Fire is the biggest cause of loss for engineering claims, accounting for over a quarter of total losses, but natural catastrophes and product defect losses remain the main sources of concern for the construction market, according to analysis by Allianz Global Corporate Specialty (AGCS).
Bankrupt California utility company Pacific Gas & Electric (PG&E) will retain control of its multibillion-dollar bankruptcy process after a judge denied requests by two groups of creditors to file their own Chapter 11 exit plans.
Below-average catastrophe losses in the first six months of 2019 boosted non-life reinsurers’ underwriting profitability at the half year point, but performance among life and health carriers and ILS markets was mixed, according to Fitch.
Allstate has revealed $235m of pre-tax and $186mn after-tax catastrophe losses for July, with a Colorado hail storm the largest event in the month.
Marriott International, which suffered a large data breach last November, has revealed in a 10-Q filing that it had recovered $93mn from its cyber insurance policy as of the end of June and had renewed its insurance at higher cost.
Wind and water damage brought by thunderstorms, torrential rain and snowmelt caused $13bn of the $19bn losses felt by the insurance industry in the first half of 2019.
QBE has reported improved attritional claims experience for the first half of 2019 that was partly offset by increased net costs of large individual risk and catastrophe claims tied to its recently simplified reinsurance programme.
AIR Worldwide has estimated insured losses in China from this weekend’s Typhoon Lekima will exceed CNY6bn ($854mn).
Loss aggregation firm Perils has increased its estimate of insured losses stemming from Australia’s Townsville floods in January and February this year to A$1.22bn ($821.8mn), marking an increase of 17 percent on its previous estimate issued in May.
Ratings agency Moody’s has warned that subrogation recoveries from California wildfires are uncertain given PG&E’s bankruptcy but the ratings agency believes new legislation establishing a new $21bn wildfire fund will benefit insurers.
Liberty Mutual has revealed loss creep from Typhoon Jebi, while reporting a 101.2 percent combined ratio for the second quarter.
Sirius International Insurance Group fell to a second quarter operating loss of $19mn as the Bermudian’s underwriting results were hit by loss creep on its property reinsurance book.
Six months’ after devastating floods hit Townsville in Queensland, Australia, insurers have now settled 60 percent of resulting claims – to the tune of A$521mn ($353.8mn) – with the total insured loss expected to reach A$1.24bn ($844.3mn).
US bank Capital One has revealed it has insurance covering cyber risk events with a total coverage limit of $400mn, following a breach of over 100 million individuals’ personal information.
Insured losses resulting from natural catastrophes in the first half of the year have cost the industry $15bn, representing slightly over a third of the $42bn economic loss, according to reinsurance giant Munich Re.
Bermudian (re)insurer Argo Group International Holdings has warned its upcoming earnings will be impacted by $22.5mn of adverse development from prior year accident year losses primarily in its Bermuda casualty business and $10mn of net losses from Q2 2019 catastrophes.
A group of insurers that say Pacific Gas & Electric (PG&E) owes them more than $20bn from wildfire claims is seeking to take over the California utility provider and pull it out of bankruptcy.