The industry can’t just rely on cat free years to make money: IGI(Re)insurers cannot count on benign catastrophe years in order turn a profit, the chief executive of IGI UK has said
PCS: NotPetya insured losses now $3bn+The industry’s ultimate insured losses from the June 2017 NotPetya virus will now exceed $3bn with the majority emanating from silent - or non-affirmative - coverage, according to the independent loss adjudicator, Property Claims Services (PCS).
Hurricane Lane nears Hawaii as a Cat 3Hawaii has been inundated by 19 inches of rain overnight as Hurricane Lane approached the southwest tip of the state’s Big Island bringing flooding and landslides.
State Farm and Heritage control storm-warned Hawaii’s homeowner marketUS giant State Farm dominates almost a third of the $383.6mn homeowner’s market in Hawaii, which stands in the path of Category 3 Hurricane Lane.
Hurricane Lane threatens to wreak $8bn of damage in HawaiiHurricane Lane, the Category 4 storm that is bearing down on Hawaii, threatens almost 50,000 homes with a reconstruction cost of around $8bn, according to analysis from CoreLogic.
Hawaii braced for category 5 Hurricane LaneHawaii is bracing for Hurricane Lane, a Category 5 hurricane that is on course to skirt the Aloha State later this week.
AIR pegs Japanese flood bill at up to $4bnLosses stemming from floods that devastated parts of western Japan in June and July are expected to cost insurers between $2.6bn and $4bn, according to AIR Worldwide.
Swiss Re facing claim after Genoa bridge disasterSwiss Re Corporate Solutions is one of the insurers of Autostrade per l’Italia – the operator of the collapsed Morandi Bridge in Italy.
Kerala flooding could lead to $2.87bn in economic lossesEconomic losses stemming from flooding in the Indian state of Kerala could be as high as $2.87bn, according to initial estimates from the Associated Chamber of Commerce and Industry of India (ASSOCHAM).
Lloyd’s 2017 loss deteriorates by £400mn fuelled by IrmaLloyd’s net loss for 2017 has climbed by £399.9mn as a number of syndicates have had to bolster reserves following additional claims notifications from last year’s cat losses and, in particular, Hurricane Irma.
Reserve charges adds to Allstate’s $220mn July cat billUS insurance giant Allstate was hit with a $42mn reserve charge last month, taking its total July catastrophe bill to $262mn after a month that was scarred by wildfires and summer storms.
Swiss Re pegs H1 insured cat losses at $20bnInsured catastrophe losses incurred in the first half of 2018 are estimated to stand at $20bn, according to Swiss Re’s latest Sigma report.
Talanx profits improve despite uptick in industrial fire lossesHannover Re owner Talanx managed to grow profits in the first half of the year despite an uptick in German fire and property losses in its industrial lines unit.
Tokio on the hook for $452mn flood losses as international units sufferJapanese carrier Tokio Marine Holdings expects to pay out 50bn yen ($451.8mn) for losses stemming from heavy rain in the country last month.
Underwriters must adapt to ‘new normal’ in California: AM BestInsurers need to change the way fire perils in California are modelled and underwritten in the wake of wildfires that have taken hold across the state, according to AM Best.
MS&AD warns of $600mn bill for Japanese floodsJapanese insurer MS&AD has warned that it is expecting gross losses of around 66bn yen ($594.8mn) after flood waters inundated swathes of the insurance giant’s heartland last month.
Munich Re shares suffer following worst man-made loss bill in a decadeShares in reinsurance giant Munich Re dipped by as much as 4 percent this morning after man-made disasters helped push the carrier’s P&C reinsurance division to an underwriting loss in the second quarter.
Insured losses from NZ’s Canterbury earthquakes climb to $15bnInsured losses stemming from earthquakes in Canterbury, New Zealand in 2010 and 2011 have risen to NZ$22.29bn ($15.02bn), according to the country’s insurance trade body.
Aon adds to $1bn+ Carr wildfire loss estimatesInsured losses stemming from the Carr wildfires that continue to ravage parts of North California could burn through the $1bn threshold, according to Aon’s Impact unit.
Carr wildfire could lead to $1.5bn+ insured lossesThe raging California Carr fire is already the sixth most destructive wildfire in the state’s history and could lead to insured losses of $1.5bn or even higher, according to the rating agency Moody’s.