Travellers schnitzer 900px

Travelers getting more aggressive on tort claims: Schnitzer

2020-01-23T18:56:00+00:00

Takeaways from Travelers’ earnings call include the insurer getting more aggressive towards the plaintiffs bar on claims, reviver statutes leading to further reserve increases and the cat aggregate XoL reinsurance treaty retention being surpassed in the fourth quarter.

Insured losses from natural cat since 2011

Insured cat losses fall 34% to $53bn in 2019: Willis Re

2020-01-23T13:45:00+00:00

Insured damages from major natural catastrophes in 2019 totalled $53bn, 34 percent lower than the $80.5bn loss figure recorded a year earlier, according to the latest catastrophe report from Willis Re.

ICA – Australia hailstorm

Australia hailstorm losses swell to $353mn: ICA

2020-01-23T11:51:00+00:00

Insurers reporting into the Insurance Council of Australia (ICA) have seen hailstorm-related claims increase by more than a third in the last 24 hours – up to 55,650 from yesterday’s 41,000 – alongside a growing loss estimate which has now hit A$514mn ($352.9mn).

Atlas Financial Holdings

Atlas Financial moves further towards MGA model with subsidiary sale

2020-01-23T01:03:00+00:00

Embattled US commercial auto insurer Atlas Financial has signed a non-binding letter of intent to sell its indirect subsidiary Gateway Insurance to technology-driven financial services firm Buckle.

Swiss Re – Hagibis

Swiss Re faces potential $720mn Hagibis hit: Jefferies

2020-01-22T16:35:00+00:00

Swiss Re could be on the hook for a $720mn loss emanating from the fallout of Typhoon Hagibis, which slammed into the Japanese coast in October, according to an estimate from a Jefferies analyst.

ICA – Australia hailstorm

Hailstorm damage in Australia climbs to $280mn: ICA

2020-01-22T12:30:00+00:00

Losses from hailstorms which struck Australia over Sunday and Monday have grown to A$407mn ($278.6mn) overnight, according to the latest calculation from the Insurance Council of Australia, up from the A$320mn ($168.2mn) recorded yesterday.

Aon – thunderstorm

Insured cat losses fall to $71bn in 2019: Aon

2020-01-22T11:24:00+00:00

Insured damages wrought by weather-related events last year were $71bn, according to the latest catastrophe recap report from broker Aon.

Albert Benchimol – Axis

Axis expects “modest” Q4 operating income after $140mn weather losses

2020-01-21T14:44:00+00:00

Axis Capital has issued a profit warning as it said its fourth quarter will be hit by a $140mn pre-tax loss from catastrophes and other weather-related events, with the Bermudian (re)insurer also estimating $14mn of favourable reserve development.

ICA

Australian hailstorms declared catastrophe as losses hit $168mn: ICA

2020-01-21T11:52:00+00:00

Hailstorms that struck eastern Melbourne, the Australian Capital Territory (ACT) and New South Wales over the last two days have now been classed as a catastrophe by the Insurance Council of Australia, with the loss estimate reaching A$320mn ($168.2mn).

ICA – California wildfire

Bushfire losses climb to A$1.41bn: ICA

2020-01-20T08:10:00+00:00

Losses emanating from bushfires in Australia have now reached A$1.41bn ($970.3mn), as insurers have now received 16,380 claims since 8 November, according to the latest estimate from the Insurance Council of Australia (ICA).

Chile riots

Lloyd’s carriers in the spotlight over Q4 Chilean riots and Australian wildfires: KBW

2020-01-17T11:31:00+00:00

International (re)insurers – including Lloyd’s syndicates – are expected to report losses from the Chilean protests and Australian wildfires in the upcoming Q419 reporting period, according to a note from analyst Keefe, Bruyette & Woods.

California wildfire

Mercury General takes $36mn Q4 Cali wildfires hit

2020-01-16T22:42:00+00:00

Los Angeles-based Mercury General Corporation has become the latest carrier to preannounce Q4 catastrophe losses, with a $36mn pre-tax hit primarily from California wildfires that will not trigger its cat reinsurance programme after it raised its retention at 1 July last year.

Allstate and Esurance

Allstate takes $51mn hit for pulling Esurance brand

2020-01-16T15:15:00+00:00

US personal lines giant Allstate will take a $51mn pre-tax charge in its fourth quarter earnings relating to its decision to phase out the Esurance brand.

The Hanover Insurance Group

Hanover reveals higher than expected Q4 non-cat property losses

2020-01-16T14:32:00+00:00

The Hanover Insurance Group expects its fourth quarter non-catastrophe property losses to exceed expectations by $20mn before taxes.

Hurrican Irma – Florida

Industry ultimate Irma loss up 11.4% in Q4: FHCF

2020-01-16T18:24:00+00:00

There was further significant creep in the projected industry ultimate incurred Irma loss in the fourth quarter as the total grew 11.4 percent to $14.13bn, according to the Florida Hurricane Catastrophe Fund (FHCF).

Ukrainian passenger plane crash

Iran sanctions to delay settlement of Ukrainian Airlines claims

2020-01-15T12:50:00+00:00

Underwriters on the hook for the Ukrainian International Airlines (UIA) flight that was shot down by an Iranian missile are likely to withhold payment for the claim over fears of inadvertently breaking international sanctions, The Insurer understands.

AM Best

​UK non-life insurers’ 2019 results to take hit from November floods: AM Best

2020-01-15T18:07:00+00:00

Intense competition in the UK non-life market combined with falling investment returns, claims inflation and an increase in weather-related losses near the end of the year placed underwriting earnings under pressure in 2019, according to AM Best.

California wildfire

Q4 cat losses help sustain 2020 pricing momentum: KBW

2020-01-15T04:06:00+00:00

Higher than expected Q4 cat losses and crop combined ratios revealed by Chubb last night imply “notable” losses for internationally exposed carriers, including Bermudians, AIG and WR Berkley, according to KBW analyst Meyer Shields.

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