Losses

Laura forecast track to shift west; Major hurricane landfall expected

Laura is now forecast to become the strongest storm to hit the central Gulf Coast since Hurricane Harvey made landfall in August 2017.

Loss activity points to ‘ever-stronger’ 2021 reinsurance rate increases: KBW

Continuing loss activity points to ever-stronger 2021 reinsurance rate increases, according to KBW analysis, even if current tropical storm and wildfire activity does not lead to significant insured damage.

Marco not expected to regain hurricane strength but Laura set to intensify

A weakened Tropical Storm Marco remains on course for a Gulf Coast landfall later today, but the focus of the insurance industry is already shifting to the threat posed by Tropical Storm Laura, which is expected to be a far stronger storm by the time it reaches the US later this week.

Extreme weather helps fuel California wildfires growth

More than 3,100 structures have now been damaged or destroyed by California wildfires in 2020, with in excess of 1.4 million acres burned.

Marco downgraded overnight but Hurricane Laura to follow

US Gulf Coast states will face a “prolonged period of hazardous weather” this week with two storm formations approaching the Gulf Coast over the coming days.

US Gulf Coast faces ‘double hurricane’ risk

The US Gulf Coast may be set for a rare double hurricane landfall next week with two storms projected to reach the coastline almost simultaneously.

LNU Lightning Complex becomes ninth largest California wildfire on record

The LNU Lightning Complex wildfire has now destroyed 480 properties and is close to moving into the top 20 ranking for the most destructive in California history.

Allstate’s PG&E recoveries more than offset July cat losses

Allstate has become the latest carrier to benefit from subrogation recoveries on wildfire claims relating to the settlement with California utility PG&E, as it reported that catastrophe results for July generated income of $334mn pre-tax, including the $450mn recoveries.

Tropical Storm Laura expected to form today

Tropical Depression 13 is expected to become the 12th named storm of the Atlantic hurricane season later today, potentially impacting Florida or moving into the Gulf of Mexico over the weekend or early next week.

Colorado battles second largest ever blaze as wildfires hit southwest US

Firefighters are battling hundreds of wildfires across the southwest US with Colorado tackling what is its second largest blaze on record and governor Gavin Newsom declaring an emergency in California as attempts to get a handle on the fires raging in the state continue.

Wakashio shipowners pollution liability for Mauritius oil spill capped at $66mn

The amount insurers of Nagashiki – the owner of MV Wakashio – will be liable to compensate for pollution following the vessel’s grounding off the coast of Mauritius is limited to $66.3mn.

Wakashio wreck removal expected to top $500mn as hull breaks in two

The marine insurance market is bracing for losses of at least $500mn for the removal of the MV Wakashio wreck after the vessel broke in two on Saturday (15 August) off the coast of Mauritius, The Insurer understands.

Beirut port claims total $425mn so far: Lebanese govt

Insured losses emanating from the massive explosion at the Port of Beirut have so far reached $425mn, according to the Lebanese minister of economy and trade.

Covid-19 claims cost uncertainty builds as peak hurricane season arrives

RMS’ estimate of a $3bn to $5bn insured loss from Hurricane Isaias’ passage up the US East Coast earlier this month is a further indicator the storm will likely prove costlier than first expected following Karen Clark & Company’s (KCC) initial $4bn estimate.

Perils pegs storm Victoria/ Dennis losses at Eur344mn

Loss aggregator Perils has estimated that losses from extratropical cyclone Victoria – also known as storm Dennis – now stand at Eur344mn ($408mn).

Insurers facing $3bn to $5bn hit from Hurricane Isaias: RMS

Insured losses from Hurricane Isaias will be between $3bn and $5bn, with losses in the US reaching as much as $4.5bn, according to an estimate from RMS that takes Covid-19’s impact upon claims settlement into account.

Michigan State settles with five insurers over Nassar abuse coverage denial

Michigan State University (MSU) has settled for a combined $113.5mn with five liability insurers that denied it coverage for losses incurred as part of the settlement reached with sexual abuse victims of disgraced doctor Larry Nassar.

Week of heavy storms to add billions to August’s US economic damage bill

The US catastrophe bill for August is continuing to mount with Aon estimating the economic cost of severe weather across the eastern two thirds of the country during the past week to total several billion dollars.

Marine market braces for MV Wakashio losses as quantum remains uncertain

The marine insurance market is facing the prospect of sizable losses as a result of the grounded Panama-flagged MV Wakashio and subsequent oil spill off the coast of Mauritius.

Perils pegs Australian East Coast Low event at A$958mn

Loss data aggregation service Perils has put the total industry loss figure for the East Coast Low which occurred between 5 to 13 February 2020 at A$958mn ($686.6mn).

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