Losses

Allianz warns nuclear verdicts have almost trebled since 2020

Pharma class actions, mounting PFAS litigation and the growth of collective redress outside the US are creating a challenging market for liability insurers, which are already grappling with “spiralling” claims costs as nuclear verdicts increase in number and size, according to Allianz Commercial.

AM Best maintains ultimate asbestos industry loss pick at $100bn with environmental at $46bn

AM Best’s latest report on asbestos and environmental liabilities has held the firm’s estimate for ultimate net losses steady at $146bn combined despite evolving environmental litigation related to PFAS, while reserves continued to decline along with incurred losses.

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.

New Mountain Fire moratorium protects 200K policyholders as Aon predicts “notable” losses from blaze

Over 200,000 residential policyholders impacted by California’s recent Mountain Fire have had their coverage preserved after a moratorium was issued preventing carriers from non-renewing or cancelling protection for those affected, while Aon has said insured losses from the blaze will be “notable”.

Morningstar DBRS warns of €4bn+ insured losses from Spanish floods

Flash flooding across southern Spain in October is likely to generate total insured losses of more than €4bn, according to Morningstar DBRS, including those covered by the state-backed catastrophe consortium.

Twia expects higher 2025 reinsurance costs as Beryl loss increases to $455mn

The Texas Windstorm Insurance Association (Twia) has pegged its Hurricane Beryl loss at $455mn, which is roughly equivalent to the balance in its Catastrophe Reserve Trust Fund, with the association projecting to pay $485mn on reinsurance next year due to the need for more limit.

Maiden pursuing “finality solutions” for developing AmTrust liabilities

Maiden Holdings said it is looking at solutions to bring finality to AmTrust liabilities not covered by the Enstar loss portfolio transfer (LPT) and adverse development cover (ADC) agreement after reporting higher unfavourable development on the book of $11.7mn in the third quarter.

Fema expects $3.5bn-$7bn NFIP Helene loss that “may trigger reinsurance”

The Federal Emergency Management Agency (Fema) has projected Hurricane Helene could potentially generate National Flood Insurance Program (NFIP) claims losses between $3.5bn to $7bn, and noted the program “may trigger reinsurance payments”.

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.

TD insurance unit facing C$388mn cat hit in Q4

TD Bank Group expects its wealth management and insurance segment was hit with C$388mn ($279mn) of catastrophe losses during the company’s fourth quarter.

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.

AFG’s Q3 earnings miss as $90mn of cat losses drive CR up to 94.3%

American Financial Group has reported a fall in operating income for the third quarter, with results that included a 2.1 point deterioration in the combined ratio to 94.3 percent on higher catastrophe losses of $90mn and lower reserve releases.

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.

Perils issues €2.067bn final loss estimate for Storm Ciaran

Loss aggregator Perils has disclosed a fourth and final industry loss estimate of €2.067bn ($2.25bn) for Storm Ciaran, which affected France, the UK, Belgium and the Netherlands from 1 to 2 November 2023.

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.

Berkshire Hathaway expects Milton loss of $1.3bn-$1.5bn after Q3 UW profits drop 69%

Pre-tax underwriting profits at Geico almost doubled to $2.03bn in Q3, but overall net underwriting profits generated by Berkshire Hathaway’s (re)insurance operations dropped 69 percent to $750mn as it reported underwriting losses at its primary and reinsurance groups.

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.

FHCF puts $4.6bn estimate on payout for Hurricanes Helene and Milton

The Florida Hurricane Catastrophe Fund’s actuarial advisor Paragon Strategic Solutions has projected the range of losses for the FHCF from Hurricanes Helene and Milton to be between $1.6bn and $6.2bn, with a point estimate of $4.6bn.

USAA estimates $1.15bn Helene and $218mn Milton losses

Military family insurer USAA has estimated its losses from Hurricane Helene at $1.15bn and losses from Hurricane Milton at $218mn, bringing the combined impact of the two storms to just over $1.37bn.

Markel’s Noble: Reinsurance results “falling well short of our goals”

Markel’s insurance president has commented that reinsurance results are “falling well short” of its goals due in part to drag from its recently-exited public entity book.

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