Property catastrophe

Aon estimates 2023 insured nat cats at $118bn as protection gap rises to 69%

Aon has pegged insured natural catastrophe losses at $118bn for 2023, with perils traditionally considered as primary or peak – tropical cyclone, earthquake and European windstorm – accounting for just 14 percent of the total.

Perils ups Babet-Aline industry loss estimate to €683mn

Loss aggregator Perils has disclosed a second industry loss estimate of €683mn ($744.7mn) for the floods and storms caused by low-pressure systems Babet and Aline, which impacted the UK and northwestern Europe between 18 and 22 October 2023.

Aon pegs property and infrastructure losses from Icelandic eruption at $73mn+

Economic losses from the Sundhnúkur volcanic eruption in southwestern Iceland on 14 January are expected to total more than ISK10bn ($73mn), according to Aon.

Travelers secures $1.5bn of additional cover in expanded cat XoL treaty

Travelers has significantly expanded its corporate cat excess of loss treaty for 2024, with the US carrier securing $1.525bn of additional cover at this year’s 1.1 renewal.

Peak or non-peak? Redefining perils can better reflect risk profiles

Gallagher Re’s 2023 Natural Catastrophe and Climate Report is the latest to highlight the rising discontent with the use of primary and secondary terminology to differentiate between perils.

The era of record SCS loss: the broker perspective

Alexandra Glickman, Martha Bane and Robby Kunz from Gallagher Global Brokerage underline the risk mitigation strategies that insureds and insurers alike should consider in light of record-high losses from severe convective storms.

Allstate reveals $199mn personal auto-driven reserve charge for Q4

US personal lines giant Allstate has announced $68mn of estimated catastrophe losses and $199mn of prior year reserve re-estimates for the fourth quarter.

The protection gap minefield

In assessing the role that insurance plays – and could play – in mitigating global risks, few metrics hold as much promise as the protection gap. Unfortunately, discussion of the topic has been dogged by competing definitions and widely varying estimates of the gap’s size and importance.

Gallagher Re estimates 2023 nat cat protection gap at $234bn

Reinsurance broker Gallagher Re has estimated that 66 percent of global economic impacts from natural catastrophes were uninsured during 2023, indicating a protection gap of $234bn.

Swiss Re forecasts non-life premium growth of 8.3% in India by 2028

Total insurance premiums in India are forecast to grow by 7.1 percent in real terms over the next four years, above the global, emerging and advanced market averages, Swiss Re Institute has predicted.

CCR Re renews 157 Re sidecar for 2024

Paris-headquartered CCR Re has confirmed the renewal of its 157 Re collateralised reinsurance sidecar.

Allianz: Cyber tops global business concerns for third consecutive year

Cyber incidents, including ransomware attacks, data breaches and IT disruptions, have topped the Allianz Risk Barometer Survey for a third consecutive year.

Australia Christmas and New Year storm claims top 60,518: ICA

Australian insurers have now received 60,518 claims related to the Christmas and New Year storms which struck Queensland, New South Wales and Victoria, according to the Insurance Council of Australia.

Intact facing C$200mn cat hit in Q4 driven by UK storms

Intact Financial Corporation took an estimated C$200mn ($149.4mn) hit from catastrophe losses in Q4 2023, with the bulk coming from Storms Ciarán and Babet which tore across the UK in October.

Australian Cyclone Jasper claims rise above 6,300: ICA

Australian insurers have received more than 6,300 claims related to ex-tropical Cyclone Jasper which struck northern Queensland in mid-December, according to the Insurance Council of Australia.

Moody’s RMS estimates Japan earthquake insured loss at $3bn-$6bn

Moody’s RMS has estimated insured losses from New Year’s Day earthquake in Japan’s Noto Peninsula at between ¥435bn and ¥870bn, which follows fellow risk modelling firm Verisk’s estimate of property insured losses from the event at between $1.8bn and $3.3bn.

American Coastal renews AOP cat XoL tower for 9% lower cost

American Coastal Insurance Corporation has renewed its 1 January-incepting all other perils cat excess of loss cover with up to $100mn of limit excess of $10mn per occurrence.

Munich Re’s Rauch: Non-peak perils “on the way” to becoming peak perils

Although the volume of insured losses from natural catastrophe events was not particularly outstanding in 2023, it carried lessons for the (re)insurance industry because of the difference in the composition of losses, according to Munich Re’s Ernst Rauch.

Mid-sized events account for ~60% of $95bn nat cat losses in 2023: Munich Re

Natural catastrophe losses cost insurers approximately $95bn in 2023, down 24 percent year on year but above the 10-year average of $90bn, as the severity and frequency of mid-sized events continues to prove costly for the industry, according to Munich Re.

Guy Carpenter: Global property cat RoL index up 5.4% year-on-year

Guy Carpenter’s global property cat rate-on-line index increased by 5.4 percent at the 1.1 renewal – including a 5.25 percent rise in the US and 7.6 percent increase in Europe – which the broker said was driven by regional loss activity, structure adjustments and ongoing scrutiny of pricing adequacy.

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