All Property Catastrophe articles
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NewsPalomar spared from material Uri loss by reinsurance cover
Palomar Holdings does not expect to incur material losses from Winter Storm Uri because its reinsurance quota shares will kick in “from the first dollar of loss”, the specialty insurer revealed along with announcing a small adjusted net loss for the cat-hit fourth quarter.
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News
UPC reports 142% Q4 combined ratio and forms new E&S carrier
United Insurance Holdings (UPC) has reported a fourth quarter combined ratio of 142.1 percent, up 28.8 points on the 113.3 percent in the same period of 2019, and has revealed it has formed a new excess and surplus lines carrier.
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News
Palomar sell-off through Uri is overreaction: KBW analyst
The recent sell-off that has seen Palomar Holdings lose around 21 percent of its market cap since the start of Winter Storm Uri is “overdone” because of the significant reinsurance protections it now has in place, according to KBW analyst Meyer Shields.
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News
Texas winter storm highlights need for “oops” premium: Hendrick
Winter Storm Uri has underlined the need for the market to price in more uncertainty for events to far exceed modelled losses, Vantage Group CEO Greg Hendrick has commented.
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Comment
Uri – unmodelled and under-priced?
The giant winter storm that froze Texas (and other states) last week has been described in some quarters as being closer to a hurricane in its footprint and some of its attributes than a typical extreme weather event at this time of year.
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News
Uri’s balance of commercial and personal lines losses key for ILS market: Twelve Capital
The cat bond market would be less exposed to Winter Storm Uri if the majority of losses come in commercial lines rather than personal lines, but more junior aggregate covers are exposed to further erosion of their deductible, Twelve Capital has commented.
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News
Uri puts aggregate covers and ILS in spotlight (once again)
Cat bonds and reinsurance placements that incepted on 1 March or later last year with aggregate deductibles are most at risk of being triggered by losses associated with Winter Storm Uri.
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Analysis
Unprecedented Winter Storm Uri creating complex property loss picture
As frozen pipes thawed and claims picked up pace in Texas after the weekend, the picture emerging from Winter Storm Uri is of a property insurance loss that is likely to be weighted towards homeowners, habitational and small commercial risks with complexity around claims and quantum of loss.
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News
CRC adds Aspen’s Bonds to lead exclusive property products
US wholesaler CRC Group has hired Alex Bonds from Aspen as chief programs officer for property programs in a role that will see the executive lead the development of the firm’s exclusive Insurisk brand’s property facility, The Insurer can reveal.
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News
Thaw to bring surge of burst pipe claims as winter storm losses mount
As the US P C industry begins to get to grips with the scale of potential losses from the big freeze, claims volumes from the ongoing severe weather in Texas and other southern US states are expected to rise over the coming days as the region continues to thaw.
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News
Centauri buys Gulfstream AL, LA and SC renewal rights
Applied Underwriters-owned Centauri Insurance has acquired renewal rights to around 16,700 policies across Alabama, Louisiana and South Carolina from homeowners specialist Gulfstream as it deepens its penetration in the Southern states, The Insurer can reveal.
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News
Winter storm may generate record Q1 cat claims: AM Best
Winter Storm Uri’s impact in Texas and other southern US states may generate record first-quarter property catastrophe losses for the insurance industry, with AM Best highlighting a potentially wide range of sources of claims, including utility service interruption coverage.
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News
Top end US winter storm estimates push beyond $20bn
Industry sources are talking about top end insured loss estimates for the extreme winter weather that is ravaging Texas and other parts of the Southern US that could push beyond $20bn, or more than four times the average for first quarter catastrophes in the country.
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News
Winter storm claims count grows amid fears of double-digit billion-dollar loss potential
Claims are expected to continue to flood in today and over the weekend as the damage bill mounts from winter storm activity across southern US states, amid rising expectations of a record loss event for the peril.
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News
Southern US winter storm insured losses already estimated at $10bn+: KCC
The southern US Arctic Air Outbreak is expected to break all records for insured winter storm events with losses already estimated to be over $10bn, according to Karen Clark Co (KCC).
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News
US winter storm threatens major multi-billion-dollar loss event
Claims volumes are continuing to rise as southern US states contend with severe conditions from Winter Storm Uri, which are likely to drive a multi-billion-dollar insured loss event that could be among the worst seen for the peril.
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Comment
Rising replacement costs – the next major claims inflation challenge?
Escalating replacement costs are threatening to drive up the cost of recent US catastrophe events, with broker Aon likening the challenge to the assignment of benefits (AOB) issue which pushed up claims costs in Florida following Hurricane Irma in 2017.
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News
AIG restructures reinsurance treaties with lower NA cat and agg retentions
AIG restructured core placements in every one of its major treaties renewing at 1 January, in a move that included lowering the retention on its North America cat cover from $500mn to $200mn for all territories except the Southeast and Gulf as it bought less overall cat limit for its ...
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Analysis
Modelling severe convective storms: how data science is helping fill knowledge gaps
Severe convective storms were the costliest natural peril for the (re)insurance sector during 2020, with losses of around $30bn, and remain among the most challenging to model.
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News
Arch adds Cafferty to London property unit
Arch Insurance International has announced the appointment of Craig Cafferty as a senior underwriter within its London-based property unit, with immediate effect.
