Claims and losses
-
Fifteen events caused estimated losses of $306mn.
-
State regulators have been monitoring climate risk for over a decade.
-
Moodyâs 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 âsurgeâ 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 âkey testâ 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 âa pretty clear pathâ to spread out the risk above a certain amount.
-
Storm-like conditions caused by heat have led to âvery erratic behaviorâ 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.
-
Ernestoâs maximum sustained winds have reached 100 mph.
-
Moodyâs 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 âvery manageableâ 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 âhistoric heavy rainfallâ across southeast Georgia and South Carolina.
-
Insurers and victims must reach an agreement on how to handle the proceeds.
-
The âlife threateningâ hurricane has potential for âhistoric heavy rainfallâ 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 âone of the most favorable ... I've seen in my career,â 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 carrierâs 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.
-
Allstateâs 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 stormâs 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: âWe woke up this morning on the dirty side of a dirty hurricane.â
-
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 ârelentless start to the yearâ.
-
This takes pre-tax year-to-date cat losses to $2.62bn.
-
Alberto is the first named storm of this yearâs hurricane season.
-
An âabove averageâ 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 âmoderate exposureâ to the bridge collapse.
-
Habitational, lessorsâ 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 âinclude significant property and inventory coverageâ.
-
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 âunseaworthyâ Dali to set sail.
-
US SCS accounted for nearly $11bn in global insured losses.
-
This follows Februaryâs 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 âcat-typeâ 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.
Most Recent
-
Carriers âbehaving rationallyâ, looking to grow: Gallagher
September 19, 2024 -
RT Specialty announces six leadership appointments
September 19, 2024 -
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