Losses

Floridians’ geographical gain = Q3 pain

Diversifying 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 landfalls

This 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: RMS

Insured 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 $135mn

Florida-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 uncertain

Covid-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: Jefferies

Year-to-date catastrophe losses are now running around 13 percent above average, according to analysis by Jefferies.

AIR estimates Sally insured losses at $1-3bn

Modelling 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 $2bn

Hurricane Sally will cost private market (re)insurers around $2bn, according to a preliminary estimate from Karen Clark & Company.

Tropical Storm Beta to bring ‘long duration rain event’ to Texas coast

Tropical Storm Beta is expected to bring prolonged rainfall impacts to the Texas coastline this week with the National Hurricane Center warning of potential flooding.

Progressive claims $80mn from reinsurers for August cats

US insurance giant Progressive released financials for August that revealed a total of $80mn in reinsurance recoverables for August cat losses including hurricanes Isaias and Laura.

Teddy becomes Category 4 hurricane on path towards Bermuda

Teddy has become the second major hurricane of the 2020 Atlantic season and could become the second storm in a week to impact Bermuda over the weekend.

Sally draws Ivan comparisons with losses potentially higher than initially expected

Early damage indications suggest insured losses from Hurricane Sally may be higher than initially anticipated with widespread wind damage in and around Pensacola likely to drive up the cost of the event.

NFIP’s cat bonds and reinsurers exposed to Sally losses: AM Best

Hurricane Sally is unlikely to be a major insurance loss for the private market because it is more of a flood event covered by the National Flood Insurance Program (NFIP), but the federal backstop’s cat bonds and reinsurers are potentially exposed, AM Best has commented.

Japanese flooding causes $653mn of insured damage

Flooding in Japan in July has led to insurance payouts of 68.4bn yen ($653.2mn), according to a provisional tally by the General Insurance Association of Japan.

Allstate reports August catastrophe loss bill of $985mn

Hurricane losses of $630mn represented close to two thirds of Allstate’s August pre-tax catastrophe loss bill of $985mn.

(Re)insurers keep watch as forecasters warn busy 2020 hurricane season will remain active

Twenty storms in, the 2020 Atlantic hurricane season shows little sign of slowing down in activity.

Hurricane Sally’s late strengthening likely to mean billion-dollar insured loss event

Hurricane Sally’s unexpected strengthening prior to landfall will likely mean another billion-dollar insurance industry loss event, BMS senior meteorologist Andrew Siffert has warned.

Insured losses from 2020 US wildfires sit at $5bn-$8bn: Moody’s

Moody’s has estimated current insured losses from wildfires in California, Oregon, Washington and other western states at between $5bn and $8bn, with the ratings agency expecting reinsurance pricing for western wildfires to continue to increase next year as a result.

Covéa set for arbitration with Swiss Re on Eur500mn+ pandemic claims

French mutual Covéa and Swiss Re have appointed arbitrators over the reinsurer’s refusal to cover up to Eur1bn of non-damage business interruption claims paid out as a result of the Covid-19 pandemic, according to reports.

Hurricane Sally makes Category 2 landfall in Alabama

Hurricane Sally has made landfall this morning as a Category 2 hurricane in Gulf Shores, a resort city with a population of around 10,000 situated on the Alabama coastline.

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