Aon: US insurers facing $1bn+ hit from March storms
Insurers are facing losses of more than $1bn after a spate of severe storms that included tornadoes, hail and flooding hit parts of the US in mid- to late March, according to Aon’s latest Global Catastrophe Recap report.
Australian flood loss estimate rises to A$567mn
Insured losses from claims filed related to flooding in New South Wales and southeast Queensland have now risen to A$567mn ($431.3mn), according to the Insurance Council of Australia (ICA).
State Auto facing $66mn winter storm loss amid $80mn-$82mn Q1 cat hit
State Auto is facing an estimated $80mn to $82mn of net catastrophe losses from 2021’s first quarter, with the bulk coming from its exposure to claims from winter storms Uri and Viola.
Fidelis and Convex increase space capacity helping offset AIG’s withdrawal
Fidelis and Convex have scaled up their space/satellite capacity for 2021, helping offset the impact of the withdrawal of AIG last November.
WRB agrees Covid-19 LPT to cap Lloyd’s losses as syndicate slumps to 171.5% CR
WR Berkley has struck a loss portfolio transfer (LPT) with its Lloyd’s subsidiary, whose Syndicate 1967 was one of the worst performers on Lime Street in 2020 as losses from the pandemic ripped through its contingency book, adding to the impact of last year’s property cat events.
Australian flood claims rise above A$500mn
Estimated insured losses from flooding in New South Wales and southeast Queensland now total A$517mn ($389.6mn), according to the Insurance Council of Australia (ICA).
Lloyd’s chairman Carnegie-Brown: Suez Canal blockage will be a "large loss"
Lloyd’s chairman Bruce Carnegie-Brown has commented that the Suez Canal blockage will lead to a “large loss” for the market, with claims coming in related to the Ever Given as well as other vessels that were trapped.
Suncorp estimates A$230mn-A$250mn net losses from Australia floods
Suncorp has estimated its net claims costs from the heavy rainfall and flooding across New South Wales, South East Queensland and Victoria will be A$230mn to A$250mn ($175mn to $190mn), with losses capped at the higher end of that range under its main catastrophe reinsurance programme.
Swiss Re: 2020 underlines need to better understand secondary perils as cats total $89bn
Secondary peril events accounted for 71 percent of natural catastrophe insured losses in 2020 while the record-breaking North Atlantic hurricane season was a lucky escape for the industry, according to a new Swiss Re Sigma report.
AM Best: Australian floods may prompt reinsurers to tighten T&Cs at renewals
Australian carriers may face a further tightening of terms and conditions at upcoming renewals if material losses are ceded to reinsurers from the ongoing flood event in New South Wales and southeast Queensland, according to AM Best.
Suez Canal loss could easily be “hundreds of millions of euros”: Fitch
The blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event for the reinsurance industry, Fitch Ratings has warned, with the ratings agency noting marine reinsurance rates will rise further.
Marine market braces for multi-million dollar losses as Suez Canal remains blocked
The marine insurance market is bracing for multi-million dollar losses as efforts to refloat the container ship blocking the Suez Canal continue amid fears the operation could potentially take weeks if the vessel needs to be unloaded.
ICA increases flood insured loss estimate to A$331mn
Insurers have now received more than 22,000 claims related to flooding and severe weather impacts in New South Wales and South East Queensland, according to the Insurance Council of Australia.
PG&E insurers facing Zogg loss after Cal Fire investigation
PG&E’s wildfire liability insurers are set to be presented with a loss from last year’s Zogg Fire after a Cal Fire investigation into the blaze determined its cause to be a tree contacting the Californian utility’s electrical lines.
Lloyd’s ups gross Covid-19 estimate by £1bn
Lloyd’s has increased its gross estimate for full-year 2020 Covid-19 losses to approximately £6bn ($8.2bn), an increase of £1bn on its previous estimate issued alongside its H1 results.
Nardac: Texan power firms and not insurers will bear winter storm price losses
Texas’ power generation companies rather than insurers are set to foot the bill for the price spikes that arose in the aftermath of the winter storms that pummelled the Lone Star State last month, according to Nardac’s Brandon Statton.
Munich Re puts exposure to US winter storms in “mid triple-digit million” euros
European reinsurer Munich Re has revealed it expects claims “in the mid triple-digit million euro range” as a result of the winter storms that hit southern states last month.
FedNat ups 2020 net loss after fundraise
Florida-based homeowners insurance specialist FedNat Holding has revealed that the $73mn 2020 net loss reported in its full-year results and the prospectus for its just-completed fundraise was understated as it estimated a new range of $77mn to $80mn.