London market to bear brunt of $75mn Fujing 001 hull lossLondon carriers – including Convex and Fidelis – are expecting a claim of $75mn for the hull cover of the Fujing 001, which sank in the South China Sea last week, The Insurer understands.
ICA estimates Sydney flood claims to date at A$97.9mnInsurers have now received 8,415 claims for the flooding which has impacted Sydney and surrounding areas since 1 July, the Insurance Council of Australia (ICA) has said.
Jefferies: Swiss Re likely to “marginally exceed” cat budget for Q2Jefferies analyst Philip Kett has warned Swiss Re will potentially marginally exceed its cat budget during the second quarter of 2022 following a busy end to the period.
Jefferies warns French hailstorms could be $2bn-$3bn industry eventJefferies analyst Philip Kett has warned the series of hailstorms which impacted France during the second quarter of 2022 could result in industry losses of $2bn to $3bn.
ICA issues “significant event declaration” for latest New South Wales floodsThe Insurance Council of Australia (ICA) has initiated its preliminary catastrophe processes for the regions of New South Wales impacted by storms and flooding in recent days.
Japanese earthquake claims payouts rise to $1.6bnPaid claims from the 16 March Japanese earthquake have now risen to more than ¥210bn ($1.6bn), according to the General Insurance Association of Japan (GIAJ).
Tropical Storm Colin impacts Carolinas while Bonnie re-emerges in PacificTropical Storm Colin formed inland over the coast of South Carolina on Saturday, becoming the third named storm of the 2022 Atlantic season.
ICA increases Australia East Coast flood loss estimate to A$4.8bnInsured losses from the destructive floods that impacted southeast Queensland and northern New South Wales in the first quarter of the year have now risen to A$4.8bn ($3.3bn), according to the Insurance Council of Australia (ICA).
Up-for-sale Victor 2288 loss deterioration continuesAsta-managed Lloyd’s syndicate Victor 2288 has continued to experience back-year loss deterioration despite ceasing to trade in Q4 2021.
LDI says unable to find insurers to take on Lighthouse’s Louisiana policiesLouisiana insurance commissioner Jim Donelon said on Thursday that efforts to transfer the in-force portfolio of now-insolvent Lighthouse in the state have come up short, and that the homeowners carrier’s policyholders will have to seek new cover through their agents.
CatIQ: Canada's May derecho insured losses estimated at C$875mnThe derecho that hit Ontario and Quebec in May caused over C$875mn ($677mn) of insured damage, ranking it the sixth-largest insured loss event in Canadian history, according to initial estimates from Catastrophe Indices and Quantification (CatIQ).
Allstate reveals $436mn May cat losses; auto rate increases viewed as disappointingAllstate has estimated catastrophe losses for May of $436mn, with the US personal lines giant also revealing flat auto rate increases for the month that KBW analysts expect will disappoint investors.
CatIQ ups loss estimate for last November’s BC floods to C$675mnCatastrophe Indices and Quantification Inc (CatIQ) has raised its estimate for the devastating floods that hit British Columbia last November to C$675mn ($525mn), confirming the disaster as the costliest weather event in the province’s history.
Latest forecasts predict an active Atlantic hurricane season aheadThe North Atlantic hurricane season officially began on 1 June, with tropical storm Alex being the first named storm of 2022.
Perils ups Eastern Australian flood losses to A$4.9bnInsured losses from the recent Eastern Australia floods, which occurred in February and March 2022, are now estimated to total A$4.89bn ($3.52bn), according to loss aggregator Perils.
Southern Fidelity working with FLOIR on alternatives ahead of remediation plan deadlineSouthern Fidelity is continuing to work with the Florida Office of Insurance Regulation (FLOIR) and other parties as it assesses alternatives ahead of tomorrow’s deadline to submit a remediation plan to a regulator that has described the homeowners carrier’s financial condition as “hazardous”, The Insurer understands.
Canada’s Definity facing C$26mn to C$29mn hit after derecho hits ON and QBCanadian carrier Definity Financial Corporation has said its net income will take a C$26mn ($21mn) to C$29mn hit from its exposure to the deadly storms that tore through southern Ontario and Québec last month.
Chaucer and Hannover Re on hook for Sri Lankan state-backed XoL SRCCT coverLloyd’s insurer Chaucer and Hannover Re are understood to write the largest share of the excess of loss treaty which reinsures the Sri Lankan government-owned National Insurance Trust Fund (NITF), The Insurer can reveal.
Australian flood losses rise to A$4.3bnInsured losses from the recent flooding in southeast Queensland and New South Wales are now estimated to total A$4.3bn ($3.08bn), according to the Insurance Council of Australia (ICA).
Global (re)insurance industry books $1.3bn of Russia-Ukraine losses in Q1European companies account for most of the Russia-Ukraine losses revealed so far with global reinsurers Swiss Re, Hannover Re, Munich Re and Scor holding half of all Q1 reserved losses.