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 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.
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).
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 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.
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.
Insured damages wrought by weather-related events last year were $71bn, according to the latest catastrophe recap report from broker Aon.
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.
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).
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).
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.
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.
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 expects its fourth quarter non-catastrophe property losses to exceed expectations by $20mn before taxes.
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).
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.
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.
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.