Allstate Corp. said it incurred an estimated $343 million in pretax catastrophe losses from activity in March, raising the total for the first quarter to $731 million from $1.69 billion in the prior-year period.
Tag: cat losses
Florida to Borrow Billions to Backstop Insurers After Hurricanes
The state corporation that oversees the Florida Cat Fund is planning to borrow as much as $3.8 billion to ensure the fund has plenty of money on hand to reimburse property insurers for losses when homes are damaged or destroyed by hurricanes.
Argo Falls to Q3 Underwriting Loss Amid Elevated Cat Losses
Argo Group International Holdings, Ltd. has reported a net loss of $31.6 million for the third-quarter of 2020 and an operating loss of $11.9 million, while the company’s combined ratio improved slightly, year-on-year, to 110.7%. For the nine month period ended September 30th, 2020, Argo has reported a net loss of $56.8 million compared with… Continue reading Argo Falls to Q3 Underwriting Loss Amid Elevated Cat Losses
Hannover Re Misses Combined Ratio Target as Large Losses Impact Q3 Results
German reinsurer Hannover Re has posted strong growth in its net income over the first nine months of 2019, but its combined ratio (CR) missed targets due to the large losses incurred during the third quarter. At September 30, Hannover Re’s net income for 2019 stood at €1.0 billion, representing a 38.3% increase when compared… Continue reading Hannover Re Misses Combined Ratio Target as Large Losses Impact Q3 Results
Evolution of ILS As An Established Asset Class Continues Its Momentum While Facing Next Sage of Development
End investors, Insurance-Linked Securities (ILS) funds, and buyers – the three groups active in ILS – have predominantly weathered 2017 loss activity with a view that reinsurance products backed by ‘alternative’ capital have become mainstream, according to a new Global ILS Market Survey by Willis Towers Watson, the global advisory, broking and solutions company. The… Continue reading Evolution of ILS As An Established Asset Class Continues Its Momentum While Facing Next Sage of Development
Florida Freezes Insurance Rates for 90 Days After Michael
Gov. Rick Scott on Sunday directed the state’s top insurance regulator to freeze any potential property-insurance rate increases for 90 days as homeowners and businesspeople grapple with massive damage from Hurricane Michael. Scott also directed Insurance Commissioner David Altmaier to require rescinding for 90 days all policy non-renewals or cancellations that had been issued in… Continue reading Florida Freezes Insurance Rates for 90 Days After Michael
Moody’s Pegs Florence’s Economic Cost at $38 Billion to $50 Billion
After a week of heavy rains and record flooding, initial estimates for the damage that Florence wrought on the Carolinas rank the storm among history’s top hurricanes, but far below last year’s trio of powerful cyclones. Moody’s Analytics on Friday estimated the economic cost of Florence to be between $38 billion and $50 billion including… Continue reading Moody’s Pegs Florence’s Economic Cost at $38 Billion to $50 Billion
Allstate Reports Cat Losses of $186M for August 2018
The Allstate Corporation, one of the largest primary insurers in the U.S, has reported estimated catastrophe losses of $186 million pre-tax ($147 million after-tax) for the month of August 2018. Catastrophe losses consisted of 16 events that cost an estimated $137 million pre-tax, as well as unfavourable reserve re-estimates for prior catastrophe losses. Allstate said… Continue reading Allstate Reports Cat Losses of $186M for August 2018
FEMA Overwhelmed by Hurricanes and Wildfires in 2017, According to GAO
The back-to-back devastation of hurricanes Harvey, Irma and Maria, followed by catastrophic wildfires in California, overwhelmed federal disaster responders in 2017, according to a government report released Tuesday. The unprecedented sequence of storms and fires forced Federal Emergency Management Agency staff to jump from one disaster to another and in some cases use uncertified workers… Continue reading FEMA Overwhelmed by Hurricanes and Wildfires in 2017, According to GAO
ILS Investor Appetite Uninhibited by Recent Losses: Swiss Re
Global reinsurance giant Swiss Re has noted the continued and increased appetite of insurance-linked securities (ILS) investors to allocate capital to the sector, despite recent losses and potential ongoing loss development from 2017’s catastrophe events. The Switzerland-based reinsurer’s Capital Markets unit has released its H1 2018 ILS report, which, explores issuance in the first-half of… Continue reading ILS Investor Appetite Uninhibited by Recent Losses: Swiss Re