it expects to report an operating loss to common shareholders for the fourth quarter that includes the impact of $170mn of weather-related cat losses and a further $175mn charge for Covid-19.
KBW forecasts Axa XL will incur €400mn of H2 2020 Covid-19 losses
Keefe, Bruyette & Woods (KBW) has estimated Axa XL will produce a €1.2bn ($1.5bn) net underlying loss in 2020 with the analysts forecasting the commercial specialty division will incur around €400mn of Covid-19 losses for the second half of the year.
SolarWinds insured losses estimated at $90mn as industry avoids cyber “catastrophe”
Insured losses from the SolarWinds breach have been estimated at $90mn as the industry dodged a bigger hit because many of the attack’s victims were government agencies that typically do not buy cyber coverage, according to analysis from BitSight and cyber risk modeller Kovrr.
Norway landslide insurance bill tops $100mn
Insurers face losses of over NOK900mn ($107mn) following the December landslide in eastern Norway, according to figures from the state-backed Norwegian Natural Perils Pool.
Space market set to break even despite loss-heavy 2020
The space insurance market is on course to break even in 2020 despite a series of losses throughout the year.
Aerospace manufacturers sector losses since 2015 rise to $2bn+
More than $2bn of losses have now been incurred in the aerospace manufacturers and infrastructure sector since 2015, with further deterioration on recent underwriting years reported during 2020, Gallagher has warned.
France’s Cat Nat paid out €1.5bn over 2019
French government-backed natural disaster compensation scheme Cat Nat paid out €1.5bn ($1.6bn) over 2019 to cover the cost of floods, earthquakes and drought across the country.
Munich Re: Record hurricane season and wildfires drive 2020 insured nat cat losses to $82bn
Munich Re has pegged the insurance industry’s exposure to natural catastrophe losses in 2020 at $82bn, a near 44 percent increase from the previous year.
Perils pegs 2019/2020 Aus bushfire losses at $1.45bn
Loss aggregator Perils has disclosed its final insured loss estimate of A$1.866bn ($1.45bn) for the Australian bushfires of 2019/2020, the country’s worst bushfire season on record.
Insurers face $7.1bn bill from five international cat events in 2020: Cresta
International cat losses cost insurers $7.1bn over 2020, well below the 20-year average of $16.7bn, in what was a “benign year” for natural catastrophe events outside the US, according to Cresta.
Boeing Max 737 returns to the skies as $2bn+ loss is felt at 1.1.21
The first week of the new year is marked by at least two traditions: the removal of tired-looking Christmas trees from homes and offices and a flurry of reports from brokers on the 1 January (re)insurance renewals.
German insurers pay out €2.5bn for 2020 nat cats
German insurers paid out €2.5bn ($3.1bn) for damage from storms, hail and heavy rain over the last year, according to preliminary figures from the German Insurance Association (GDV).
Insurers pay out $1.6bn+ for Japanese flooding and Typhoon Haishen claims
More than ¥87bn ($841mn) of claims payments have now been made in relation to the July 2020 Japanese floods with a further ¥85bn ($822mn) paid out due to Typhoon Haishen, according to the latest data released by the General Insurance Association of Japan (GIAJ).
QBE shares slide 13% as forecasts $1.5bn FY20 loss
Australian carrier QBE Insurance Group has projected it will record a full-year 2020 statutory net loss after tax of $1.5bn.
AM Best goes negative on UFG after cat losses and auto deterioration
Deteriorating underwriting performance driven by “numerous” cat events and commercial auto liability reserve strengthening at the P&C subsidiaries of United Fire Group (UFG) has led AM Best to change the outlook on their ratings from stable to negative.
Aon warns insured losses from 10 August derecho now total $5bn+
Aon has increased its estimate for insured losses from the 10 August derecho to more than $5bn, including both public and private insurance impacts, The Insurer has learned.