All Property Catastrophe articles
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NewsPalomar grows GWP 68% in Q4
California-based specialty quake insurer Palomar Holdings has capped off a year of strong growth by reporting fourth quarter gross written premiums were up 68.4 percent to $73.3mn, compared to $43.5mn in the fourth quarter of 2018.
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News
TWIA board sends GC to secure $2.1bn of cat reinsurance
The board of the Texas Windstorm Insurance Association (TWIA) approved Guy Carpenter to place a $2.1bn risk transfer programme for the upcoming hurricane season after the broker advised an indicative gross rate-on-line range of 4.25-4.5 percent that was lower than previously budgeted.
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News
Ciara-Sabine insured loss range $1.2- $1.95bn: RMS
Insured property losses from Winter Storm Ciara, also known as Sabine, will fall between Eur1.1bn and Eur1.8bn ($1.2-$1.95bn), according to respected catastrophe risk modelling firm RMS, whose estimate closely aligns to that issued previously by competitor AIR Worldwide .
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Analysis
Axis slashes PMLs and increases use of third party capital
Axis Capital has significantly cut its probable maximum loss (PML) for peak cat exposures and made increasing use of its growing third party capital platform as part of a wider repositioning of its portfolio to deliver stronger and more stable underwriting results.
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Opinion
A brave new world for Australia’s insurers?
IAG’s recent uplift of its perils assumptions suggests not so much a revision as a recalibration in response to weather-related claims in Australia.
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News
February flooding declared catastrophe as losses reach A$100mn: ICA
Severe storms which led to flooding in Australia’s Queensland and New South Wales regions have been allocated a catastrophe code relating to claims from 4 February, as the Insurance Council of Australia (ICA) pegs insured losses to date at A$100mn ($67.4mn).
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News
IAG taps 2019 agg for A$280mn and signals 2020 cat cover claims
Australian insurer IAG further lowered guidance for its full-year profit margin and increased its projection for net natural peril claim costs as it disclosed updated details of cat losses and its use of reinsurance.
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News
Nat cat events caused $3bn+ in economic losses in January
A number of severe natural catastrophe events, including tornado outbreaks in the US, hailstorms in Australia and devastating floods events across the globe have culminated in over $3bn in economic damage in the first month of 2020.
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News
Open market coverage “better value” than cat bond: CinFin
Dropping its catastrophe bond and increasing its reinsurance purchase represented “better overall value” to Cincinnati Financial Corporation (CinFin), The Insurer has been told.
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News
CinFin non-renews cat bond and expands property cat treaty
Cincinnati Financial (CinFin) opted against renewing the most recent iteration of its Skyline Re catastrophe bond at the beginning of the year and instead bulked up limits on its property catastrophe reinsurance treaty by $90mn.
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News
Several Floridians close to exhausting Irma cat covers: RenRe
A number of Florida domestic carriers are now close to exhausting their 2017 private market cat covers after further significant creep on Hurricane Irma losses, according to RenaissanceRe CEO Kevin O’Donnell.
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News
Scale up World Bank cat bond to close protection gap: Aon’s Case
Closing the protection gap will rely upon greater collaboration between public and private sectors, Aon’s CEO Greg Case has said, including expanding the World Bank’s $1.4bn catastrophe bond issued to Latin American countries last year.
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News
RenRe reveals $925mn third party capital raise but misses in Hagibis-hit Q4 results
RenaissanceRe reported operating earnings per share that fell short of Wall Street forecasts in a fourth quarter that included a $193.3mn hit from Typhoon Hagibis and aggregate loss contracts written by the Bermudian reinsurer.
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News
January hailstorm losses surge to $428mn: ICA
Severe hailstorms that lashed Australia’s East Coast last month have rung up an insured loss bill of A$638mn ($428mn), according to the latest estimate from the Insurance Council of Australia (ICA).
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News
The Hartford lowers retentions on cat and agg covers
The Hartford has lowered the retention on its occurrence cat treaty from $350mn to $150mn for events other than named storms and earthquakes and moved down the attachment point on its aggregate property cat treaty from $775mn to $700mn with slightly less limit bought.
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News
Florida carriers to be pressured by 15-20% reinsurance hikes: AM Best
AM Best has warned that companies with high reinsurance dependence will face difficult choices as a result of increasing reinsurance rates.
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News
Tower Hill’s $200mn Irma creep signals Q4 deterioration for public Floridians
Florida’s Tower Hill increased its projected ultimate Hurricane Irma payout by around $200mn to $1.025bn in Q4 2019 in response to a continued influx of new claims and the re-opening of previously closed claims, The Insurer can reveal.
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Opinion
A sting in the tail
When Irma dodged a direct Miami hit and weakened to Cat 1 as it headed to Tampa in September 2017, the Florida homeowners market may have breathed a collective sigh of relief.
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News
Everest facing Hagibis-driven Q4 cat hit of $215mn
Everest Re’s fourth quarter 2019 results will include catastrophe losses of approximately $215mn, net of estimated reinsurance recoveries and reinstatement premiums.
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News
Suncorp to begin recovering on main agg programme
Suncorp has confirmed it expects to begin making recoveries from reinsurers under its main A$300mn ($202mn) aggregate cover because the devastating bushfires and January weather events in Australia combined with loss events the latter half of 2019 are set to fully erode the A$515mn ($346mn) deductible.
