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.
-
The weighted average direct financial loss for a Fortune 500 firm was $44mn.
-
Underwriters are getting increasingly granular, rewarding mitigation and prevention with better terms.
-
The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
-
Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
-
The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
-
Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
-
The broker warned that D&O and P&C policies could also be impacted by the outage.
-
The incident highlights the aggregation risk around cloud service reliance.
-
The modeler said 3 million homes were without power at its peak.
-
The losses primarily resulted from severe convective storm activity.
-
The year lags behind the pace of loss set in 2011, but a potentially active summer looms.
-
The figure is well above the historical average of $39bn for this century.
-
Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
-
The Insurance Insider US news team discusses the five biggest issues it is watching as we enter the Q2 earnings cycle.
-
-
The losses come ahead of an expected active Atlantic hurricane season.
-
The biggest losses were from wind damage after the storm’s Texas landfall.
-
Uncertainty around the quantum remains due to policy deductible variation.
-
Insurers' losses will likely be low and readily absorbed by their earnings.
-
The insured loss from Beryl in the US was pegged at $2.7bn.
-
The fund is expected to make payments of just over $75mn due to the Category 5 event.
-
Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.
-
-
Houston Mayor John Whitmire said: “We woke up this morning on the dirty side of a dirty hurricane.”
-
Beryl has been downgraded to a tropical storm but is still life-threatening, with news media reporting two deaths so far.
-
According to BMS, Hurricane Beryl is likely to be a retained event for most insurance carriers.
-
Insured losses could be less than $1bn if current NHC forecasts are accurate.
-
The storm destroyed housing in St Vincent and the Grenadines and Grenada.
-
The storm is predicted to hit the Caymans tonight or early Thursday.
-
Grenada and St Vincent were spared the full brunt of the storm.
-
Hurricane conditions are expected in Jamaica on Wednesday, according to the NHC.
-
The Gallagher executive called it a “relentless start to the year”.
-
This takes pre-tax year-to-date cat losses to $2.62bn.
-
Alberto is the first named storm of this year’s hurricane season.
-
An “above average” hurricane season could spell disaster, but forecasts are not gospel.
-
The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
-
An EF-4 tornado devastated Greenfield Iowa, adding to the expected multi-billion-dollar toll.
-
The outlook calls for an 85% chance of an above-normal season.
-
Recent contingency losses reflect a willingness of the market to go looking for premiums.
-
The storm is expected to be the second billion-dollar SCS loss event this month.
-
The proposals include increasing either statutory or CRTF funds.
-
The BMC-IBM judgment was insured for about $700mn on a heavily co-insured tower of around $1bn.
-
This takes pre-tax cat losses for the calendar year to $1.23bn
-
The ratings agency warns that wildfire is an increasingly risky and unpredictable peril.
-
Storms struck the Great Plains, the Midwest and the Southeast.
-
The carrier said it has “moderate exposure” to the bridge collapse.
-
Habitational, lessors’ risk and BOP accounts are among the most challenged.
-
US SCS insured losses YTD already stood at around $12bn prior to these events.
-
In April, this publication revealed that the carrier is the lead market on the property placement for the bridge.
-
The company says its insurance policies “include significant property and inventory coverage”.
-
Overall economic losses hit $45bn in the first quarter of 2024.
-
Flash floods moved into Texas overnight and into the lower Mississippi Valley Monday.
-
Concern about vague cat modeling language was a theme at a Tuesday workshop.
-
There is a high likelihood the property claim will be subrogated.
-
The broker used a consensus-based hypothetical cat event type to analyse its global impact.
-
The city alleges defendants knowingly allowed an “unseaworthy” Dali to set sail.
-
US SCS accounted for nearly $11bn in global insured losses.
-
This follows February’s cat losses coming in below the $150mn reporting threshold.
-
Insured loss for Q1 was 10% higher than the decadal average of $18bn.
-
The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
-
Tim Cerio also credited litigation reforms for the current market recovery.
-
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.
-
The impacted regions account for less than 5% of earthquake DWP nationally.
-
Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
-
The owner and manager of the cargo ship Dali have filed suit to cap liability at $43.7mn.
-
Several prior-year cat losses deteriorated during the quarter.
-
A claim on that scale would test the market in ways it has never seen.
-
CyberCube expects ransomware attack to impact both large and SME accounts.
-
Social inflation is driving “cat-type” losses, with an increase in $50mn-plus verdicts.
-
The complexity of the incident and US location point to one of the largest ever marine losses.
-
The value of the bridge is estimated at $1.2bn.
-
A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
-
Economic and insured losses could rise depending on future damage assessments.
-
The mutual’s AM Best FSR rating is under review with negative implications.
-
Loss ratios and surplus improve for the group, but don’t guarantee this is a turning point.
-
A January freeze saw temps drop to close to -50°F.
-
Slide, American Integrity, and Security First were approved.
-
Insured loss estimates are not yet available.
-
Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
-
The US tallies $97bn in economic losses from major perils each year.
-
The agreements emerged from a mediation process.
-
Two events comprised approximately 80% of the losses.
-
Rainfall over the weekend was a “one-in-1,000-year” event, according to UCLA.
-
A so-called atmospheric river effect is behind the severe weather.
-
Cat losses and inflation weakened the company’s operating performance.
-
Corvus reported a 34% rise in the number of active ransomware gangs.
-
Over $1bn in claims had been paid as of November 30, 2023.
-
Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
-
The broker’s latest climate report tallied global insured cat losses at $118bn.
-
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.
-
Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
-
More than three-quarters of the losses came from the firm’s UK&I line of business.
-
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.
-
The year was characterised by several severe and costly thunderstorms.
-
No single event drove that number, but the country experienced a record 23 events with insured losses above C$30mn.
-
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.
-
2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
-
Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
-
Carriers aren’t calling off their retreat from the market until tangible, actionable regulations emerge from commissioner Lara’s camp, sources told this publication.
-
Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
-
Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
-
David Howden, founder and CEO of Howden, said his proposed method of minimising loss is “entirely non-political” and provides guaranteed funds, as well as certainty and the confidence to invest.
-
Missouri-based Cameron Mutual and Arkansas-based United Home Insurance Company were placed into court-ordered liquidation this week after struggling to pay claims from severe convective storms.
-
Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.
-
The number of disasters costing $1bn or more during the period is the highest on record.
-
Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
-
The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
-
Insurers have paid out $673.3mn in claims through September 30 for residential losses related to the August fires.
-
APCIA's annual meeting last year took place during the post-Hurricane Ian stand-off, but despite the greater calm and certainty surrounding the run-up to this year’s January 1 renewal, there are several key themes to debate at the event.
-
-
Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
-
Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets.
-
Verisk said the majority of the insured losses can be attributed to wind damage.
-
The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
-
More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
-
The economic losses from the event are expected to exceed $10bn, the report added.
-
A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Videos and messages posted to social media show widespread devastation caused by the Category 5 hurricane.
-
The company’s Q3 cat losses fell 77% to $170mn, compared to $730mn in the prior year quarter.
-
Flights had been suspended into Acapulco after the storm rapidly intensified and made landfall at Category 5 strength.
-
By region, convective storms in the US alone accounted for 60% of global insured losses.
-
The carrier’s cat loss estimate for Q3 2023 is more than twice Q3 2022’s $90.1mn, which included $28mn attributable to Hurricane Ian.
-
In 2022, Texas ranked third in incurred losses behind Florida and California, clocking in at $53bn, according to data from the Insurance Council of Texas.
-
During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
-
The new number, an update from the C$570mn ($419mn) estimate reported on August 31, reflects non-weather events.
-
In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
-
If the claim does indeed pay out, it has been suggested it will be the largest in R&W market history.
-
The company’s Las Vegas casinos were hit by a cyberattack last month where employee login details were stolen.
-
Wildfires in British Columbia were the largest of 11 catastrophe losses for the insurer.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Losses from the Maui wildfire include a modest amount of reinsurance recoveries from the Per Risk reinsurance program, while losses from Hurricane Idalia were fully retained.
-
The summer wildfires are the costliest insured event on record for the province, and the tenth costliest in Canada’s history.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
-
Standfirst: Loss data going back to 2000 reveals that severe convective storm plays an “ever more important role” in cat losses.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Administered by FEMA, the NFIP holds 4.7 million policies in force and provides $1.28tn in coverage across 56 US states and jurisdictions.
-
Gallagher Re’s chief science officer warned that US SCS activity will keep rising.
-
A number of the largest hurricanes have come post-peak, but the industry remains well capitalized.
-
Cities from 22 US states are classed as high risk for damaging civil unrest as measured by Maplecroft’s new SRCC predictive model.
-
Following the 2017 Tubbs Fire and the 2018 Camp and Woolsey fires, insurers cumulatively paid out more than twice as much in claims and expenses as they collected in premiums for both years.
-
-
This is the third straight summer Alberta has been hit with significant insured damage from hail, wind and rain, noted IBC VP Aaron Sutherland.
-
The average loss for the six-month period was $365,000, which represents a 117% increase year on year and a 61% increase from H2 2022.
-
According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.
-
With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.
-
Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.
-
European and Bermudian reinsurers are expected to be the most favorably affected by the current environment.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The carrier is one of a number of small firms with heavy concentration in Hawaii.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The insurance company had set out plans last summer to expand its market share in Florida.
-
Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.
-
The carrier’s personal property business experienced the vast majority of the losses.
-
Floridians will bear the brunt of Idalia's losses as a retention event, but reinsurers will reap the benefits of pricing.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
-
The analytics firm said that the majority of insured losses will be attributable to wind.
-
Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The market has passed a watershed around the apportionment of losses for attritional cat events between insurers and reinsurers.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The estimated losses relate to a number of events in July and August, none of which met the threshold for reinsurance under Intact's catastrophe treaties.
-
However, there are still two months to go before hurricane season is over, and we haven’t hit the peak yet.
-
Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
-
The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.
-
The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
-
Subsidiary Aearo filed suit in June in Delaware to seek determination of coverage under its policy, while 3M has placed all of its carriers on notice, executives said in a call with investors Tuesday.
-
The figure – which is not a loss estimate – would be consistent with early views of a sub-$10bn insured loss.
-
The storm will weaken further, but remain a hurricane as it passes through Georgia and the Carolinas.
-
The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
More than 800,000 houses could be affected by the hurricane’s storm surge.
-
Parts of Tampa, as well as Georgia and the Carolinas, now face dangerous conditions.
-
“The Tampa Bay scenario of major hurricanes is mainly off the table at this point”, according to the report.
-
If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
-
-
The storm is set to become an “extremely dangerous major hurricane” by landfall on Wednesday.
-
The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
-
A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
-
The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.
-
Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
-
The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Large carriers with geographic spread across the continental US will have the capital and reinsurance coverage to absorb losses related to the wildfires, according to AM Best.
-
The agency put insured property values in the burn footprint at $2.5bn to $4bn, which marks an uptick compared to Moody’s estimate from last week, when the agency pegged insured losses at around $1bn.
-
Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
-
"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.
-
Data from the NHC shows that maximum sustained winds are near 65mph, with higher gusts.
-
Earlier this afternoon, San Diego County issued a tropical storm warning related to Hilary – the first in its history.
-
Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The Cat-4 storm is likely to weaken as it approaches the California coast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
-
Allstate reported cat losses of $1bn and $885mn for June and May.
-
The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
-
Nearly two years since the start of the program to lift NFIP rates, (re)insurers remain hesitant to fully commit to flood.
-
Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
-
The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
-
Fires haven’t progressed to the north or south coasts of Maui yet, where a number of high-end hotels are located, sources said, although depending on fire direction they still could.
-
Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Thursday’s update pegs the likelihood of near-normal activity at just 25%, a decline from the 40% chance outlined in May's outlook.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
“It’s safe to say the loss could be the highest since Hurricane Iniki in 1992,” which in today's dollars would be $3.3bn of insured losses, Andrew Siffert, SVP and senior meteorologist with broker BMS told Inside P&C Wednesday.
-
The company also expects to record an after-tax goodwill impairment charge of approximately $45.5mn following a strategic review of its personal insurance business.
-
The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
-
Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Most storms affecting Selective’s results were in the Midwest and on the East Coast, and none were large enough to attach to its catastrophe reinsurance treaty.
-
The risk of US wildfire in 2023 is expected to be lower than in recent years, except in the Pacific Northwest, namely Oregon, Washington and Montana, according to analytics firm ZestyAI.
-
The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
-
Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
-
Losses stemmed from 19 convective storms across multiple states, with hail damage representing the majority of reported losses, primarily impacting the personal lines segment.
-
The loss tally comes in 39% above the average for the 21st century.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The utility previously bought a $1bn policy from the (re)insurance market.
-
Nearly half the losses in the Canada segment were attributable to wildfires, with the greatest financial impact coming from Atlantic Canada.
-
The state of Texas in particular has experienced an unusual amount of severe weather.
-
Modeling from risk analytics firm Verisk estimates that US insurers may take on anywhere from $40bn to nearly $180bn in ground-up losses.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The bureau reported that based on total counts, nearly 90% of claims related to the wildfire, which lasted from May 28 to June 4, were filed in the homeowners market.
-
The 7.8 magnitude earthquake struck southern Turkey and northern Syria on 6 February, followed by a series of aftershocks.
-
The carrier’s legacy business reported pre-tax losses of $56.6mn, while its Accredited business recorded a pre-tax profit of $55.7mn.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
It is the first time since 1993 following Hurricane Andrew the association is selling these types of bonds, according to Bloomberg.
-
The firm says hail alone is estimated to make up 95% of losses, making it one of the biggest hail losses in history.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The $49.4bn number remains below a critical ILW threshold.
-
New homeowners' policies in wildfire-prone areas will have to flow to the non-admitted market or the state’s last resort, the California Fair Plan.
-
The increase takes the carrier’s total reserves for the conflict to $145.6mn.
-
The National Hurricane Centre said the Lesser Antilles, Puerto Rico and the Virgin Islands must be vigilant.
-
The total value of lightning-caused US homeowners claims was $952mn last year, down from $1.3bn in 2021.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
An unusual confluence of factors created almost daily storms.
-
The carrier said 70% of the claims stemmed from two wind and hail events.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Hot and dry weather in the summer and fall is also a conditional factor.
-
Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.
-
The loss for the month was 60% comprising losses from two wind and hail events.
-
With social inflation increasing since Covid, ProAssurance’s recent announcements could be the tip of the iceberg for older claims in the industry.
-
Sources said the placement is led by FM Global, but exposure is spread between the US and London property markets.
-
The carrier will continue to push for more auto rates through 2023 as drivers of severity continue to persist.
-
The auto insurer’s results were adversely impacted by prior-year claim reserve additions and catastrophes.
-
The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Losses stemmed from over 20 weather events, including severe freezes in February and widespread wind and tornadic activity in mid- to late March.
-
The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
-
Total economic losses came in well above average, driven by the earthquake in Turkey.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
High tornado activity at the end of the quarter is expected to add to the claims toll.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.
-
Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.
-
2022 statutory data is now available, and results show winners and losers
-
Highlander has $300mn of insurance coverage, placed by Ed Broking and led by Munich Re Syndicate.
-
The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages.
-
The cost of living, government distrust, polarisation, activism and climate all pose heightened risk.
-
More than 239,000 insurance claims relating to the event have been lodged, according to the ICA.
-
Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.
-
Of those, around $309mn were associated with nine events primarily in Texas and California, partially offset by favorable reserve re-estimates for prior events.
-
The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
-
The move fits the broader strategy around dampening volatility, but sourcing capacity in the US domestic market will be tough.
-
More than 140,000 homes are without power, while buildings and roads have been destroyed.
-
A state of emergency has been declared in the country for only the third time in its history.
-
The move follows the company’s loss estimate increase to $1.54bn from a preliminary estimate of $1bn.
-
The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
-
The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
-
Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.
-
The firm recorded a $282mn reserve charge in the quarter, of which $180mn was related to an increase in personal auto claim frequency attributable to prior accident years.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The intermediary tallied $360bn in economic losses worldwide.
-
The Elliott losses were offset by less severe storms and favorable loss reserve development on previous catastrophe events, primarily ones that occurred in 2022.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The loss aggregator pegged the loss figure at A$791mn in its initial claim estimate.
-
The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.
-
Total economic losses are likely to be between $5bn and $7bn.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
In its preliminary Q4 earnings announcement, the carrier estimated a combined ratio of 94.7% for the quarter.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
-
The federal flood program expects ultimate losses to reach between $3.5bn and $5.3bn.
-
The carrier expects to report core income of $810mn, or $3.40 per diluted share, for the quarter - missing analyst consensus.
-
Larger, better performing, more diversified and more E&S-heavy insurers will be better able to prosper in a more volatile environment.
-
Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
-
Canadian windstorms and freezing conditions in the UK led to the losses.
-
The losses include damage to homes, businesses, infrastructure, facilities, roadways and vehicles, as well as BI losses.
-
Atmospheric rivers are expected to bring further severe weather into next week.
-
The state is contending with flash flooding, mudslides, rockslides, power outages and high winds.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The settlement is welcome news for the loss-hit downstream market, where there were fears of a claim as high as $1.3bn.
-
Natural disasters in North America destroyed assets worth around $150bn, of which roughly $90bn were insured.
-
The increase mainly stemmed from an influx of personal property claims.
-
Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The largest loss of the year outside the US was the Australia flooding in February and March.
-
Guy Carpenter’s note echoed modelers’ views that Elliott will not be comparable to the losses inflicted by Storm Uri last year.
-
Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.
-
KCC is predicting insured losses across 42 states, with the worst affected being Texas, Georgia, Tennessee, North Carolina and New York.
-
The 2021 storm’s extreme damages were led by prolonged power failures, whereas the recovery from Elliott has been faster.
-
The city of Buffalo in New York state was worst impacted, but power was also knocked out in areas stretching from Maine to Seattle.
-
The NOAA has warned of blizzards, flash-freezing, dangerous wind chill and sub-zero temperatures.
-
The update to the October figure implies the ultimate number will comfortably breach the $50bn mark.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The updated loss and allocated loss adjustment expenses in the property segment from the hurricane is now $1bn.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Severely distressed, cat-exposed E&S property accounts could even face 100% price increases, while retentions move significantly upwards.
-
The carrier forecasts to incur a pre-tax $51mn-$56mn restructuring charge in Q4 and the remainder in 2023.
-
Swiss Re said a loss-heavy 2022 adds to a continuation of elevated cat losses that started in 2017, after a benign period from 2012 to 2016.
-
The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
-
With weaker economic growth and competitive pressures hindering insurers' efforts to push through offsetting price increases, the ratings agency expects the sector's underwriting profitability to weaken.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
-
The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
-
2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.
-
Comparatively, the public insurer had closed 7% of its claims as of October 24.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The pay-out figure has nearly doubled over the last two weeks.
-
The organisation has now recorded 640,496 claims, most of which were for residential property.
-
Third-quarter statutory data reveals premium growth, worsening loss ratio because of increased loss cost trends and Hurricane Ian.
-
Most claims so far have been for damage to residential property.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
-
The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.
-
The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.
-
Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
-
The program has paid out $437mn to policyholders so far.
-
According to the latest reports, around 110,000 customers have been left without power in Florida as Nicole makes its way across the state.
-
Floridians had a hard quarter, but they are fighting to regain stability after Ian.
-
The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.
Most Recent
-
M&A weekly roundup: Inszone, King, SPG’s Monarch and more
September 20, 2024 -
Maya making plans to exit the New York City livery market
September 20, 2024 -
Daily Digest: Top news from September 20
September 20, 2024 -
Winners announced at 2024 Insurance Insider US Honors
September 20, 2024 -
Miami MGA XS Global expands into US E&S property
September 20, 2024