UPC reveals $61mn hit from Q3 cats and loss creep
United Insurance Holdings (UPC Insurance) has announced it expects to incur $46mn pre-tax of net retained catastrophe losses for the third quarter, as well as $15mn pre-tex of adverse development.
Japan typhoons and improved primary pricing will dominate Q3 results: JMP
While catastrophe losses from windstorms will play out in insurers’ results during the third quarter reporting season, investors will be watching carriers’ balance sheets more closely for evidence of sustained, accelerating price increases across many primary lines.
FedNat hit by $11mn of Q3 gross cat losses
FedNat Holding Company has revealed catastrophe losses will reduce its third-quarter pre-tax income by $7mn.
Everest pegs Q3 cat losses at $280mn; RenRe at $155mn
Everest Re and RenaissanceRe have become the latest Bermudians to preannounce third quarter loss estimates dominated by the impact of Hurricane Dorian and Typhoon Faxai.
Hagibis reinsurance loss to spur further hardening at 1.1 and 1.4 renewals: KBW
Typhoon Hagibis – the category 4 hurricane that made landfall off Tokyo over the weekend – will be another material reinsurance loss adding to further upward rate pressure at the upcoming January and April renewals, according to Keefe, Bruyette & Woods (KBW).
Axis estimates up to $175mn Q3 cat losses
Axis Capital has announced a preliminary pre-tax loss estimate for Hurricane Dorian, Japanese typhoons and other weather-related events of $150mn to $175mn, net of reinsurance and retrocessional recoveries.
London contingency market facing £10mn+ Rugby World Cup loss
Underwriters in the London contingency market could face a loss in excess of £10mn ($12.3mn) as a result of the cancellation of two Rugby World Cup group stage matches due to the threat of approaching super typhoon Hagibis, The Insurer understands.
Insurers to cover $15mn of Danish firm’s cyber attack loss
Danish hearing health care company Demant has estimated a financial impact of DKK550mn to DKK650mn ($88mn to $96mn) from a cyber attack last month after the recovery of DKK100mn ($15mn) from its insurance.
Insurers to pay at least $735mn in MGM shooting settlement
Insurers will cover up to $751mn of a settlement between MGM Resorts International and counsel representing substantially all plaintiffs in litigation involving the October 2017 shooting in which 58 people died.
Bahamas property binder expected to cost D&F market up to $250mn
A property binder placed in the Lloyd’s property direct & facultative (D&F) market could cost carriers some $250mn as a result of Hurricane Dorian, The Insurer can reveal.
CCRIF increases Bahamas Dorian payout to $12.8mn
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has increased the amount it will pay The Bahamas in the wake of damage wrought by Hurricane Dorian to $12.8mn.
PG&E finalises $11bn wildfire claims settlement
California utility Pacific Gas & Electric Company (PG&E) has finalised a definitive agreement to settle all insurance subrogation claims arising from the 2017 Northern California wildfires and 2018 Camp Fire.
Japanese market can expect $2.8bn Faxai loss
The domestic general insurance market can expect losses relating to Typhoon Faxai in the region of 300bn yen ($2.8bn), according to the General Insurance Association of Japan (GIAJ).
MS&AD reveals $930mn Faxai loss estimate
Japanese insurer MS&AD has revealed it expects almost $1bn in losses from Typhoon Faxai, with Sompo reportedly on the hook for a similar amount of losses.
IUMI raises alarm over containership fire losses
Marine underwriting premiums were $28.9bn in 2018, up 1 percent over 2017, according to new figures from the International Union of Marine Insurance (IUMI), which also highlighted a worrying frequency of fires on containerships.
Faxai to cost insurers up to $7bn: AIR
Cat modeler AIR Worldwide has estimated that industry insured losses from Typhoon Faxai will be between Y340bn ($3bn) and Y740bn ($7bn).
US and Caribbean Dorian loss close to $5bn: Karen Clark
Karen Clark & Company (KCC) has estimated total insured losses from Hurricane Dorian in the US and Caribbean will be $5.23bn.
RMS estimates $3.5bn-$6.5bn Dorian loss in Caribbean
RMS has estimated that insured losses to the Caribbean from Hurricane Dorian will be between $3.5bn and $6.5bn, much higher than the $1.5bn to $3bn estimate put out by AIR Worldwide last week.