Downstream market facing $500mn Port Neches refinery loss
The beleaguered downstream energy market is facing the prospect of a $500mn loss in relation to a large fire at TPC Group’s petrochemical plant in Port Neches, Texas, The Insurer can reveal.
PG&E edges towards $13.5bn deal with wildfire victims: reports
California utility firm Pacific Gas & Electric Company (PG&E) is reportedly close to finalising terms for a $13.5bn payout to victims of wildfires ignited by its power lines, just weeks after the utility agreed a deal to settle all insurance subrogation claims arising from the 2017 Northern California wildfires and ...
London market specie consortium facing loss for missing German art in China
Fine art and specie underwriters in the London market are facing a loss following the disappearance of the works of German artists Markus Lüpertz, Anselm Kiefer and Renate Graf – valued at Eur300mn ($332.4mn) – which were on loan in China, The Insurer can reveal.
Axis’ Hagibis loss estimate points to $162mn 4Q cat bill: KBW
Axis Capital’s revelation that it expects to suffer pre-tax losses of between $90mn and $110mn from Typhoon Hagibis points to a fourth quarter catastrophe bill of $162mn for the Bermudian carrier, according to Keefe, Bruyette & Woods.
London carriers set to swerve Eur1bn Dresden art robbery loss
The London fine art and specie market looks set to dodge material losses emanating from the robbery of one of Europe’s largest collections of art in the German city of Dresden today (25 November), The Insurer understands.
Axis pegs Hagibis loss at up to $110mn
Bermudian carrier Axis Capital has said it expects to suffer pre-tax losses stemming from Typhoon Hagibis in the range of $90mn to $110mn.
Golden Ray to cost P&I market at least $125mn
Carriers on the P&I slip for the capsized vessel Golden Ray are expecting losses of at least $125mn, The Insurer can reveal.
Allstate pegs October cat losses at $237mn
US giant Allstate has estimated pre-tax catastrophe losses of $237mn – or $187mn after-tax – from 12 catastrophes for the month of October 2019.
Cali insurance commissioner calls for P&C insurers to expedite wildfire claims
California insurance commissioner, Ricardo Lara, has asked property and casualty firms in the state to prioritise claims handling procedures for residents and businesses affected by wildfires, in response to the state of emergency declared by Governor Gavin Newsom last month.
GIAJ pegs Faxai claims payouts at $2.44bn
The General Insurance Association of Japan has calculated that claims payments resulting from Typhoon Faxai have reached 265bn yen ($2.44bn).
ICA declares catastrophe for Queensland hailstorms; pegs bushfire losses at A$110mn
The Insurance Council of Australia (ICA) has declared hailstorms across south-eastern Queensland as the sixth catastrophe to hit Australia this year and reported A$110mn ($75mn) of claims to date from the latest bushfires.
PwC pegs North of England flooding at £120mn
Big four accountancy firm PwC has estimated the insured loss from flooding in the North of England between £80mn to £120mn ($102.9mn to $154.3mn), after more than 500 properties flooded and 1200 households evacuated since the weekend.
ICA pegs NSW and Queensland bushfire losses at $34mn
The Insurance Council of Australia has estimated insured losses from bushfires in New South Wales (NSW) and Queensland to be A$50mn ($34.1mn), after receiving 450 related claims already and more expected to follow in coming weeks.
Merck in NotPetya settlement discussions after side-deals with Mitsui and CNA Hardy
Two of the insurers involved in the blockbuster dispute over non-payment of Merck’s cyber claims from 2017’s NotPetya attack have settled with the pharmaceutical company, with discussions taking place around further settlements.
Reps & warranties carriers face several large $50mn and $100mn+ claims
A flurry of large claims against reps & warranties (R&W) insurers in the US this year is likely contributing to a deceleration of rate softening in the sector, despite abundant capacity, according to broker USI.
PartnerRe reveals $93mn Q3 Dorian and Faxai hit
PartnerRe swung to a non-life $49mn underwriting profit in the third quarter despite $93mn in pre-tax losses from Hurricane Dorian and Typhoon Faxai, net of retrocession and reinstatement premiums.
FedNat joins Florida peers in upping Irma gross loss
Florida insurer FedNat has increased its gross loss estimate of Hurricane Irma losses by $40mn and Hurricane Michael by $50mn.
Liberty in $1.3bn ADC with Berkshire Hathaway
Liberty Mutual has entered into an adverse development cover (ADC) with Berkshire Hathaway to provide up to $1.3bn of reinsurance protection for a portion of its US workers comp, commercial auto and general liability reserves.