QBE and RSA: The three-lettered curse…QBE’s management still has much to do complete the clean-up job of recent years and make sure the carrier can fully benefit from hard market conditions.
Insurers pay out $1.6bn+ for Japanese flooding and Typhoon Haishen claimsMore than ¥87bn ($841mn) of claims payments have now been made in relation to the July 2020 Japanese floods with a further ¥85bn ($822mn) paid out due to Typhoon Haishen, according to the latest data released by the General Insurance Association of Japan (GIAJ).
The rise of “secondary” perilsOne of the notable factors of the industry’s 2020 natural catastrophe bill – estimated at $76bn by Swiss Re – is the extent to which it is driven by what are traditionally considered ‘secondary perils’.
QBE shares slide 13% as forecasts $1.5bn FY20 lossAustralian carrier QBE Insurance Group has projected it will record a full-year 2020 statutory net loss after tax of $1.5bn.
AM Best goes negative on UFG after cat losses and auto deteriorationDeteriorating underwriting performance driven by “numerous” cat events and commercial auto liability reserve strengthening at the P&C subsidiaries of United Fire Group (UFG) has led AM Best to change the outlook on their ratings from stable to negative.
The frequency problemDevelopments at United Insurance Holdings (UPC) this week have demonstrated the challenges for regional cat-exposed insurers in a year where frequency has been a bigger issue than severity.
Aon warns insured losses from 10 August derecho now total $5bn+Aon has increased its estimate for insured losses from the 10 August derecho to more than $5bn, including both public and private insurance impacts, The Insurer has learned.
Ransomware attack severity rises as cost of dealing with events soarsRansomware attacks have continued to increase in severity when compared with 2019, with the total cost of dealing with such events having doubled year on year during the first six months of 2020, according to a report from Beazley.
United estimates October and November storms hit at up to $100mnFlorida-based homeowners insurer United Insurance Holdings (UPC) has estimated current year cat losses for October and November of between $85mn and $100mn before taxes and after reinsurance recoveries
RMS increases US wildfire estimate to $7bn to $13bn RMS has increased its estimated range for this year’s US wildfires to $7bn to $13bn.
Industry cat bill to total $83bn in 2020: Swiss ReTotal industry losses from natural catastrophes and man-made disasters will likely total $83bn in 2020, according to Swiss Re Institute’s preliminary Sigma estimates, with insured losses accounting for 45 percent of this year’s global economic catastrophe bill.
Insurers on standby as Queensland and NSW face ongoing severe weatherLocal authorities in Australia have warned the impacts of the ongoing storm activity in Queensland and New South Wales (NSW) could be “similar to a Category 1 cyclone”.
Perils estimates 30 October Turkey quake loss at $68mnLoss aggregator Perils has estimated the 30 October magnitude 6.9 earthquake in western Turkey will cost insurers around TRY532mn ($68mn).
YTD cat losses now 8% above 10-year average: JefferiesYear-to-date catastrophe losses are now running at around 8 percent above the 10-year average, according to Jefferies.
ICA estimates Halloween hailstorms at A$500mnInsurers have received A$500mn ($371mn) of claims to date related to the 31 October hailstorms in southeast Queensland, according to the latest update from the Insurance Council of Australia (ICA).
Perils pegs Queensland Halloween hailstorms at $931mnLoss aggregator Perils has pegged its initial industry loss estimate for the southeast Queensland, Australia hailstorms, which occurred on 31 October 2020, at A$1.23bn ($931.2mn).
Five US storms cause over $1.25bn of insured losses in November: AonNovember brought more than $1.25bn in insured losses from storms in the US while intense rainfall in eastern Spain will cost insurers around $100mn, broker Aon has reported in its monthly Global Catastrophe Recap report.
CCRIF pays Nicaragua $30.6mn following Eta and Iota Cat 4 landfallsNicaragua has received $30.6mn in payouts from CCRIF after suffering Category 4 landfalls from hurricanes Eta and Iota last month.
Good fundamentalsPrime Holdings Insurance Services chairman and CEO Rick Lindsey says proper claims handling, not hard market price increases, is the route to underwriting profitability for insurers.
Cargo market facing sizeable losses from ONE Apus containershipThe marine cargo market is braced for losses in the high double-digit millions as a result of the damage sustained by Japanese-flagged containership ONE Apus last week, The Insurer understands.