AGCS: Entertainment claims surge in wake of Covid-19The cancellation or postponement of events and productions is one of the largest sources of Covid-19 related losses for the global insurance industry, according to a report by Allianz Global Corporate Specialty (AGCS).
IAG faces net bill of A$50mn following motor add-ons settlementAustralian insurer IAG faces a net impact of A$50mn ($35.8mn) after agreeing the settlement of a class action brought against two of its subsidiaries.
Beirut port explosion loss estimate climbs to $7.5bn: Lebanese insurance associationThe Association of Insurance Companies in Lebanon (ACAL) has issued an updated insured loss estimate for the Beirut port explosion of $7.5bn.
Palomar expects up to $38mn net Q3 cat lossesPalomar Holdings has provided a $34mn to $38mn range for third quarter pre-tax catastrophe losses, net of reinsurance, as it was hit by a quartet of hurricanes in the period.
Delta named as 25th storm of Atlantic season; Gulf Coast hurricane landfall forecastThe 25th named storm of the 2020 Atlantic season has formed this morning and is expected to become a record-breaking 10th landfall of the year on the US mainland.
GuideOne parametric cover triggered by SallyUS insurer GuideOne is set for a rapid payout related to Hurricane Sally after a parametric cover from specialist MGA New Paradigm was triggered by the storm as it hit Alabama last week, The Insurer can reveal.
California wildfire losses mount as structure damage toll rises to 8,000Close to 8,000 structures have now been damaged or destroyed by wildfires in California during 2020 with more than 3.8 million acres having now burned across the state.
RLI says its Q3 cat losses will be up to $45mnUS specialty insurer RLI has preannounced an estimated range of pre-tax cat losses for the third quarter of $35mn to $45mn, including the impact of a quartet of landfalling hurricanes.
Lloyd’s insurers notified of possible Oregon wildfire fighting claimLloyd’s insurers have been notified of a possible claim on the Oregon Department of Forestry’s (ODF) unique $25mn wildfire-fighting insurance policy, The Insurer has learned.
RMS estimates Hurricane Sally insured damage at $2bn to $3.5bnLoss estimates for Hurricane Sally are continuing to converge around a $2bn private market loss with RMS the latest modelling firm to issue a range for the event.
SoCal Edison settles subrogation claims for 2017 wildfires and 2018 mudslidesSouthern California Edison (SCE) has settled with holders of insurance subrogation claims for almost 56 cents on the dollar in the pending litigation arising from the 2017 Thomas and Koenigstein fires and the 2018 Montecito Mudslides.
Sally follows Laura in attaching FedNat’s reinsurance coverHurricane Sally losses in Alabama and the Florida Panhandle will exceed the single-event aggregate reinsurance retention of $25mn for FedNat, the homeowners carrier has confirmed in a filing.
Floridians’ geographical gain = Q3 painDiversifying outside of Florida in recent years through M&A and organically adding state licenses has been a tactic deployed by a number of homeowners carriers seeking respite from the challenges of the Sunshine State.
Beta’s Texas arrival ties 2020 with 1916 record for US named storm landfallsThis year is now tied with 1916 for the highest number of named storm landfalls on the US mainland, according to research by Aon’s head of catastrophe insight Steve Bowen.
Western US wildfire insured losses already $4bn to $8bn: RMSInsured losses from the spate of wildfires that have torn across the western US in recent months already total between $4bn and $8bn, according to RMS.
UPC estimates Q3 cat losses at $135mnFlorida-based carrier United Insurance Holdings (UPC) has estimated its third quarter current year catastrophe losses at $135mn before income taxes, and $107mn after tax.
Covid-19 disclosures lower than expected but credit and casualty claims remain uncertainCovid-19 has been the defining event of 2020 and one of the most significant societal and economic disruptors of most of our lifetimes
YTD cat losses now 13% above average: JefferiesYear-to-date catastrophe losses are now running around 13 percent above average, according to analysis by Jefferies.
AIR estimates Sally insured losses at $1-3bnModelling firm AIR Worldwide has estimated onshore insured losses from Hurricane Sally will likely total between $1bn and $3bn.
KCC estimates Hurricane Sally insured losses at $2bnHurricane Sally will cost private market (re)insurers around $2bn, according to a preliminary estimate from Karen Clark & Company.