Claims and losses
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Fifteen events caused estimated losses of $306mn.
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Gallagher Re estimated insured losses will amount to between EUR2bn and EUR3bn
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The central European flooding stems from a ‘Genoa Low’.
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The Jan De Nul-owned Zheng He was seized by Mexican authorities in November last year.
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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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The marine carrier’s financial result for the period was $25mn.
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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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‘Life-threatening’ storm surge and hurricane-force winds 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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Flooding from the remnants of Hurricane Debby has taken carriers by surprise.
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Storm-like conditions caused by heat have led to “very erratic behaviour” 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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Outdated data, widespread underestimation of insured values and rises in repair costs have increased loss creep.
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The Court of Appeal ruled that ‘at the premises’ wordings provide coverage for Covid-19 losses.
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The loss has increased by 1.4% since the company’s first assessment.
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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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Data shows nat cat losses in Canada have increased substantially this century.
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The Eras tour has additional coverage in place to cover cancellation for PVT perils.
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Rising premium income is not keeping pace with the increased cost of claims.
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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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Flights cancelled as typhoon ramps up to Cat 4.
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Moody’s also predicts losses to the NFIP at less than $300mn.
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QBE has “effectively stopped writing new business” in response to its New Caledonia loss.
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Hail remains the primary sub-peril dominating insured loss costs.
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Both groups continue to call for a highly active season, however.
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The fires, which broke out on Sunday, had already burned 100 square km of land by 19:00 BST.
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Police and civil authorities will likely pick up most costs.
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Debby should be a “very manageable” storm for the (re)insurance market, it said.
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A canvass of sources suggests that a $3bn-$5bn loss could tip the cyber market into unprofitable territory.
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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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It consisted of three major earthquakes within a nine-hour period on 6 February 2023.
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The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
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Everest Re bucked a more general trend to keep cat exposure stable.
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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 favourable... I've seen in my career", he 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 cyber market should use the latest outage to start decisively taking action on managing cat aggregates.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
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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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CrowdStrike has an estimated 15%-25% market share among large companies.
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The incident highlights the aggregation risk around cloud service reliance.
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The modeller said 3 million homes were without power at its peak.
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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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Most of the losses occurred in Bavaria and Baden-Wuerttemberg.
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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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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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Loss assessment is ongoing but the event looks likely to be a total loss.
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Hurricane conditions are expected in Jamaica on Wednesday, according to the NHC.
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Aggregated losses are likely to be around the long-term H1 average of $8.5bn.
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The estimate is up from A$1.5bn, published by Perils in April.
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The Gallagher executive called it a “relentless start to the year”.
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Riots erupted in the Pacific Island territory last month over electoral reforms.
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Re-marketing of large fleets can result in double-digit rate decreases as carriers chase income.
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The claims tally has increased 7% since the last estimate a month ago.
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Reinsurance sources say the pool targets the wrong aspects of Australian cat losses.
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Alberto is the first named storm of this year’s hurricane season.
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Loss estimates are coming in for the weather event in Bavaria and Baden-Württemberg.
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The loss follows the pattern of 2002 and 2013 European flooding.
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Renewable energy assets have been plagued by severe weather losses.
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Europe has experienced an uptick of insured losses from severe weather.
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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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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 total economic cost from the catastrophe is estimated to be EUR9bn.
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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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The timing of the incident could leave carriers running large net exposure for the remainder of the policy year.
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The ratings agency warns that wildfire is an increasingly risky and unpredictable peril.
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After an unexpected charge in Q4 last year, the carrier feels “very comfortable” with its reserving position.
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Storms struck the Great Plains, the Midwest and the Southeast.
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Parametric triggers are likely to involve financial losses and a number of impacted businesses.
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The firm said its reserving for the year is modelled on multiple scenarios.
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The carrier said it has “moderate exposure” to the bridge collapse.
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A claims dispute between the US Coast Guard and insurers has sparked fear about aggregations.
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Overall economic losses hit $45bn in the first quarter of 2024.
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The goal is to narrow the cyber protection gap, strengthening UK resilience.
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The flooding was caused by thunderstorms, as opposed to cloud seeding, experts say.
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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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As a result of mostly flooding, £474mn of losses occurred in the UK.
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Insurers in the emirate typically buy low-attaching reinsurance.
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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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UK property insurers paid out £4.86bn in property claims last year.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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The recent Italian hail and Bernd losses show some companies are relying on outdated models.
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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 Magnitude-7.4 earthquake occurred early on 3 April.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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Copenhagen Infrastructure Partner’s policy is subject to a sub-limit for hail damage.
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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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Tremors were felt as far north as capital city Taipei.
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The estimate is up from A$1.4bn, published by Perils in February.
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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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The complexity of the incident and US location point to one of the largest-ever marine losses.
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A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
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Severe convective storms were the biggest driver of last year’s losses.
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Underestimated average claim value has led to a dramatic February update.
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