Losses

Coronavirus to hit contingency market as World Athletics cancelled and F1 in doubt

Contingency underwriters in the London insurance market are facing potentially substantial losses as the World Indoor Athletics Championships has been postponed because of the spread of coronavirus, while the Formula One Chinese Grand Prix also looks likely to be cancelled.

Suncorp to begin recovering on main agg programme

Suncorp has confirmed it expects to begin making recoveries from reinsurers under its main A$300mn ($202mn) aggregate cover because the devastating bushfires and January weather events in Australia combined with loss events the latter half of 2019 are set to fully erode the A$515mn ($346mn) deductible.

Watford shares slide 9% after reserve charge and profit warning

Watford Holdings shares tumbled by more than 9 percent during trading on Wednesday as investors digested news that the total return reinsurer was facing a fourth quarter 2019 net loss after having to boost its casualty reserves by some $28mn.

Single event definition to determine Australian reinsurance payout: AM Best

The reinsurance coverages triggered by the Australian bushfires remains uncertain, with terms and conditions likely to come under great scrutiny, AM Best has commented.

Record-breaking Australian bushfire losses soar to A$1.65bn: ICA

Insured losses in the wake of widespread bushfire damage in Australia have reached A$1.65bn ($1.13bn), according to the Insurance Council of Australia (ICA) – making the catastrophe the most expensive bushfire event on record.

Revisiting the Vale dam loss - one year on

On 25 January it will be one year since one of the worst mining losses in recent years, namely the collapse of the tailings dam at the Vale-operated Córrego do Feijão iron ore mine in Brazil, resulting in the loss of 275 lives.

Where is the MedMal market’s pain threshold?

The medical professional liability sector is symptomatic of the wider US commercial casualty market…

Travelers getting more aggressive on tort claims: Schnitzer

Takeaways from Travelers’ earnings call include the insurer getting more aggressive towards the plaintiffs bar on claims, reviver statutes leading to further reserve increases and the cat aggregate XoL reinsurance treaty retention being surpassed in the fourth quarter.

Insured cat losses fall 34% to $53bn in 2019: Willis Re

Insured damages from major natural catastrophes in 2019 totalled $53bn, 34 percent lower than the $80.5bn loss figure recorded a year earlier, according to the latest catastrophe report from Willis Re.

Australia hailstorm losses swell to $353mn: ICA

Insurers reporting into the Insurance Council of Australia (ICA) have seen hailstorm-related claims increase by more than a third in the last 24 hours – up to 55,650 from yesterday’s 41,000 – alongside a growing loss estimate which has now hit A$514mn ($352.9mn).

The retention predicament

In a week when the Florida homeowners market was again under the spotlight an earnings preannouncement from California’s Mercury General last Thursday demonstrated that it is not only carriers in the Sunshine State that are being challenged by a harder reinsurance market.

Medmal to stay hard until at least 2021

The profits warning and reserve charge by US medical professional liability ProAssurance highlighted the challenges facing a market where frequency and severity of claims are at record levels…

The OFAC dilemma

The timing of insurance payouts for the Ukrainian International Airlines flight shot down by an Iranian missile is very much up in the air…

Atlas Financial moves further towards MGA model with subsidiary sale

Embattled US commercial auto insurer Atlas Financial has signed a non-binding letter of intent to sell its indirect subsidiary Gateway Insurance to technology-driven financial services firm Buckle.

Swiss Re faces potential $720mn Hagibis hit: Jefferies

Swiss Re could be on the hook for a $720mn loss emanating from the fallout of Typhoon Hagibis, which slammed into the Japanese coast in October, according to an estimate from a Jefferies analyst.

Hailstorm damage in Australia climbs to $280mn: ICA

Losses from hailstorms which struck Australia over Sunday and Monday have grown to A$407mn ($278.6mn) overnight, according to the latest calculation from the Insurance Council of Australia, up from the A$320mn ($168.2mn) recorded yesterday.

Insured cat losses fall to $71bn in 2019: Aon

Insured damages wrought by weather-related events last year were $71bn, according to the latest catastrophe recap report from broker Aon.

Axis won’t be alone in pointing to messy Q4

There have been several earnings preannouncements in recent weeks, but Axis Capital’s revelation that it is expecting “modest operating income” because of cat and other Q4 losses felt like the first profits warning of the season.

Axis expects “modest” Q4 operating income after $140mn weather losses

Axis Capital has issued a profit warning as it said its fourth quarter will be hit by a $140mn pre-tax loss from catastrophes and other weather-related events, with the Bermudian (re)insurer also estimating $14mn of favourable reserve development.

Australian hailstorms declared catastrophe as losses hit $168mn: ICA

Hailstorms that struck eastern Melbourne, the Australian Capital Territory (ACT) and New South Wales over the last two days have now been classed as a catastrophe by the Insurance Council of Australia, with the loss estimate reaching A$320mn ($168.2mn).

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