Active 2020 hurricane season may yet eat into (re)insurer capital…The Atlantic hurricane season is continuing to break records, with Sally surpassing 2005’s Hurricane Stan as the earliest S-named storm on record.
Sally set to approach US as hurricane; New Orleans at risk of severe storm surgeFive tropical systems are now active in the Atlantic with Tropical Storm Sally expected to become the latest US landfalling hurricane in the coming days.
Hannover Re expects “mid-double-digit-million euro” loss from Beirut blastReinsurance giant Hannover Re expects a “mid-double-digit-million euro” loss from the August explosion at the Port of Beirut and pegged the total insured market loss at circa $1bn.
Hurricane Update: Sally heads towards New Orleans; Paulette close to BermudaTropical Storm Sally is expected to become a hurricane later today as it approaches the Gulf Coast, threatening the New Orleans metropolitan area with severe storm surge and hurricane-force winds.
Paulette set to track close to Bermuda as hurricaneTropical Storm Paulette is on course to impact Bermuda as a hurricane late this weekend.
Aon: Insured losses from 10 August derecho at $2.5bn+Insurers will likely cover more than half of the $6.5bn economic damage from the severe storms which impacted the US Midwest between 8 and 12 August, according to Aon’s monthly catastrophe recap.
Century 21 blames insurers for not paying Covid claims as it files for Chapter 11Century 21 has blamed its insurers after filing for Chapter 11 bankruptcy, with the iconic New York City discount designer store stating its carriers have failed to pay out on $175mn of Covid-19 related business interruption claims.
FedNat buys extra $39.2mn of reinsurance limit after Laura hitFedNat Holding Company has estimated a total initial pre-tax impact from Hurricane Laura of $24mn, and revealed it has secured an additional $39.2mn of reinsurance limit.
CCRIF to pay Haiti $7.4mn after Laura triggers rainfall policyHaiti will receive a payout of more than $7.4mn from CCRIF after heavy rainfall associated with Hurricane Laura triggered the country’s excess rainfall policy with the facility.
Fraudulent insurance claims climb 5% in 2019: ABIInsurers uncovered 107,000 fraudulent insurance claims worth £1.2bn ($1.6bn) last year, according to the Association of British Insurers (ABI).
West of England faces latest P&I loss for Gulf Livestock 1International Group member the West of England is facing another potentially sizeable P&I loss for the Gulf Livestock 1 cargo vessel which sank during Typhoon Maysak.
Moody’s goes negative on global reinsurance sectorMoody’s outlook for the global reinsurance sector has changed its outlook on the global reinsurance sector to negative from stable as a challenging operating environment in the wake of the pandemic weakens profitability.
Reassessing typhoon risk in JapanRecent typhoon activity in June has been a wake-up call for the (re)insurance industry. RMS’ Margaret Joseph discusses some key learnings from the 2018-19 events.
Typhoon Haishen makes landfall in South KoreaTyphoon Haishen has become the second storm to make landfall in South Korea in successive weeks.
Sri Lanka oil tanker fire threatens latest large P&I market lossThe marine market is bracing for another potential sizeable loss as it closely monitors the situation off the coast of Sri Lanka where a very large crude carrier (VLCC) carrying two million barrels of oil has caught fire.
Typhoon Haishen heads for South Korea; Maysak damage impacts widespreadPreliminary damage reports indicate widespread impacts from Typhoon Maysak following its landfall in South Korea earlier this week.
RMS estimates Hurricane Laura onshore insured losses at $9bn-$13bnRMS has estimated that onshore insured losses from Hurricane Laura will range from $9bn to $13bn - including $400mn to $600mn from the National Flood Insurance Program (NFIP) - while offshore losses will be another $1bn to $2bn.
Typhoon Maysak makes landfall in South KoreaTyphoon Maysak became one of the strongest storms on record to make landfall in South Korea in the early hours of this morning.
Hurricane Laura offshore energy losses expected to be under $1bnOffshore energy insured losses related to Hurricane Laura will likely be less than $1bn with the storm’s track having missed the most concentrated area of exposure in the Gulf of Mexico’s oilfield.
Nana set to become hurricane before Belize landfallTropical Storm Nana is expected to become the fifth hurricane of the 2020 Atlantic season before it makes landfall in Belize tomorrow.