Losses

AM Best downgrades Mercury on Cali wildfire losses

AM Best has downgraded the Financial Strength Rating and Long-Term Issuer Credit Ratings of Mercury Casualty Group on the back of the insurer’s exposure to wildfire losses and significant market concentration in California.

AIG and Chubb came off PG&E casualty tower: sources

AIG and Chubb look to have avoided exposure to wildfire losses from PG&E’s $700mn general liability tower after declining to renew the cover in the summer despite vastly improved pricing on the deal, The Insurer can reveal.

Markel CatCo shares fall to all-time low following regulatory investigation revelation

Shares in the listed fund of retro investment specialist Markel CatCo fell 25 percent in London trading today (06 December) as the firm revealed US and Bermuda authorities are looking into loss reserves recorded in late 2017 and early 2018 at CatCo and its subsidiaries.

Majority of $10bn+ wildfire damage to be covered by insurance: Aon

The majority of the losses stemming from the wildfires that ravaged parts of California last month will be insured, according to Aon.

AIR pegs Camp Wildfire insured losses at $6bn - $9bn

Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses from the Camp Fire in Northern California will be between $6bn and $9bn.

AIG to be hit with up to $800mn cat bill in Q4

US insurance giant AIG has said it expects to incur a cat bill in the region of $750mn to $800mn on a pre-tax basis in the fourth quarter.

Beazley on the hook for $40mn Cali wildfire losses

London insurer Beazley has pegged its loss bill for the 2018 California wildfires at $40mn net of reinsurance.

The Hartford pegs Q4 losses at up to $365mn

US insurer The Hartford has said it expects to pick up a loss bill of up to $365mn in the fourth quarter.

Loss creeps “challenging” alternative capital markets: Swiss Re

Escalating losses – such as the loss creep witnessed in the aftermath of Hurricane Irma in 2017 – have proved “challenging” for the alternative capital markets, Swiss Re has said.

Chubb pegs Michael losses at top end of estimates; expects wildfire losses up to $225mn

Insurance giant Chubb has said it expects Hurricane Michael – which slammed into the US Gulf coast in October – to result in a cat bill of up to $250mn.

Marriott to rival Merck as largest-ever affirmative cyber loss

Property Claim Services (PCS) has designated the Marriott cyber hack as a designated event amidst speculation that the hotel group’s cyber coverage could be in the region of $300mn.

AIR pegs Woolsey Wildfire insured losses at $2.5bn

Catastrophe risk modelling firm AIR Worldwide has estimated insured losses from the Woolsey Fire in Southern California will be at least $2.5bn.

Axa XL commits to using more ILS capacity to continue de-risking; raises profit targets

Axa XL will continue de-risking its cat exposures in 2019 through increased use of ILS, selective underwriting and more reinsurance purchasing, Axa XL CEO Greg Hendrick explained today.

Cali wildfire property losses estimated at $15bn to $19bn

The Camp and Woolsey wildfires which devastated California over the past two and a half weeks could cause $15bn to $19bn in residential and commercial losses, according to the property mapping firm CoreLogic.

Munich Re incurs major Ituango dam loss

Munich Re has incurred a substantial Ituango dam loss despite not being on original placement and was the principal reason for missing a Q2 P&C consensus earnings target by almost Eur300mn, Re-Insurance can reveal.

Markel CatCo share price falls to all-time low on NAV hit warning

Shares in the listed fund of retro investment specialist Markel CatCo fell nearly 30 percent in London trading today (22 November) as the firm revealed Q3 nat cats will generate a further hit to the net asset value (NAV) of securities in its London-listed fund.

Swiss Re estimates 2018 insured nat cat losses at $60bn

The (re)insurance industry is currently on course to incur circa $60bn of insured losses from 2018 cat events, according to Swiss Re’s head of insurance research.

The ILS juggernaut faces a bump in the road

It looks increasingly likely that the vast ILS market – estimated to have grown to a new record size of $98bn – will now plateau or even shrink slightly at year-end.

RMS pegs Cali wildfire insured losses up to $13bn

RMS estimates the total insured losses from the Camp and Woolsey wildfires which devastated parts of California last week will be between $9bn and $13bn.

Cal Phoenix Re cat bond priced as total loss

The $200mn Cal Phoenix Re Ltd ILS is being priced as an effective total loss in the secondary cat bond market which also suggests investors believe PG&E’s $1.4bn insurance program will be totalled by the ferocious Californian Camp fire.

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