Losses

R Street study: Insurers need “more aggressive strategies” to combat social inflation

A new study from R Street has concluded that unchecked social inflation could become a “self-perpetuating phenomenon”, with the think tank urging insurers and defence counsel to deploy more aggressive strategies to push back on tactics violating existing norms of courtroom behaviour.

Perils estimates €311mn loss bill from European windstorm Hendrik-Ignatz

Loss data aggregator Perils has estimated insured property market losses from October’s windstorm Hendrik-Ignatz in north-western and central Europe at €311mn ($352mn).

Maison fell to $41mn 9M operating loss on Ida and Uri woes

FedNat’s Maison subsidiary has revealed the extent of the difficulties that led its parent to put it into run-off as its capital and surplus halved from $39.3mn to $19.3mn in the first nine months of the year on the back of a $38.2mn net loss driven by a net underwriting loss of $41.7mn for the period.

Americas Insurance reveals $40mn capital deficit after Ida goes through cat program

Americas Insurance Company has been developing plans to address a $40mn capital and surplus deficit that has left the Louisiana-focused homeowners insurer considered insolvent after Ida losses went out of the top of its catastrophe reinsurance program, The Insurer can reveal.

PwC: Storm Arwen could drive insured losses of up to £300mn

Storm Arwen, which brought wind gusts of more than 90mph to parts of the UK at the weekend, could result in insurance industry losses of between £250mn and £300mn ($333mn-$400mn), according to PwC UK.

BC insurers tallying flood claims as industry anticipates record loss

An accurate insured loss estimate for the floods in British Columbia earlier this month remains some weeks away, but experts expect it will be the costliest event in Canada this year – and potentially a record-breaking historical loss – even though flood coverage penetration in the affected area is below the country-wide average.

Hurricane season draws to close following lull in activity

The 2021 Atlantic hurricane season officially ends on 30 November. It has been an unusual season that brought a flurry of tropical storm landfalls in the US and one of the costliest storms on record, before a lull in activity which has seen no land impacts since Nicholas came ashore in Texas in mid-September.

Storm Arwen brings damage and disruption to UK

Storm Arwen brought wind gusts of more than 90mph to parts of the UK at the weekend with sustained winds in excess of 60mph.

Airline insurers struck by ~$100mn New Mexico hail loss

The aviation market faces a loss of up to $100mn resulting from hail damage to grounded planes in New Mexico earlier this year, with Global Aerospace and Starr leading two of the placements thought to have the largest exposures to the event, The Insurer can reveal.

PES reaches $270mn BI settlement with insurers over 2019 refinery explosion

PES Holdings has reached a $270mn settlement of business interruption claims from the July 2019 explosion of an oil refinery – with Scor and Munich Re taking the largest shares at $27mn each – with the $200mn property claim relating to the event remaining to be litigated.

Global Aerospace leads ~$350mn Texas mammoth jury damages claim for Houston ground handler loss

MGA Global Aerospace and other aviation markets are facing a potential loss of as much as $350mn after an extraordinary Texas jury award 10 times higher than anticipated was handed down last month in relation to a serious ground handler injury.

Louisiana Citizens reveals reinsurers will take most of $461mn Ida loss and ups commercial limits

Louisiana Citizens Property Insurance Corp has revealed its Hurricane Ida losses as of the end of September were $461mn, with all but $35mn of that ceded to reinsurers, while its board has voted to increase the commercial coverage limits offered by the state insurer of last resort.

Aon: US severe weather & convective storm losses near $20bn in 2021

Insured market losses from severe weather and convective storms in the US are approaching $20bn in 2021, according to Aon.

Zurich looks to reassure on reinsurance renewal costs after exhausting agg

Zurich has sought to allay concerns over elevated reinsurance costs next year after the company’s CFO George Quinn confirmed on an analyst call that the company has exhausted its $405mn catastrophe aggregate reinsurance coverage although its regional cat towers remain “untouched”.

Louisiana carriers State National Fire and Access Home set for receivership

Louisiana Insurance Commissioner Jim Donelon has filed injunctions against State National Fire Insurance Company of Baton Rouge (State National Fire) and Access Home Insurance Company of New Orleans to put the carriers into receivership in response to heavy Hurricane Ida losses.

Maison not alone as several Louisiana homeowners carriers face day of reckoning

News this week that FedNat will exit all of its non-Florida homeowners portfolio and put Louisiana-focused carrier subsidiary Maison into run-off came as a number of other carriers are assessing their options in the Ida-struck state with at least two having their Demotech ratings withdrawn.

Louisiana carriers’ claims tally rises to $10.6bn for 2020 hurricanes

Louisiana insurers’ tally of paid or reserved claims from the 2020 hurricane season has now risen to $10.6bn, according to the latest data call issued by the state’s department of insurance.

Q3 cats drive Berkshire Hathaway (re)insurance ops to $1.02bn UW loss

Increased average claims frequency and a $400mn Ida hit at Geico as well as the impact of third quarter cat losses totaling $260mn in its primary operations and $1.5bn in P&C reinsurance drove Berkshire Hathaway to a $1.02bn pre-tax underwriting loss at its (re)insurance business for the period.

Liberty Mutual operating profit surges on investments despite $1.2bn cat bill

Pre-tax operating profits at Liberty Mutual were up 155 percent to $788mn for the third quarter as the insurer reported strong top line growth and a jump in the contribution from partnerships, LLC and other equity method investment income that more than offset a 23.9 percent increase in cat losses to $1.2bn.

Suncorp: A$456-561mn of agg deductible eroded as late Oct hail losses tallied

Suncorp estimates it has already eroded A$456mn ($340mn) to A$561mn of the A$650mn retention on it’s A$400mn aggregate excess of loss treaty (AXL) while the company has also revealed it is facing estimated losses of A$225mn to A$250mn from the late October hail and wind event that struck South Australia, Victoria and Tasmania.

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