Property catastrophe

October floods add another C$110mn+ to Canadian cat losses

An atmospheric river that caused widespread flooding along the southern British Columbia coastline in Canada between 18 and 20 October has generated insured damages of over C$110mn ($78mn), according to Catastrophe Indices Qualification and Quantification.

TWIA could need 43% more limit in 2025 to track exposure growth and depleted funding

The Texas Windstorm Insurance Association has projected total reinsurance limit purchased in 2025 could be as high as $5.8bn including rolled over cat bond capacity, up 43 percent year on year based on a higher exposure base and the impact of Hurricane Beryl.

Generali to include higher nat cat budget in next strategic plan following 9M24 hit

Generali has maintained its sub-96 percent undiscounted combined ratio target for 2024 despite exceeding its annual catastrophe budget during the first nine months of the year, prompting the group to consider raising its cat budget in its next strategic plan.

Neptune Flood: $8.2bn-$10.2bn NFIP losses expected in 2024 with loss ratio above 200%

An analysis from Neptune Flood has shown that the National Flood Insurance Program’s losses this year could top $10bn.

Unicef to scale up disaster risk financing initiative after $4mn parametric payouts in first year

The United Nations Children’s Fund (Unicef) has described the flexibility of parametric insurance payouts as “a game-changer in emergency response” as it plans to scale up the risk transfer scheme designed by WTW that it piloted in 2023.

Fema: More than 72,000 NFIP claims filed in Florida for Debby, Helene and Milton so far

The Federal Emergency Management Agency has said that more than 72,000 National Flood Insurance Program policyholders have filed claims in Florida from hurricanes Debby, Helene and Milton.

Hannover Re believes growth upside will outweigh increased volatility from 2025 retro reduction

Hannover Re is to increase its large loss budget to €2.1bn for 2025 on the back of plans to grow its P&C reinsurance portfolio while also reducing the retro protection it receives through its K-Cession sidecar.

Hiscox’s Cooper: Helene and Milton to maintain “very attractive” property cat rates at 1.1

The active natural catastrophe environment and the loss impact of Hurricanes Helene and Milton is likely to stop the reduction of rates forecast for the upcoming 1 January renewals, according to Hiscox group CFO Paul Cooper.

Munich Re’s Jurecka: Milton loss expected to be less than €500mn Helene bill

Munich Re has upped its forecasts for full year group insurance revenues by €2bn ($2.15bn), with CFO Christoph Jurecka disclosing that Hurricane Milton is expected to be a “significant event” for the group but with lower losses than the €500mn hit it faces from Helene.

New product concept insures migrants against home country catastrophes

MGA Coverinno and technology firm Riskwolf have designed a hybrid parametric insurance product designed to cover emergency expenses associated with disasters abroad.

Swiss Re’s Kuk: Reinsurance demand rising across Asia as clients de-risk peak perils

Clients across Asia are looking to purchase more reinsurance to de-risk their peak perils, according to Swiss Re’s Victor Kuk.

AIG discloses $175mn-$275mn Milton estimate as Zaffino highlights big drop in share of cat losses

AIG chairman and CEO Peter Zaffino has highlighted the impact of changes to its underwriting and reinsurance strategy around property cat, with the insurer taking significantly lower cat losses in nominal terms as well as market share of industry loss events over the last five years.

Asia protection gap remains high at 88% for 2024 to date: Gallagher Re

Asia’s protection gap remains high at 88 percent with just under $9bn of natural catastrophe insured losses in the region for the year to date, according to analysis by Gallagher Re.

Perils issues €1.89bn initial loss estimate for September’s Central European floods

Loss aggregator Perils has disclosed an initial industry loss estimate of €1.89bn ($2.06bn) for the floods that hit Central Europe and Italy between 14 and 20 September 2024.

Chubb estimates $250mn-$300mn Milton loss

Chubb has estimated losses in the fourth quarter attributable to Hurricane Milton of $250mnm to $300mn pre-tax and $208mn to $250mn after-tax, net of reinsurance and including reinstatement premiums.

Arch’s Papadopoulo: Helene and Milton to stabilise prop cat market

Aon: 9M 2024 insured cat losses at $102bn, Milton to push annual tally above 2023 levels

Insured losses from natural catastrophes during the first nine months of the year totalled $102bn, according to Aon’s latest global cat recap, which added that losses from Hurricane Milton will likely push total annual insured losses above those seen in 2023.

Liberty Mutual facing possible $900mn pre-tax Helene and Milton hit

Liberty Mutual is potentially facing as much as $900mn in pre-tax losses from hurricanes Helene and Milton, the company revealed as it pre-announced select estimated Q3 2024 figures including a 5.6 point improvement in its combined ratio to 97 percent.

Universal facing full retention loss from Helene

Universal Insurance Holdings is facing a full retention loss from Hurricane Helene, with claims from that storm and Hurricanes Debbie and Milton expected to present the company with a gross loss of between $600mn and $900mn.

FM allocates $400mn to third credit for climate resilience investment

Commercial property insurer FM has unveiled a third resilience credit, bringing total allocation to more than $1bn since the programme’s inception in 2022.

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