Ironshore – Bermuda

Ironshore oil rig dispute with Halliburton heads to arbitration

2019-04-19T16:42:00+01:00

A dispute between Ironshore and Halliburton over a $12mn oil rig explosion payout is heading for arbitration after the Fifth Circuit reversed a district court ruling that Ironshore waived all of its subrogation rights and did not have a binding arbitration agreement.

Chevron Big Foot platform

Lloyd’s syndicates denied recovery of $500mn Chevron “Big Foot” loss

2019-04-19T16:15:00+01:00

The Fifth Circuit appeals court has denied efforts by Lloyd’s syndicates - including ones owned by Munich Re, QBE, Chaucer and Aegis - to recoup more than $500mn in losses from a steel tendon failure on a Chevron oil-drilling platform in 2015.

Bruce Lucas – Heritage

Heritage latest Floridian to reveal hail losses, expects $15mn Q1 cat loss

2019-04-19T15:06:00+01:00

Floridian insurer Heritage Insurance Holdings expects $10.2mn of net losses from the Brevard County hail storm at the end of March

John Forney – UPC Insurance

UPC the latest to reveal Florida hail losses in Q1

2019-04-18T21:22:00+01:00

Florida-based insurer UPC Insurance has estimated first quarter catastrophe losses of $18mn before income taxes but net of expected reinsurance recoveries, with the biggest driver of losses the hail storm at the end of March.

Allstate corporate headquarters

Allstate hit with $381mn March cat bill

2019-04-18T12:45:00+01:00

US insurance giant Allstate sustained $381mn of catastrophe losses last month.

Storm

Perils estimates Eur740mn loss from Dragi-Eberhard

2019-04-18T09:06:00+01:00

Loss aggregation firm Perils has pegged initial property damage losses from extratropical cyclone Dragi-Eberhard at Eur740mn ($833mn).

Hail storm damage i

ICA pegs Sydney hailstorm losses at A$1.3bn

2019-04-18T09:11:00+01:00

The total insurance bill from damage caused by December’s hailstorm in New South Wales has reached A$1.271bn ($911mn), according to new figures from the Insurance Council of Australia (ICA).

berneunion logo

Credit and investment insurers paid “tolerable” $6.5bn claims in 2018

2019-04-11T22:08:00+01:00

The Berne Union has revealed its members paid more than $6bn in claims for a fourth consecutive year in 2018, including political risk claims more than doubling over 2017.

Primary and secondary peril insured losses since 1990

Global insured nat cat bill tops $76bn in 2018: Swiss Re

2019-04-10T11:24:00+01:00

Insured losses from natural catastrophes in 2018 were $76bn, the fourth highest one-year total, according to the latest Sigma report from Swiss Re.

Florida

Hail losses add attritional cat pressure for Floridians

2019-04-09T20:10:00+01:00

Analysts have been lowering earnings forecasts for Florida’s publicly traded carriers to reflect the impact of hailstorm losses in Brevard County late last month.

Midwest floods 2019

March storms and Midwest floods drive $1.2bn+ insured losses

2019-04-09T21:16:00+01:00

The spring storm system from 12-14 March that traveled from the Rockies to the Upper Midwest of the US leading to historic river flooding will see public and private insurers pay up to $1bn in claims, according to Aon.

Typhhon Jebi

Swiss Re’s Jebi loss could increase by $500mn in Q1: KBW

2019-04-09T16:08:00+01:00

Swiss Re’s long list of large losses is likely to be above budget in its first quarter results, believe KBW analysts following a pre-close call with management.

Arch Insurance and Koch foods

Arch sues Koch to deny $85mn feed mill explosion claim

2019-04-08T19:41:00+01:00

Arch Specialty Insurance has filed a lawsuit against Koch Foods, claiming it should not pay its share of an $85.5mn claim resulting from a 2016 poultry feed mill explosion because of material misrepresentations made to the insurer.

Ethiopian Airlines

Ethiopian Airlines insurers put up $275mn reserve

2019-04-08T17:06:00+01:00

Lead Ethiopian Airlines insurer Chubb and broker Willis has recommended a $275mn reserve for liability and legal costs from the fatal crash of Ethiopian Airlines flight 302.

NiSource

Chubb has biggest share of $800mn NiSource cover

2019-04-05T15:09:00+01:00

Chubb wrote the biggest single line on the core $800mn NiSource excess casualty tower that is facing the prospect of a full limits loss as a result of last September’s gas pipeline explosions and fires in Massachusetts, The Insurer can reveal.

Cali wildfires

California edges closer towards state wildfire cat fund

2019-04-05T14:56:00+01:00

The idea of a state catastrophe fund of up to $30bn to reimburse utilities for liability costs is gaining popularity in California. Meanwhile, a bill that would allow the state to explore buying insurance and placing cat bonds to protect against catastrophe losses recently made progress.

NiSource

Casualty insurers face full limits loss on $800mn NiSource tower

2019-04-04T20:54:00+01:00

Casualty insurers are now facing the prospect of a full limits loss on the $800mn coverage bought by utility company NiSource from last September’s Greater Lawrence gas pipeline explosion, The Insurer can reveal.

Hurricane Irma

CSU forecasts slightly below normal 2019 hurricane season

2019-04-04T20:06:00+01:00

Colorado State University’s Department of Atmospheric Science is a predicting slightly below average hurricane activity this year, with the current weak El Niño event likely to persist and perhaps even strengthen this summer and fall.

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