Losses

RMS places Hanna insured losses at up to $400mn

RMS has estimated that the US insurance losses from Hurricane Hanna will not exceed $400mn, including losses to the National Flood Insurance Program (NFIP) of $100mn or less.

Tropical Storm Isaias struggles to gain strength on route to Florida

Tropical Storm Isaias is expected to reach Florida over the weekend after becoming the ninth named storm of the 2020 Atlantic season.

Universal lowers full-year earnings guidance on Q2 weather losses

Universal Insurance Holdings reported a 12.6 point increase in its combined ratio for the second quarter to 99.5 percent after confirming preannounced above average weather event losses and lowered its full year operating earnings guidance.

United Fire expects $51mn in Q2 cat losses

US insurer United Fire Group has pre-announced $50.6mn in pre-tax catastrophe losses for the second quarter, which will add 19.2 points to its combined ratio.

SoCal Edison cuts coverage but costs rise as recovery discussions continue

SoCal Edison (SCE) has trimmed the limit under its latest wildfire-specific insurance programme but seen the cost of the coverage increase once again as the California electric utility continues to negotiate claims payments with carriers for losses arising from the 2017, 2018 and 2019 wildfire seasons.

Hurricane Hanna to cost insurers $350mn: KCC

Hurricane Hanna will cost the private insurance market close to $350mn, according to a preliminary estimate from Karen Clark & Company (KCC).

Hurricane season keeps ahead of schedule as peak period approaches

The first US landfalling hurricane of the year serves as a warning that the peak period of the Atlantic hurricane season is approaching.

Aviation market faces $190mn loss on Chubb-led Ethiopian Airline fire

Insurers in the aviation market are facing a $190mn loss for an Ethiopian Airlines 777 freighter which caught fire at Shanghai Pudong Airport last week, The Insurer can reveal.

Hanna becomes first US hurricane landfall of 2020

Storm surge and inland flooding will likely drive any insured losses that emerge from Hurricane Hanna after the storm made landfall in southern Texas on Saturday.

Everest to take $160mn Covid-19 hit in Q2 earnings

Bermudian (re)insurer Everest Re has preannounced a $160mn charge for pre-tax net pandemic losses in Q2 as well as $15mn in cat losses from claims relating to civil unrest in the US.

Munich Re estimates H1 natural disaster insured losses at $27bn

Munich Re has estimated that natural disasters produced lower than average overall economic losses of $68bn in the first half of 2020, but higher than average insured losses of $27bn driven by severe thunderstorms in North America.

QBE flags H1 $750mn loss as Covid-19 and nat cats bite

QBE has warned of a $750mn interim pre-tax loss as a result of the Covid-19 pandemic, “extreme” investment market volatility and last summer’s heightened season of natural disasters.

Lloyd’s underwriters facing up to $100mn WorldStrides loss

WorldStrides expects to receive a Covid-19-related payout of up to $100mn from its contingency cancellation policy with certain underwriters at Lloyd’s, the student travel company has revealed in a bankruptcy filing.

Hedge funds circle as PG&E’s insurers face third limits loss in a row

Hedge funds are again approaching carriers and their reinsurers to buy-up the subrogation rights to claims against PG&E as underwriters of the utility firm’s $430mn liability tower face another potential full limits loss from last October’s Kincade Fire, The Insurer can reveal.

State Auto on course for another quarterly operating loss after $90mn cat hit

Equity analysts expect State Auto to fall to a consecutive quarterly operating loss after it revealed that its Q2 result will be impacted by $90mn – or 26.5 points – of net catastrophe losses, primarily driven by wind and hail events that impacted the South and Midwest US.

Perils pegs Australian hailstorms at A$1.81bn

The loss calculation service Perils has estimated that the January 2020 Australian hailstorms is set to ring up an insured loss bill of A$1.81bn ($1.27bn).

Munich Re pegs Q2 Covid-19 losses at Eur700mn and pulls 2020-2021 share buybacks

Munich Re has reported a Q2 net result of Eur600mn ($685mn) including a Eur700mn ($799mn) charge for Covid-19-related losses in the period driven by event cancellations, as it also revealed it will deploy additional capital to reinsurance rather than restart share buybacks.

FedNat pegs Q2 cat losses at $48.3mn

Floridian carrier FedNat has estimated it expects to suffer $48.3mn in cat losses net of recoveries and reinsurance in the second quarter.

New India loses A- AM Best rating on “marginal” ERM

AM Best has downgraded the financial strength of New India Assurance Company from A- to B++ and its long-term issuer credit rating from A- to bbb+ after revising its assessment of the carrier’s enterprise risk management (ERM) from appropriate to marginal as it highlighted deficiencies in financial reporting.

PG&E’s insurers on alert as utility found responsible for Kincade fire

Pacific Gas and Electric’s (PG&E) insurers may be on the hook for wildfire claims once again after an investigation by the California Department of Forestry and Fire Protection found that electrical transmission lines owned and operated by the utility were to blame for last year’s Kincade Fire.

Region

Topics

Events & Conferences

Content Types