Fast-growing cyber market brings opportunities and threatsWith cyber the fasting growing line of insurance business in modern history, Guy Carpenter’s CEO of International James Nash talks to Re-Insurance about how cover is evolving to keep pace with the changing market…
RMS pegs Michael insured losses at upto $10bnGlobal risk modeling and analytics firm, RMS has estimated that the insured loss from Hurricane Michael will be between $6.8bn and $10bn
AIR pegs Hurricane Michael losses at up to $10bnAIR Worldwide has estimated that industry losses resulting from Hurricane Michael’s winds and storm surge at up to $10bn.
Hurricane Michael hit shares recover despite global sell-offDespite the global sell-off in equities that continued today, there was a modest rally in US-listed (re)insurance stocks that fell yesterday on fears of a significant Hurricane Michael insured loss hit.
Florence insured losses could hit $5bn: RMS Modelling firm RMS has estimated that insured losses from Hurricane Florence will be between $2.8bn and $5bn.
AIR pegs Florence wind and storm bill at up to $4.6bnAIR Worldwide has said insured losses stemming from Hurricane Florence’s winds and storm surge will range from $1.7bn to $4.6bn.
KCC pegs Florence losses at $2.5bnModeling firm Karen Clark & Company has said losses from Hurricane Florence, which battered the Carolinas over the weekend, are set to reach up to $2.5bn.
Flood: A Growth Opportunity or a Profit Drain?Maurizio Savina, director, product management, RMS says flood loss events are increasing but so is the industry’s understanding of exposures.
Florence bears down on the Carolinas as Cat 4 hurricaneHurricane Florence continues to strengthen and an ”historic” landfall in the Carolinas, where State Farm dominates the homeowners market.
Fears mount over scale of Typhoon Jebi lossTyphoon Jebi, which pounded Japan last week, looks set to hit the lower layers of the cat excess of loss treaties bought by the Japanese “big three” insurers MS&AD, Tokio Marine and Sompo Japan Nipponkoa.
Reserve releases continue to bolster carrier’s profitability: Willis ReReinsurers continue to rely on reserve releases to support profitability, according to Willis Re.
State Farm and Heritage control storm-warned Hawaii’s homeowner marketUS giant State Farm dominates almost a third of the $383.6mn homeowner’s market in Hawaii, which stands in the path of Category 3 Hurricane Lane.
FHCF lowers attachment point for $1bn coverFlorida’s Hurricane Catastrophe Fund (FHCF) has lowered the attachment point for its $1bn cover, of which Renaissance Re wrote more than a third.
IAG increases reinsurance spend by almost half in 2018Australia’s second-largest insurer IAG said it is experiencing “modest upwards pressure on reinsurance rates” as the firm published its FY results to June 2018.
Underwriters must adapt to ‘new normal’ in California: AM BestInsurers need to change the way fire perils in California are modelled and underwritten in the wake of wildfires that have taken hold across the state, according to AM Best.
Munich Re falls to P&C underwriting loss in Q2German powerhouse Munich Re’s property and casualty reinsurance division was pushed to an underwriting loss in the second quarter as a significant bill for man-made disasters sent its combined ratio over 100 percent.
De-risking dominates in Q2 reporting seasonAfter last year’s painful losses, de-risking is the flavour of the day as (re)insurers reduce their cat aggregates, buy more reinsurance and retro and slash underperforming business lines.
Aon adds to $1bn+ Carr wildfire loss estimatesInsured losses stemming from the Carr wildfires that continue to ravage parts of North California could burn through the $1bn threshold, according to Aon’s Impact unit.
XL begins de-risking ahead of Axa takeoverXL Group has accelerated the de-risking of its book by ceding more business to reinsurers and significantly reducing its maximum loss exposures to US cat events, re-Insurance.com’s analysis of the Bermudian firm’s second quarter results shows.
2017 losses will no longer engage The Hartford cat agg programThe Hartford will no longer benefit from recoveries under its 2017 catastrophe aggregate treaty as its gross loss estimates have declined throughout the year.