Claims and losses
-
Fifteen events caused estimated losses of $306mn.
-
State regulators have been monitoring climate risk for over a decade.
-
Moody’s also predicts losses to the NFIP at less than $200mn.
-
The estimate is like others in the market, suggesting a relatively small loss from the event.
-
The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
-
The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
-
A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
-
Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
-
The storm is expected to make landfall in the next several hours.
-
An estimated $450mn of losses from Hurricane Beryl will wipe out a surplus Twia had been building since 2017.
-
"Life-threatening" storm surge and hurricane-force winds are expected for the state, according to the NHC.
-
Francine is expected to make landfall in Louisiana tomorrow.
-
The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
-
This gives carriers “a pretty clear path” to spread out the risk above a certain amount.
-
Storm-like conditions caused by heat have led to “very erratic behavior” on the so-called Line Fire.
-
Some Canadian cedants have approached the market for top-up cover.
-
Urban expansion, climate change and inflation are key drivers of losses.
-
The Insurance Bureau of Canada said the blaze damaged one-third of the Jasper community.
-
Included is the full utilization of $25mn available under its cat aggregate treaty.
-
Data shows that nat cat losses in Canada have increased substantially this century.
-
The storm made landfall on Saturday as a Category 1 hurricane.
-
Ernesto’s maximum sustained winds have reached 100 mph.
-
Moody’s also predicts losses to the NFIP at less than $300mn.
-
Both groups continue to call for a highly active season, however.
-
Debby should be a “very manageable” storm for the (re)insurance market, it said.
-
The board of directors has voted for a 10% rate hike.
-
Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
-
The NHC has said there is potential for “historic heavy rainfall” across southeast Georgia and South Carolina.
-
Insurers and victims must reach an agreement on how to handle the proceeds.
-
The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
-
The broker said less than 1% of companies globally with cyber insurance were impacted.
-
Securities class actions are a perennial source of claims for D&O insurers.
-
Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
-
The firm said losses could fall under $300mn if more favourable assumptions were applied.
-
The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
-
The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
Most Recent
-
Honeycomb secures Builders capacity for E&S real estate program
September 19, 2024 -
Aon taps Burgos to succeed Criado as Puerto Rico head
September 19, 2024 -
Daily Digest: Top news from September 19
September 19, 2024 -
Rokstone makes two hires to bolster US casualty division
September 19, 2024 -
WSIA in focus: Four questions the wholesale market needs to answer
September 19, 2024