Claims and losses
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Fifteen events caused estimated losses of $306mn.
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State regulators have been monitoring climate risk for over a decade.
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Moody’s also predicts losses to the NFIP at less than $200mn.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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The storm is expected to make landfall in the next several hours.
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An estimated $450mn of losses from Hurricane Beryl will wipe out a surplus Twia had been building since 2017.
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"Life-threatening" storm surge and hurricane-force winds are expected for the state, according to the NHC.
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Francine is expected to make landfall in Louisiana tomorrow.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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This gives carriers “a pretty clear path” to spread out the risk above a certain amount.
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Storm-like conditions caused by heat have led to “very erratic behavior” on the so-called Line Fire.
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Some Canadian cedants have approached the market for top-up cover.
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Urban expansion, climate change and inflation are key drivers of losses.
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The Insurance Bureau of Canada said the blaze damaged one-third of the Jasper community.
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Included is the full utilization of $25mn available under its cat aggregate treaty.
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Data shows that nat cat losses in Canada have increased substantially this century.
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The storm made landfall on Saturday as a Category 1 hurricane.
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Ernesto’s maximum sustained winds have reached 100 mph.
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Moody’s also predicts losses to the NFIP at less than $300mn.
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Both groups continue to call for a highly active season, however.
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Debby should be a “very manageable” storm for the (re)insurance market, it said.
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The board of directors has voted for a 10% rate hike.
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Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
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The NHC has said there is potential for “historic heavy rainfall” across southeast Georgia and South Carolina.
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Insurers and victims must reach an agreement on how to handle the proceeds.
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The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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Securities class actions are a perennial source of claims for D&O insurers.
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Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
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Underwriters are getting increasingly granular, rewarding mitigation and prevention with better terms.
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The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
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Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
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The broker warned that D&O and P&C policies could also be impacted by the outage.
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The incident highlights the aggregation risk around cloud service reliance.
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The modeler said 3 million homes were without power at its peak.
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The losses primarily resulted from severe convective storm activity.
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The year lags behind the pace of loss set in 2011, but a potentially active summer looms.
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The figure is well above the historical average of $39bn for this century.
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Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
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The Insurance Insider US news team discusses the five biggest issues it is watching as we enter the Q2 earnings cycle.
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The losses come ahead of an expected active Atlantic hurricane season.
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The biggest losses were from wind damage after the storm’s Texas landfall.
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Uncertainty around the quantum remains due to policy deductible variation.
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Insurers' losses will likely be low and readily absorbed by their earnings.
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The insured loss from Beryl in the US was pegged at $2.7bn.
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The fund is expected to make payments of just over $75mn due to the Category 5 event.
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Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.
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Houston Mayor John Whitmire said: “We woke up this morning on the dirty side of a dirty hurricane.”
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Beryl has been downgraded to a tropical storm but is still life-threatening, with news media reporting two deaths so far.
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According to BMS, Hurricane Beryl is likely to be a retained event for most insurance carriers.
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Insured losses could be less than $1bn if current NHC forecasts are accurate.
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The storm destroyed housing in St Vincent and the Grenadines and Grenada.
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The storm is predicted to hit the Caymans tonight or early Thursday.
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Grenada and St Vincent were spared the full brunt of the storm.
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Hurricane conditions are expected in Jamaica on Wednesday, according to the NHC.
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The Gallagher executive called it a “relentless start to the year”.
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This takes pre-tax year-to-date cat losses to $2.62bn.
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Alberto is the first named storm of this year’s hurricane season.
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An “above average” hurricane season could spell disaster, but forecasts are not gospel.
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The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
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An EF-4 tornado devastated Greenfield Iowa, adding to the expected multi-billion-dollar toll.
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The outlook calls for an 85% chance of an above-normal season.
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Recent contingency losses reflect a willingness of the market to go looking for premiums.
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The storm is expected to be the second billion-dollar SCS loss event this month.
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The proposals include increasing either statutory or CRTF funds.
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The BMC-IBM judgment was insured for about $700mn on a heavily co-insured tower of around $1bn.
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This takes pre-tax cat losses for the calendar year to $1.23bn
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The ratings agency warns that wildfire is an increasingly risky and unpredictable peril.
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Storms struck the Great Plains, the Midwest and the Southeast.
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The carrier said it has “moderate exposure” to the bridge collapse.
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Habitational, lessors’ risk and BOP accounts are among the most challenged.
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US SCS insured losses YTD already stood at around $12bn prior to these events.
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In April, this publication revealed that the carrier is the lead market on the property placement for the bridge.
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The company says its insurance policies “include significant property and inventory coverage”.
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Overall economic losses hit $45bn in the first quarter of 2024.
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Flash floods moved into Texas overnight and into the lower Mississippi Valley Monday.
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Concern about vague cat modeling language was a theme at a Tuesday workshop.
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There is a high likelihood the property claim will be subrogated.
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The broker used a consensus-based hypothetical cat event type to analyse its global impact.
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The city alleges defendants knowingly allowed an “unseaworthy” Dali to set sail.
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US SCS accounted for nearly $11bn in global insured losses.
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This follows February’s cat losses coming in below the $150mn reporting threshold.
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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Tim Cerio also credited litigation reforms for the current market recovery.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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The impacted regions account for less than 5% of earthquake DWP nationally.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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The owner and manager of the cargo ship Dali have filed suit to cap liability at $43.7mn.
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Several prior-year cat losses deteriorated during the quarter.
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A claim on that scale would test the market in ways it has never seen.
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CyberCube expects ransomware attack to impact both large and SME accounts.
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Social inflation is driving “cat-type” losses, with an increase in $50mn-plus verdicts.
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The complexity of the incident and US location point to one of the largest ever marine losses.
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The value of the bridge is estimated at $1.2bn.
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A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
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Economic and insured losses could rise depending on future damage assessments.
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The mutual’s AM Best FSR rating is under review with negative implications.
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Loss ratios and surplus improve for the group, but don’t guarantee this is a turning point.
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A January freeze saw temps drop to close to -50°F.
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Slide, American Integrity, and Security First were approved.
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Insured loss estimates are not yet available.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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The US tallies $97bn in economic losses from major perils each year.
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The agreements emerged from a mediation process.
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Two events comprised approximately 80% of the losses.
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Rainfall over the weekend was a “one-in-1,000-year” event, according to UCLA.
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A so-called atmospheric river effect is behind the severe weather.
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Cat losses and inflation weakened the company’s operating performance.
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Corvus reported a 34% rise in the number of active ransomware gangs.
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Over $1bn in claims had been paid as of November 30, 2023.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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More than three-quarters of the losses came from the firm’s UK&I line of business.
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Blandford noted that there is more willingness to deploy capacity compared to last year, a function of orderly January 1 renewals bringing in more capital and the absence of a major hurricane or wildfire in 2023.
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The year was characterised by several severe and costly thunderstorms.
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No single event drove that number, but the country experienced a record 23 events with insured losses above C$30mn.
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While there’s no evidence that SCS activity is climbing beyond normal bands of variability from a frequency perspective, emerging data signifies that severity could be ticking up.
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