Losses

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 11

Century 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 hit

FedNat 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 policy

Haiti 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: ABI

Insurers 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 1

International 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 sector

Moody’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 Japan

Recent 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 Korea

Typhoon 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 loss

The 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 widespread

Preliminary 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-$13bn

RMS 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 Korea

Typhoon 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 $1bn

Offshore 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 landfall

Tropical Storm Nana is expected to become the fifth hurricane of the 2020 Atlantic season before it makes landfall in Belize tomorrow.

Heatwave to increase California wildfire risk

Wildfire-impacted regions of California face the prospect of another heat wave beginning later this week which could further influence fire growth across parts of the state.

Laura preliminary insured losses in Texas projected at $150mn

The Insurance Council of Texas (ICT) has provided a preliminary estimate of Hurricane Laura insured losses in the Lone Star state of $150mn.

More than 3,200 structures destroyed as California wildfires continue to burn

More than 3,200 structures have now been damaged or destroyed by the wildfires which broke out in California last month following a series of lightning strikes.

Hurricane Laura adds further upward pressure to renewal talks

Losses from Hurricane Laura will add to a Q3 catastrophe bill that already totalled several billion dollars. From a (re)insurance perspective, the storm will ultimately be remembered as the latest of many that could have had a far more severe outcome had small shifts occurred in its track.

Alleghany unit pays out $8.6mn to exotic dancer in crash

A former exotic dancer that was injured in a crash with an off-duty police officer has received an $8.6mn payment from Capitol Specialty Insurance following a judgment handed down last year.

Region

Topics

Events & Conferences

Content Types