Losses

Profit warnings issued by hardest hit on Eur620mn Lürssen shipyard loss

The two largest insurers on the EUR700mn lineslip hit by last month’s Lürssen shipyard fire - RSA and Lancashire - have now both issued profit warnings for the third quarter as losses from the heavy loss event creep up.

Hurricane Michael insured losses pegged at $8bn

Insured losses from Hurricane Michael will be “close to $8bn”, according to modelling firm Karen Clark & Company (KCC).

Hurricane Michael hit shares recover despite global sell-off

Despite the global sell-off in equities that continued today, there was a modest rally in US-listed (re)insurance stocks that fell yesterday on fears of a significant Hurricane Michael insured loss hit.

Cat 4 Hurricane Michael losses won't move the market

Insured losses from Hurricane Michael will have short-term impact but are not expected to be market moving, analysts have said.

State Farm controlled Georgia in the firing line of Hurricane Michael

US giant State Farm dominates almost a third of the $3.1bn homeowners market in Georgia, which stands in the path of Category 4 Hurricane Michael.

Bermuda stocks dip but market unperturbed by fierce Hurricane Michael

The share prices of Bermuda’s cat specialist reinsurers have dipped today in response to Hurricane Michael being upgraded to a cat 4 storm shortly before it makes Florida landfall in a few hours.

Chubb anticipates $450mn hit from Q3 nat cats

Insurance giant Chubb is forecasting a $450mn hit from third quarter natural catastrophes, including Hurricane Florence which smashed into the Carolinas in September.

Michael upgraded to 'extremely dangerous' Cat 4

Hurricane Michael has been upgraded to an “extremely dangerous” category 4 as the storm continues barreling towards the US Gulf coast.

September nat cats to cost ‘tens of billions’

Natural catastrophes will cost the global economy ‘tens of billions’ in September, according to Aon’s latest catastrophe report.

Barbados to receive $5.8mn Storm Kirk payout from CCRIF

The Caribbean risk pooling facility CCRIF will pay at least $5.8mn to Barbados following the triggering of its excess rainfall policy due to heavy rainfall that occurred during the passage of Tropical Storm Kirk.

Universal and State Farm control storm-warned homeowner market

US giant Universal Insurance dominates a tenth of the $8bn homeowner’s market in Florida with State Farm taking on almost a third of the smaller Alabama market as both states lie in the path of Hurricane Michael.

$13.4bn property values exposed to Hurricane Michael storm surge

Up to 57,000 homes with a reconstruction value of $13.4bn are exposed to storm surge from Hurricane Michael which is due to make landfall tomorrow in the Florida Gulf Coast with Cat 3 windspeeds, according to the property mapping firm CoreLogic.

PCS confirms Irma loss creep with increased estimate

Further evidence of Irma’s loss creep occurred last week when the leading independent loss adjudicator, ISO PCS, increased its loss estimate from the September 2017 hurricane.

Michael forecast to slam the US as a Category 3 hurricane

Tropical Storm Michael is forecast to slam the Florida coastline on Wednesday as Category 3 Hurricane bringing damaging winds and storm surge as the storm intensifies to hurricane strength.

Lancashire down 6 percent after 3Q profits warning

London-market carrier Lancashire saw its share price close down 6 percent today after telling shareholders that the third quarter will fall into the red from the cat loss events and losses in its marine book.

Perils pegs Xavier losses at EUR324mn

Catastrophe modelling firm Perils said it expects insured losses from Extratropical Cyclone Xavier to top EUR 324mn ($373mn).

United’s third quarter catastrophe bill hits $35mn

United Insurance Holdings has racked up $35mn of net catastrophe losses in a third quarter that saw Hurricane Florence pound the Carolinas as a Category 1 storm.

Insured losses for Typhoon Mangkhut could hit $2bn: AIR

Cat risk modelling firm AIR Worldwide has said insured losses across mainland China, Hong Kong, and Macau from Typhoon Mangkhut are likely to be between $1bn and $2bn.

Canopius: Hurricane Florence an ‘earnings’ event

Top-ten Lloyd’s insurer Canopius has today said the impact of Hurricane Florence was likely to be an “earnings event” for its flagship Syndicate 4444.

Florence insured losses could hit $5bn: RMS

Modelling firm RMS has estimated that insured losses from Hurricane Florence will be between $2.8bn and $5bn.

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