Tag: catastrophe losses

January 9, 2024

Insured catastrophe losses in Canada reached CAN $3.1 billion for full-year 2023, putting the costly year as the fourth most expensive for the insurance industry on record, according to CatIQ. Unlike the top three loss years, no single large event […]

December 29, 2023

Reflecting on the overall insurance industry losses for the year, BMS Group has revealed that worldwide insurance industry losses for 2023 should end up below the modeled average annual loss suggested by Verisk Annual Global Modeled Catastrophe Losses of $133 […]

September 27, 2023

Allstate reported $551 million in catastrophe losses in August alone, prompting the insurer to implement 7% rate increases throughout five locations. When announcing its catastrophe losses, which totaled $864 million pre-tax for July and August combined, Allstate said the Maui […]

September 14, 2023

Fitch Ratings has revised its global reinsurance sector outlook from ‘neutral’ to ‘improving’, a move the credit rating agency said reflects the market’s strengthening financial performance into 2024. At a reinsurance briefing during the RVS conference in Monte Carlo, senior […]

May 24, 2023

Analysts at BMO Capital Markets anticipate +30-40% reinsurance pricing-power increases at the mid-year Florida renewals, compared to reinsurance pricing of +28-38% at Jan 1. According to BMO’s analysts, Terms & Conditions remain “as tight as can be”, meaning reinsurers will […]

April 19, 2023

Primary insurance group The Travelers Companies, Inc. has reported net income of $975 million for the first quarter of 2023, which also included an elevated level of catastrophe losses of $535 million pre-tax and a one-time tax benefit of $211 […]

April 14, 2023

Analysts from Aon’s Impact Forecasting division have estimated global losses to private and public insurance entities in Q1 of 2023 at $15 billion, while total economic losses are expected to reach at least $63 billion. According to the analysts, the […]

March 31, 2023

According to a report published by Swiss Re, there has been an upward trend in natural catastrophe-insured losses over the past six years. The data shows a rise of about 5‒7% in average annual losses established over the last 30 […]

March 16, 2023

U.S. primary insurer Allstate has announced estimated catastrophe losses for February of $211 million or $167 million, after tax. Catastrophe losses for February events were estimated at $241 million, and related to nine events primarily from wind and rain that […]

January 26, 2023

Economic losses from natural disasters in 2022 were estimated at $313 billion, with an insurance price tag of approximately $132 billion, according to Aon. Roughly 42% of economic losses were covered by public and private insurance entities, which translates into […]

January 24, 2023

Despite heightened catastrophe losses and economic uncertainty, Fitch Ratings expects improved underwriting performances for Bermuda re/insurers in 2023, driven mainly by accelerating premium rates, alongside a market reset in pricing, terms and conditions. The rating agency states that the underwriting […]

August 5, 2022

Investment holding company Alleghany Corporation has seen net premiums written for its reinsurance business TransRe decrease 9.1% in the second quarter of 2022. At the same time net premiums written for H122 decreased 5.9% compared to the same period last […]

July 27, 2022

Property and casualty insurance holding company United Insurance Holdings Corp. (UPC Insurance) has estimated that it incurred catastrophe losses of $21 million during the second quarter of 2022. This figure is before income taxes and net of expected reinsurance recoveries, […]

July 25, 2022

NI Holdings has announced pre-tax catastrophe losses of approximately $49m, net of reinsurance, for the three months ended June 30, 2022. According to the firm, losses were primarily in the Home/Farm and Private Passenger Auto segments driven by multiple severe […]

May 3, 2022

Aspen Insurance Holdings Limited has reported a return to profit for 2021 with net income of $29.8 million compared with a loss of $56.4 million in 2020, driven by an improved underwriting performance. Across the group, adjusted underwriting income amounted […]

April 27, 2022

Chubb has said its reported net income for Q1 2022 was $1.97bn, after falling from $2.3bn in the previous year. Other figures released by the insurer were that P&C combined ratio was 84.3% compared to 91.8% prior year, and the […]

April 14, 2022

Losses arising from catastrophes for private and public insurers will top at least $14bn in the first-quarter of 2022, says a new report from re/insurance broker Aon. The report, the Q1 Global Catastrophe Recap, states that total economic losses in […]

December 3, 2021

Insurance-linked securities (ILS) funds reported a wide range of performance in October 2021, as despite a quiet month for catastrophe losses, previous cat events drove loss reserve adjustments across the market. Overall in October, private insurance-linked securities (ILS) funds, that […]

October 25, 2021

Property and casualty insurance holding company UPC has announced estimated pre-tax catastrophe losses incurred for the third quarter of 2021 of approximately $37 million; roughly $29 million after tax. This compares to the original third-quarter 2021 pre-tax catastrophe loss estimate […]

October 19, 2021

KBW analysts’ forecast for the third quarter results season are generally below consensus for the carriers and slightly above consensus for the brokers. Carrier estimate’s have been primarily driven by higher catastrophe losses, while broker’s are anticipated to achieve faster […]