All Property Catastrophe articles
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NewsSwiss Re pegs 2022 industry nat cat losses at $115bn
Hurricane Ian and other extreme weather events such as the winter storms in Europe, flooding in Australia and hailstorms in France and the US resulted in an estimated $115bn of natural catastrophe insured losses in the year to date, according to Swiss Re Institute.
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News
RenRe reduces Lloyd’s Ian estimate by 26% in latest signal of lower industry loss
Bermudian cat heavyweight RenaissanceRe has told reinsurers on Syndicate 1458 that its Hurricane Ian primary insurance loss estimate is now ~$250mn – substantially lower than its initial range, The Insurer can reveal.
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Insurance bill for Australian storms and floods tops A$12.3bn since 2020
The total insurance bill for storms and floods across Australia since January 2020 has topped A$12.3bn ($8.3bn), according to new data released by the Insurance Council of Australia (ICA).
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Analysis
Hurricane season 2022: It only takes one storm…
Today marks the official end of the 2022 Atlantic hurricane season – a season that, from an insured loss perspective, will ultimately be remembered for Hurricane Ian.
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News
Treaty market on watch following Hawaii volcano eruption with lava treaty in focus
(Re)insurers are closely watching the situation in Hawaii after Mauna Loa erupted on Sunday, with the industry monitoring the flow of lava amid concerns it could trigger the Hawaii Property Insurance Association (HPIA) property catastrophe treaty.
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News
Lower-than-expected Ian losses for some MGAs but capacity challenges remain
AmRisc has reduced its preliminary Hurricane Ian loss estimate on its E&S portfolio from $800mn to a range of $450mn to $650mn while several other cat-focused MGAs have seen claim frequency and severity from the storm come in meaningfully below initial expectations, Program Manager can reveal.
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News
Ascot to cease writing US retro and reinsurance of Lloyd’s D&F business
Ascot is exiting US-exposed retro business and will no longer reinsure direct and facultative (D&F) business written by Lloyd’s syndicates as it looks to reallocate capital to other opportunities in the property cat space, The Insurer understands.
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Analysis
MS&AD, Sompo and Tokio Marine take disclosed Ian losses to $17bn
The release of quarterly and half-year results from the big three Japanese insurers on Friday has pushed disclosed Hurricane Ian-related net losses to over $17bn, according to analysis by The Insurer.
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News
Brit exits high-value property insurance market
Lloyd’s (re)insurer Brit has ceased underwriting high-value homeowners insurance which sits within the carrier’s property facilities division, The Insurer can reveal.
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News
GuideOne in specialty property retrenchment
GuideOne has been non-renewing a number of major accounts in its commercial property book in a further retrenchment from its broader specialty insurance portfolio, The Insurer can reveal.
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News
RMS estimates Hurricane Nicole insured losses at $1.6bn
RMS has estimated private market insured losses from Hurricane Nicole at $1.6bn with an additional $300mn of losses incurred through the National Flood Insurance Program.
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News
Delos secures A rated capacity and Gallatin Point support for CA wildfire program
Catastrophe MGA Delos Insurance Solutions has partnered with A rated insurance and reinsurance companies as well as private equity firm Gallatin Point Capital to provide backing for a new program to provide coverage to homeowners in the California FAIR Plan facing wildfire risks.
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News
Ascot: Valuation offered by bidders “does not reflect true value” of the business
Ascot Group CEO Andrew Brooks told staff Monday that after undertaking a “thorough process” and being “encouraged” by investor interest in buying the business, the offers received “did not accurately reflect” the firm’s value and that current owner CPPIB will remain a “committed investor”.
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Ascot-Blackstone finally off as Ian lands final blow to faltering $2bn+ deal
The proposed sale of Ascot Group to Blackstone has been called off almost a full year after an Evercore-run process launched by owner CPPIB was initiated, as a darkening macroeconomic outlook and continued cat loss volatility cast a shadow over the deal, The Insurer can reveal.
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News
Property cat MGA Velocity hires Carnegie from Hiscox as CUO
Expansive property cat-focused MGA Velocity Risk Underwriters has hired Hiscox London Market’s head of commercial lines and alternative risk Paul Carnegie as its new group CUO, The Insurer can reveal.
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News
XoL FOT releases scarce in late and uncertain 1.1 renewal
There continues to be a scarcity of firm order terms (FOTs) in a property cat reinsurance market that appears frozen ahead of what promises to be a chaotic, late 1 January renewal season for most buyers as treaty underwriters withhold quotes amid uncertainty over price discovery, coverage and the availability ...
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News
Zurich may not renew cat agg treaty if price is too high, warns CFO Quinn
Zurich’s ongoing efforts to reduce US cat exposure resulted in Hurricane Ian losses which were below its market share, according to group CFO George Quinn, who added that the insurer could decide to not renew its catastrophe aggregate treaty if prices prove too high in the harder reinsurance market environment.
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News
BMS’ Siffert: Hurricane Nicole losses likely in $500mn-$1.1bn range
Insured losses from Hurricane Nicole will likely sit within the $500mn to $1.1bn range, according to BMS Re’s senior meteorologist Andrew Siffert.
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Beazley’s Cox doubles down on property opportunity
Beazley CEO Adrian Cox has provided a bullish outlook on property (re)insurance as he highlighted that the hardening market will provide the company with a “strategic opportunity” to grow its property franchise, both in London and the US.
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News
Chaucer committed to London cat brokers amid wider shift to NA intermediaries
Specialty (re)insurer Chaucer is to continue to source North American property catastrophe reinsurance business through London brokers in a move that contrasts with steps taken by a number of its peers to reduce brokerage costs, The Insurer can reveal.
