Losses

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).

Bushfire losses climb to A$1.41bn: ICA

Losses emanating from bushfires in Australia have now reached A$1.41bn ($970.3mn), as insurers have now received 16,380 claims since 8 November, according to the latest estimate from the Insurance Council of Australia (ICA).

Lloyd’s carriers in the spotlight over Q4 Chilean riots and Australian wildfires: KBW

International (re)insurers – including Lloyd’s syndicates – are expected to report losses from the Chilean protests and Australian wildfires in the upcoming Q419 reporting period, according to a note from analyst Keefe, Bruyette & Woods.

Creeping towards a harder Florida renewal

Just days after potentially positive news on loss picks for typhoons Hagibis and Jebi, the market received confirmation of further significant creep from Hurricane Irma.

Mercury General takes $36mn Q4 Cali wildfires hit

Los Angeles-based Mercury General Corporation has become the latest carrier to preannounce Q4 catastrophe losses, with a $36mn pre-tax hit primarily from California wildfires that will not trigger its cat reinsurance programme after it raised its retention at 1 July last year.

Industry ultimate Irma loss up 11.4% in Q4: FHCF

There was further significant creep in the projected industry ultimate incurred Irma loss in the fourth quarter as the total grew 11.4 percent to $14.13bn, according to the Florida Hurricane Catastrophe Fund (FHCF).

Allstate takes $51mn hit for pulling Esurance brand

US personal lines giant Allstate will take a $51mn pre-tax charge in its fourth quarter earnings relating to its decision to phase out the Esurance brand.

Hanover reveals higher than expected Q4 non-cat property losses

The Hanover Insurance Group expects its fourth quarter non-catastrophe property losses to exceed expectations by $20mn before taxes.

A climate of change

Environmental concerns are beginning to dominate businesses’ thoughts, as two widely-read surveys showed this week.

UK non-life insurers’ 2019 results to take hit from November floods: AM Best

Intense competition in the UK non-life market combined with falling investment returns, claims inflation and an increase in weather-related losses near the end of the year placed underwriting earnings under pressure in 2019, according to AM Best.

Iran sanctions to delay settlement of Ukrainian Airlines claims

Underwriters on the hook for the Ukrainian International Airlines (UIA) flight that was shot down by an Iranian missile are likely to withhold payment for the claim over fears of inadvertently breaking international sanctions, The Insurer understands.

Q4 cat losses help sustain 2020 pricing momentum: KBW

Higher than expected Q4 cat losses and crop combined ratios revealed by Chubb last night imply “notable” losses for internationally exposed carriers, including Bermudians, AIG and WR Berkley, according to KBW analyst Meyer Shields.

Chubb facing $430mn Q4 pre-tax cat hit

Chubb’s fourth quarter 2019 results will include an estimated $430mn of pre-tax catastrophe losses after the carrier took a heavy hit from various weather events around the world including the Californian wildfires and Typhoon Hagibis in Japan.

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