Losses

Midwest floods will not be major homeowners or NFIP loss: AM Best

Despite mounting economic damages from the ongoing Midwest flooding, Fema’s reinsurance programme for the NFIP appears unlikely to attach because of the low take-up of flood cover in the region.

StarStone Syndicate losses widen; slims book for 2019

Enstar-owned StarStone’s Lloyd’s Syndicate 1301 remained in the red for a second year running after reporting a loss of £89.1mn over 2018.

Aon’s estimate of Michael insured loss upped to $11bn

The insured loss estimates for hurricanes Michael and Florence have been increased by Aon in updated event reports.

Energy insurance sectors diverging for first time in years: Marsh JLT

The segments of the energy market are for the first time in many years running at different speeds, with rates climbing faster in downstream than upstream and casualty, according to Marsh JLT Specialty.

US commercial auto could get back on recovery road in ’19: AM Best

Aggregate US commercial auto results could finally show improvement in 2019 after years of much needed rate increases, but the difference in performance among individual carriers remains stark, according to AM Best.

Ethiopian-Boeing liability claim could erode 4 years XoL premium

The ongoing Ethiopian Airlines and Boeing 737 MAX grounding liability claim could erode three to four years’ worth of reinsurers’ global excess-of-loss premium for aerospace, according to Willis Re.

DLA’s NotPetya claim denial not because of war exclusion, says Hiscox

Hiscox is being challenged by DLA Piper for refusing a multimillion pound claim from the NotPetya cyber attack but the UK insurer has denied reports it was because of a war exclusion.

Lloyd’s posts £1bn aggregate loss in 2018

Lloyd’s fell into the red for the second year in a row with an aggregate loss of £1bn in 2018, compared to £2bn a year earlier.

AIG is lead insurer on Hydro cyber risk policy

Norwegian aluminium company Norsk Hydro has revealed AIG is the lead insurer on its cyber risk policy, and has also estimated the financial impact from the first week since its cyber attack is $35-41mn.

Cardiff City to claim Sala deal not legally binding: reports

Cardiff City’s Lloyd’s insurers led by China Re could be in for a reprieve if the English Premier League (EPL) club successfully claims the deal to buy Emiliano Sala from Nantes for £15mn was not legally binding.

Munich Re reveals up to Eur120mn Boeing loss

Munich Re expects losses between Eur100mn and Eur120mn from the Ethiopian Airlines crash and subsequent grounding of Boeing 737 Max 8 planes. This follows fellow German reinsurer Hannover Re estimating losses in the low two-digit million euros.

Analyst ups Allstate Q1 profit projections after Feb cats estimate

KBW analyst Meyer Shields raised his Q1 earnings forecasts for Allstate after the US insurance giant reported lower-than-expected catastrophe losses for February.

Townsville flood claims total 25,778 as bill hits $742mn: ICA

Insured losses emanating from the flood event which impacted the Australian city of Townsville earlier this year are estimated at A$1.04bn ($742mn), according to the Insurance Council of Australia (ICA).

Perils lowers Sydney hailstorm losses to A$633mn

Loss aggregation firm Perils has dropped its estimated insured property losses stemming from the Sydney hailstorms in December to A$633mn ($448.7mn).

French Gilets Jaunes insured losses over Eur170mn

Insurance claims from the ‘gilets jaunes’ – or yellow vest - protests in France have reached Eur170mn ($193mn), not including the destructive demonstrations along the Champs-Elysées last weekend (16 - 17 March).

Talanx Q4 profit hit by nat cat losses

German (re)insurer Talanx has reported an operating profit of Eur562mn in the fourth quarter of 2018, down over 20 percent from the Eur703mn it posted in the final three months of 2017.

Perils pegs Townsville flood losses at $677mn

Loss aggregation firm Perils has pegged insured losses stemming from the flood event which impacted the city of Townsville earlier this year at AUD$957mn ($677mn).

SoCal Edison paid $121mn for $300mn Berkshire back-up cover

The hard market for California wildfire insurance drove loss-struck SoCal Edison (SCE) to turn to Berkshire Hathaway as a reinsurer of last resort to replenish coverage in the immediate aftermath of the December 2017 Thomas Fire.

Thomas decision threatens $1bn Aegis and EIM-led SoCal Edison tower

“Line slap” from a power line owned by Southern California Edison (SCE) started the deadly Thomas Fire in Ventura and Santa Barbara counties in December 2017, an investigation has determined.

Winter Storm Eberhard insured losses could reach Eur1.5bn: AIR

AIR Worldwide has estimated insured losses for Winter Storm Eberhard will be between Eur900mn and Eur1.5bn ($1.02bn and $1.70bn), the majority of which are expected in Germany.

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