September Ontario storms leave insurers with C$105mn loss bill
Two severe storms that struck southern Ontario last month have left Canada’s insurers nursing losses of C$105mn ($84.7mn) according to estimates from PERILS subsidiary Catastrophe Indices and Quantification Inc (CatIQ).
JMP: Casualty Re now the ‘elephant in the room’ for James River as stock dives 16%
James River needs to find a long-term solution to halt adverse development on its casualty reinsurance book after a profit warning today sent its share price sliding by more than 16 percent, according to JMP Securities analyst Matt Carletti.
Jefferies: Allianz aggregate cover to limit additional net impacts from European floods
Allianz’s aggregate reinsurance protection is expected to kick in should the carrier’s gross losses from July’s European flooding tick up to €1.3bn ($1.5bn), limiting potential for any increase to the insurer’s €400mn net loss estimate from the event.
Suncorp takes A$382mn to A$492mn nat hazard hit in first four months of FY22
Suncorp has suffered an estimated A$382mn to A$492mn ($287mn to $369mn) of natural hazard losses since the start of its financial year on 1 July, with the company having faced 11 events that caused losses above A$5mn during the period.
UPC estimates $37mn net cat hit in Q3
United Insurance Holdings (UPC)’s third quarter 2021 results will include an estimated $37mn of current year catastrophe losses before income taxes and net of expected reinsurance recoveries, after the Florida-based carrier suffered a further $10mn hit during September.
AIR Worldwide: 40% chance industry will face a $200bn cat loss year in next decade
There is a greater than 40 percent chance the insurance industry will face an annual catastrophe bill of more than $200bn at some point in the next decade, according to new research by AIR Worldwide.
Allianz ups European flood losses to €1.1bn
German insurance heavyweight Allianz has upped its estimated gross claims impact to €1.1bn ($1.3bn) for the European flooding in July.
Heritage takes $51.4mn Q3 cat hit
Florida-based homeowners carrier Heritage has announced that it expects to incur net catastrophe losses of $51.4mn for the third quarter of 2021.
Corvus: Ransomware claims frequency dropped off after Q1 2021
The frequency of Corvus’ ransomware claims dropped in the second and third quarters of 2021 compared with the large increase over the preceding four quarters, while the number of claims resulting in a ransom payment dropped to 12 percent in Q3 from 44 percent in the prior-year period, according to ...
Lancashire closes down 7% as investors react to Q3 loss estimate
Shares in London-listed Lancashire slipped over 7 percent on Thursday as investors reacted to the carrier’s preannouncement that it expects to book natural catastrophe losses of up to $185mn in the third quarter.
Palomar facing $14.5mn to $15.5mn net Q3 cat hit
Palomar Holdings’ third quarter results will include an estimated $14.5mn to $15.5mn of pre-tax catastrophe losses net of reinsurance from Hurricanes Ida and Nicholas.
Munich Re expects €1.8bn hit from Ida and European floods
Munich Re has revealed it expects to report a profit of ~€400mn ($466mn) for the third quarter of 2021 despite a combined €1.8bn hit from the quarter’s two main loss events.
Bernd flooding to drive increase in legacy transactions in DACH region: BFRC
An increasing willingness among (re)insurance companies in the DACH region to explore legacy solutions will lead to growth for the region’s run-off market in 2022 and beyond, according to Jens Ziser, managing director of Black Forest Reinsurance Consulting.
FCA: UK insurers settle two-thirds of BI test case claims as payouts near £1.1bn
UK insurers have paid out £1.095bn ($1.5bn) in interim and final payments following the resolution of the Financial Conduct Authority’s test case on Covid-19 business interruption claims.
Everest Re shares up 3% as $635mn Q3 nat cat bill comes in below expectations
Shares in Everest Re were trading up by more than 3 percent to outperform a broadly positive start to the day for sector stocks after the Bermudian preannounced net catastrophe losses before tax of $635mn for the third quarter that analysts said had come in below expectations reset by loss ...
Aon says insurers will pay majority of $315mn Midwestern hail and wind losses
Aon has estimated that total economic losses from severe weather in Wisconsin, Illinois, Indiana and Michigan on 7 September will reach $315mn, with most of that figure being insured.
Kingstone share price down 5.5% after Q3 cat loss announcement
Kingstone Companies’ share price fell almost 5.5 percent during Wednesday trading after the carrier revealed its third quarter 2021 results will include an estimated $9.6mn to $12.6mn of net pre-tax catastrophe losses.
Intact estimates C$365mn cat hit on Q3 results
Intact Financial Corporation’s third quarter 2021 results will include an estimated C$365mn ($213mn) of pre-tax catastrophe losses, with the company having been exposed to rain and hail losses in its native Canada as well as UK flooding and Hurricane Ida during the period.