Losses

PCS estimates Hurricane Ida losses at almost $26bn

PCS has issued an initial estimate of almost $25.89bn for insured losses from Hurricane Ida, with Louisiana accounting for the bulk of the total and New Jersey and New York together representing close to $5bn, The Insurer understands.

Perils drops Australian flood loss bill to A$751mn

Loss aggregator Perils has updated its estimate for insured losses stemming from the New South Wales and Queensland floods in March to A$751mn ($547.9mn).

Storms hit Canadian carriers as CatIQ more than doubles July Calgary hail estimate

Catastrophe Indices and Quantification Inc (CatIQ) has more than doubled its estimate for the 2 July hail event that hit Calgary, Alberta in July to C$500mn ($395mn), while the risk modeller has also pegged losses from two storms and a wildfire that hit Western Canada in recent months at C$200mn.

RMS: Hurricane Nicholas US insured losses could hit $2.2bn

Hurricane Nicholas will result in insured losses of between $1.1bn and $2.2bn, RMS has estimated.

Hanover estimates up to $165mn of Q3 cat losses

US insurer The Hanover Insurance Group has preliminarily estimated its third quarter catastrophe losses at $150mn to $165mn before taxes, or $119mn to $130mn after taxes, with $75mn of losses before taxes from Hurricane Ida.

Euro flood pain for reinsurers as smaller cedants burn through cat programs

Concerns are mounting that escalating European flood losses will hit the top layers of catastrophe covers for smaller regional and national players and may go out of the top of towers in some cases, The Insurer can reveal.

Auto losses spike as frequency and severity jump post pandemic amid car shortage

Auto insurers are facing soaring losses as driving returns to pre-pandemic levels with claims frequency and severity on the rise while costs to repair or replace vehicles have also spiked amid a shortage of parts and new and used cars, with consumers set to face increased pricing unless these trends reverse.

KBW: “Feasible” that Zurich has exhausted agg cover after floods and Ida

Zurich Insurance Group is yet to disclose its exposure to the German floods and Hurricane Ida, but it is “feasible” the insurance giant has already exhausted the $405mn of available limit on its aggregate reinsurance cover for this year, according to KBW’s William Hawkins.

KCC estimates Hurricane Nicholas insured losses at $950mn

Hurricane Nicholas will cost insurers close to $950mn, according to a preliminary estimate from Karen Clark & Company.

Reinsurers take share of Progressive’s $510mn Ida loss from Gulf and Northeast

US personal lines giant Progressive said that reported and incurred but not reported losses from Ida in both the Gulf Coast and Northeast had reached around $510mn by mid-September, with a significant portion of losses in its property division ceded to reinsurers.

RMS Ida estimate jumps to $31bn to $44bn on inland flooding

RMS has upped its Hurricane Ida onshore and offshore insured loss estimate to a range of $31bn to $44bn to reflect a further $6bn to $9bn of claims from inland flooding in the Ohio Valley, Mid-Atlantic and Northeast regions of the US.

Allstate hands more than half of $1.4bn Ida loss to reinsurers

Allstate has said it expects to retain $631mn of pre-tax losses from Hurricane Ida following significant recoveries through its nationwide excess catastrophe reinsurance program.

Agg covers to become area of focus at 1.1 as average rate increases of 2-3% predicted

Reinsurers’ appetite to write aggregate covers has narrowed further, with the European floods and the prospect of deteriorating Hurricane Ida losses leading to higher attachment points and reduced coverage, according to KBW analyst Meyer Shields.

Commercial and industrial flood losses to drive Ida’s northeast insured damage

Commercial and industrial flood losses in Pennsylvania, New Jersey and New York represent the majority of AIR Worldwide’s estimated $2.5bn to $5bn inland flooding insured loss impact from Hurricane Ida, according to Hemant Chowdhary, assistant vice president in the modelling firm’s research group.

Hurricane Nicholas losses likely in line with ~$700mn Imelda

Insured losses from Hurricane Nicholas will likely be similar to the $700mn bill from Tropical Storm Imelda in 2019, according to BMS meteorologist Andrew Siffert.

KCC: Mexico quake insured losses estimated at ∼$200mn

Insured losses from the earthquake that rocked Mexico’s Acapulco City earlier this month will be in the region of $200mn, according to a new estimate from Karen Clark & Company (KCC).

Hurricane Ida will not hit Hartford reinsurance program

The Hartford does not expect Hurricane Ida losses to be sufficient to trigger its reinsurance coverage, with the carrier anticipating a pre-tax hit of ~$200mn from the storm.

AIR increases Ida insured loss range to $20bn-$30bn following northeast floods

AIR Worldwide has said it expects insured losses from Hurricane Ida to total between $20bn and $30bn after increasing its estimate to factor in the storm’s inland flood impacts.

Aon: Ida “likely” to be one of costliest US mainland hurricanes on record

Hurricane Ida is expected to emerge as one of the most costly US mainland hurricanes on record with total direct economic losses anticipated to reach “well into the tens of billions”, according to Aon’s latest Global Catastrophe Recap report.

UPC expects $27mn net losses for cats so far in Q3

Florida-based carrier United Insurance Holdings (UPC) has estimated current year catastrophe losses incurred in the third quarter through 31 August of $27mn before income taxes, net of expected reinsurance recoveries, including a full retention loss from Ida.

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