Large parts of the southeastern US have seen heavy rain and flash flooding over the weekend after Tropical Storm Claudette became the first named storm of 2021 to impact the US.
Data published by the General Insurance Association of Japan shows insured payouts related to the 13 February offshore earthquake close to the Tōhoku region have now topped $1.6bn.
Heavy rain and flooding is expected to begin impacting the northern Gulf Coast later today ahead of the expected first named storm landfall of the 2021 Atlantic hurricane season.
US personal lines giant Allstate has announced estimated catastrophe losses for the month of May of $213mn – or $168mn after-tax – taking the carrier’s Q2 cat bill so far to $598mn after-tax.
Australian carrier IAG has revealed it will have exceeded its catastrophe budget for the 2021 financial year following claims from the ongoing flooding in Victoria.
The government of Sri Lanka has sent an interim claim to the operator of the container ship X-Press Pearl, requesting $40mn for response costs.
Tropical Storm Bill has become the second named storm of the 2021 Atlantic season.
Suncorp has exceeded its natural hazard costs allowance for its 2021 financial year with the Australian carrier’s maximum exposure to the recent widespread flooding in Victoria capped at A$50mn ($39mn) with losses above that level passed to reinsurers.
Although there is some evidence of easing pricing pressures in US commercial property, the latest annual filings data compiled by AM Best reveals the extent of recent pain for carriers, with cumulative underwriting losses of more than $23bn across the last four years for the business line.
Primary carriers will likely retain the majority of the catastrophe losses impacting the industry during the second quarter of 2021, which has been dominated by low severity/high frequency events.
Floods that have left tens of thousands of people without power or telecommunications in the Australian state of Victoria have been declared a catastrophe by the country’s Insurance Council.
The industry is braced for insured losses in the billions of dollars after convective storms caused hail, tornado, wind and flood damage across the US last month, according to Aon.
Axa has announced a settlement offer of €300mn ($365mn) to 15,000 restaurant owners in France who hold non-damage business interruption (BI) policies.
The number of tropical cyclone formations between 1 April and 30 September is expected to be above normal, according to a briefing published by Guy Carpenter on the 2021 Western North Pacific basin tropical cyclone season.
Insured payouts related to damage from the offshore earthquake close to the Tōhoku region on 13 February have topped $1.2bn, according to the most recent data from the General Insurance Association of Japan (GIAJ).
Kingstone, Donegal and The Hanover are among the carriers most likely to be impacted by the ongoing inflation in construction materials that threatens to push up the cost of hurricane claims for a second successive year.
Rating agency S&P has pegged the impact of Covid-19 on the global (re)insurance industry in 2020 at between €30bn ($36.5bn) and €43bn.
The P&I market is once again braced for sizeable losses as a chemical fire aboard containership X-Press Pearl – which is entered into the London P&I Club – continues to blaze off the Sri Lankan coast near Colombo, The Insurer understands.