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.
Jefferies: Casualty claims to keep rising until tort reform addresses social inflationTort reform is needed to address the ongoing challenges posed by social inflation in the US, Jefferies analysts have warned, following a forecast by the Swiss Re Institute that the trend will continue “for at least the next couple of years”.
High frequency of losses points to increased reinsurance demandFrequency rather than severity has been the story behind 2020’s industry catastrophe loss bill, with a series of events causing attritional impacts on insurer earnings.
Up-for-sale First American P&C downgraded from A to B++ by AM BestUS homeowners insurer First American Property & Casualty Company has had its financial strength rating downgraded by AM Best from A to B++ after it emerged that the carrier had been put up for sale by its parent against a backdrop of deteriorating results including the impact of wildfire losses.
Munich Re set to book additional €1.1bn of Covid-19 reserves in Q4Munich Re has warned it will face an additional €1.1bn ($1.32bn) of Covid-19 losses in the fourth quarter, with a further €500mn forecast for 2021.
P&C Covid-19 reserves tick up by ~$4bn as casualty warnings growP&C aggregate Covid-19 reserve disclosures rose by around $4bn during the most recent reporting period, largely driven by additions to provisions for event cancellation and business interruption (BI) claims.