Losses

Insurers fear significant losses as Caldor Fire nears Lake Tahoe

Insurers are bracing for major losses as the Caldor Fire continues to rage with evacuation orders in place around the Lake Tahoe Basin as the blaze threatens homes and businesses near the popular Californian holiday destination.

European (re)insurance shares dip after Ida landfall

European stocks dipped in morning trading on Tuesday as investors continued to react to the landfall of Hurricane Ida in Louisiana over the weekend.

GC: wind v water to play key role in Ida claims fallout

Guy Carpenter has said that insurance policy terms in the context of wind versus water will play a meaningful role in adjusting Ida claims as it also pointed to significant impacts for energy and utility sectors and the likelihood of elevated repair costs.

RMS stochastic event analysis puts Ida at a $16bn loss

An exercise run by modelling firm RMS across a series of stochastic events selected following the landfall of Hurricane Ida points to an industry median loss of around $16bn.

Early analysts’ take: Ida not expected to materially alter market dynamics

As New Orleans and other areas of Louisiana impacted by one of the strongest ever recorded storms to hit the state began to assess the damage, the early take from equity analysts is that insured losses from Ida are unlikely to be of a magnitude that will significantly alter P&C (re)insurance market dynamics.

Hurricane Ida: Factors that could drive up the industry loss bill

Twelve Capital and Plenum see no meaningful Ida impact to ILS portfolios

ILS fund managers Twelve Capital and Plenum have provided initial feedback on Hurricane Ida’s impact, with both suggesting the impacts to their portfolios will be minor if early indications of a $15bn to $25bn industry loss are borne out.

UPDATED: Early Ida insured loss expectations converge around $20bn

As Ida weakened to below major hurricane strength overnight in Louisiana, initial expectations of industry sources canvassed by The Insurer were converging around a potential $20bn insured loss, albeit with the possibility of an upward shift as flood waters rise in parts of Southeast Louisiana as well as post-event loss magnification.

Ida makes landfall close to New Orleans as Category 4 hurricane

Hurricane Ida has become one of strongest landfalling storms on record in Louisiana after coming ashore as a strong Category 4 hurricane with maximum sustained winds of 150mph.

Ida expected to make Louisiana landfall as Category 4 hurricane

Hurricane Ida is now expected to make landfall in Louisiana as an “extremely dangerous” Category 4 hurricane with winds of 140mph, according to the latest National Hurricane Center forecasts.

Small shift in Ida path could make $bns difference in insured losses amid NOLA threat

Insurers and their reinsurers will be closely monitoring the path of “dangerous” Hurricane Ida as it prepares to make its final approach to the Gulf Coast this weekend knowing that even a small change in its track could make a difference of billions of dollars in insured losses, with New Orleans in the storm’s sights.

Skytek: Almost 4,000 offshore energy and marine hull assets in Ida’s path

Data firm Skytek is tracking over 3,000 offshore energy assets in the path of Ida as it heads towards the Gulf of Mexico as well as a significant number of marine hull exposures within the cone and onshore properties such as oil refineries.

German insurers now expect €7bn loss from July flooding

German carriers now expect to incur losses of around €7bn ($8.3bn) from the flooding which impacted the country during July.

ICA pegs Tropical Cyclone Seroja losses at A$281mn

The Insurance Council of Australia has released an updated estimate of losses stemming from Tropical Cyclone Seroja, which hit Western Australia in April, of A$281mn ($203.9mn).

KCC: Hurricane Grace to cost insurers $330mn

Insured losses from Hurricane Grace are likely to total $330mn, according to a preliminary estimate from Karen Clark & Company (KCC).

KCC pegs Henri insured losses at $155mn

Risk modelling firm Karen Clark & Company has estimated that insured losses from Hurricane Henri will be close to $155mn.

Bermuda (re)insurers paid out $400bn+ in claims to US clients since 1997

Bermuda-based insurers and reinsurers paid out more than $400bn to policyholders and cedants in the US for large catastrophes, P&C losses and life insurance claims from 1997 to 2020.

Fitch pegs H1 insured nat cat losses at $40bn

Fitch Ratings has estimated that global insured natural catastrophe losses reached $40bn during the first half of this year.

Peak hurricane season set to compound above-average H1 cat losses

The latest additions to the 2021 industry catastrophe bill will place further strain on P&C cat budgets which already look set to be exceeded following a busy first quarter of the year.