Insured losses from Spanish floods “well above” €1bn: Morningstar DBRSFlooding across eastern and southern Spain following severe rainfall earlier this week is expected to generate insured losses “well above” €1bn ($1.1bn), Morningstar DBRS has forecast.
Axa says Helene-Milton losses below €200mn as XL Re grows 10% in 9M 2024Growth at Axa XL Re continued to outpace the wider Axa Group P&C business during the first nine months of 2024, the French carrier has revealed in its latest trading update.
Liberty Mutual facing possible $900mn pre-tax Helene and Milton hitLiberty 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.
CEO: CinFin expects $75mn-$125mn net Milton loss in Q4Cincinnati Financial’s CEO has revealed his company expects $75mn to $125mn of losses from Hurricane Milton net of any reinsurance recoveries, and also highlighted average renewal price increases in Q3 “improved incrementally” compared with the second quarter of this year.
AmCoastal estimates gross loss of $150mn-$200mn from Hurricane MiltonAmerican Coastal Insurance Corporation has put out an estimate for its gross loss from Hurricane Milton of $150mn to $200mn, with a net loss from the storm of around $16.2mn, but said that third quarter Debby and Helene losses are not expected to attach its cat program.
Heritage expects $57mn net Milton loss, gross loss could reach tower’s third layerFlorida carrier Heritage Insurance Holdings has estimated $48mn of net catastrophe losses stemming from Hurricanes Debby and Helene for the third quarter and $57mn from Hurricane Milton for the fourth quarter.
RLI expects $45mn-$55mn Milton loss in Q4RLI management has revealed that it expects $45 to $55mn of net losses from Hurricane Milton but suggested it is too early to say how the market will react to hurricane losses, while the carrier believes its casualty rate increases are keeping up with the loss trend.
Helene accounted for half of WR Berkley’s $98mn Q3 cat lossesWR Berkley’s CEO has commented that Hurricane Helene accounted for about half of its $98mn Q3 catastrophe losses and that it is too early to give a figure for Q4’s Hurricane Milton, with the executive stating it will still be a challenge for reinsurers to keep rates flat despite the storms.
Perils trims Babet-Aline industry loss to €639mn in final estimateLoss aggregator Perils has disclosed a fourth and final industry loss estimate of €639mn ($691.7mn) for the floods and storms caused by low-pressure systems Babet and Aline, which impacted the UK and northwestern Europe between 18 and 22 October 2023.
CNA expects $143mn Q3 cat losses, $25mn-$55mn Q4 Milton lossesCNA Financial expects to report pre-tax net catastrophe losses in the third quarter 2024 of $143mn, including $55mn from Hurricane Helene, while it anticipates Q4 losses of $25mn to $55mn from Hurricane Milton.
Has reinsurer sentiment shifted ahead of 1.1?When the industry gathered in Monte Carlo for the annual Rendez-Vous around six weeks ago, one of the big questions on everyone’s lips was what would happen if this year’s Atlantic hurricane season spared the (re)insurance sector notable losses.
Swiss Re cautions insurers to control loss creep on European cat eventsEuropean property catastrophe insurers need to “get loss creep under control” to protect the underlying value proposition of the sector, according to Swiss Re’s Nikhil da Victoria Lobo.
Milton uncertainty hangs over renewal talks as reinsurers step up focus on European loss creepEuropean reinsurance buyers will enter this week’s Baden-Baden talks with a cloud of uncertainty over their upcoming 1.1 renewals as the market continues to digest the impact of Hurricane Milton.
Risk modellers’ Milton estimates range from $17bn to $50bnRisk modelling firms’ estimates for Hurricane Milton reveal a wide range of potential insured losses, although it is already clear the impact to the industry will be much lower than initially feared by some in the immediate aftermath of the storm’s landfall.
CoreLogic estimates $17bn-$28bn Milton insured wind and flood lossesCoreLogic has released initial residential and commercial wind and flood loss estimates for Hurricane Milton, with the property analytics and data provider expecting an industry-wide insured loss of between $17bn and $28bn.
Moody’s RMS issues “best estimate” of $26bn insured losses from MiltonPrivate market insured losses from Hurricane Milton are expected to be between $22bn and $36bn, Moody’s RMS Event Response has said, with a “best estimate” of $26bn.
Assurant estimates $138mn Q3 cat lossesAtlanta, Georgia-based Assurant expects to record $138mn in pre-tax losses, or $109mn after-tax, from reportable catastrophes for the third quarter of 2024, primarily affecting its global housing segment.
Allstate reveals $630mn Helene hit among $1.7bn Q3 cat lossesPersonal lines giant Allstate has estimated catastrophe losses for the month of September of $889mn, including $630mn related to Hurricane Helene.
$30bn-$50bn Milton loss ends prospect of US property/cat rate reductions at 1.1: StonybrookStonybrook Capital has estimated total insured losses from Hurricane Milton at between $30bn and $50bn, with the upper end of the range ranking the event among the dozen most severe storms in recent history.
HCI to pay out $600mn-$750mn from Debby, Helene and Milton, with $185mn net expenseFlorida carrier HCI Group has estimated $600mn to $750mn of losses attributable to Hurricanes Debby, Helene, and Milton, with $60mn net expenses expected for the first two storms in Q3 and a net expense of $125mn for Milton in Q4.