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.
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.
Floridian insurer Heritage Insurance Holdings expects $10.2mn of net losses from the Brevard County hail storm at the end of March
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.
US insurance giant Allstate sustained $381mn of catastrophe losses last month.
Loss aggregation firm Perils has pegged initial property damage losses from extratropical cyclone Dragi-Eberhard at Eur740mn ($833mn).
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).
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.
Insured losses from natural catastrophes in 2018 were $76bn, the fourth highest one-year total, according to the latest Sigma report from Swiss Re.
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.
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.
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 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.
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.
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.
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.
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.
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.