Loss aggregator Perils has modestly lowered its insured property market loss estimate for October’s severe storms in Southern Australia to A$1.016bn ($699.8mn).
AIG, Zurich, Chubb, Liberty Mutual and Axa XL are the largest players on the $550mn primary and excess general liability cover for Securitas that has come under the spotlight after the Swedish security firm reportedly agreed to settle for as high as $500mn to end its exposure to the class ...
Aon acted as the placing broker for aircraft leasing firm Dubai Aerospace Enterprise (DAE), which has filed a $1bn claim for 19 jets in Russia, The Insurer can reveal.
Swiss Re has estimated industry losses from the Russia-Ukraine conflict will be at the bottom end of its previous guidance of $10bn to $20bn, with the reinsurer stating that it believes it is underweight in several of the most impacted classes.
Despite confirming an $85mn loss estimate for Russia-Ukraine claims, AIG does not expect a material impact from the conflict on its business, with chairman and CEO Peter Zaffino noting the complexity around potential claims in areas such as aviation means the ultimate industry exposure remains uncertain.
Total paid and reserved losses impacting the state of Louisiana and stemming from last August’s Hurricane Ida have now reached $12.1bn, according to the latest data provided by the state’s department of insurance, a 15 percent jump from the $10.5bn the agency reported at the end of last year.
Insured losses caused by storms Dudley, Eunice and Franklin, which hit much of the UK during February, are expected to cost insurers nearly £500mn ($627mn), according to figures from the Association of British Insurers (ABI).
Evan Greenberg has commented that Chubb’s incurred insured losses to date related to the Russia-Ukraine war are “de minimis”, with the insurer’s management also revealing the first quarter included an $87mn realised loss from impairing its Russian entities.
NYSE-listed Air Lease has confirmed it is “vigorously pursuing” insurance recoveries on its WTW-placed aviation cover as it writes off $802mn for the 27 jets it has in Russia.
The conflict between Russia and Ukraine will affect insurers’ earnings rather than their capital, according to Alpha Insurance Analysts (AIA), which forecast losses from the event would fall more heavily on a few syndicates rather than equally across the market.
Allstate has pegged its March pre-tax catastrophe losses at $227mn and its total Q1 2022 cat exposure at $462mn, while the US personal lines giant’s CFO Mario Rizzo has said the company has raised the magnitude of auto rate increases it expects to implement this year due to inflationary pressures.
Loss aggregator Perils’ latest Industry Exposure Database (IED) has found that $85trn of sums insured are exposed to natural perils in 2022.
Property Claim Services (PCS) has estimated that insured losses to specialty lines stemming from the conflict in Ukraine will range from $13.05bn-$23bn.
Perils has estimated insured losses from the flooding which impacted parts of eastern Australia between 23 February and 8 March at A$3.991bn ($2.945bn).
Aon has pegged insured losses from first quarter natural catastrophes at $14bn, marking the sixth successive year the first quarter has seen losses of $10bn or more.
Allianz will likely face claims of around €600mn ($654mn) related to the European storms and floods in Australia in the first quarter of this year, according to Jefferies analyst Philip Kett.
Swiss Re will likely have an outsized share of industry catastrophe losses during the first quarter of 2022 due to the reinsurer’s above-average market share in impacted regions, according to Jefferies analysts.
Insured losses from natural and man-made catastrophes during the first quarter of 2022 will likely fall in the $28bn to $30bn range, according to a preliminary estimate from Guy Carpenter.