Te Impact Forecasting division of insurance and reinsurance broker Aon has issued a preliminary estimate for first-quarter 2023 insured global catastrophe losses, putting the total at around $15 billion.
Tag: catastrophe losses
Allstate Catastrophe Losses for January at $307M
Allstate today announced estimated catastrophe losses for the month of January of $307 million or $243 million, after-tax.
Gallagher Re Pegs 2022’s Insured Nat Cat Losses at $140B
Reinsurance broker Gallagher Re has published its view of 2022’s global natural catastrophe activity and it estimates insured losses from these events aggregate to a cost of $140 billion for the industry.
Reinsurers Hike Rates by As Much As 200%
Reinsurers hike rates on key business lines by as much as 200% from Jan. 1.
Woodruff Sawyer: Property Rates Rise and the Cyber Market Improves: Q3 2022
According to an updated commercial lines report from insurance brokerage firm Woodruff Sawyer, the number and severity of named storms, as well as where and when they make landfall, will have an effect on property premiums for the rest of the year and into the following year.
Chubb 3Q Profits Hit by Hurricane Ian Claims
Chubb reported $1.16 billion in catastrophe costs, including $975 million from Hurricane Ian, net of reinsurance. That was roughly in line with the previous year, which was also a difficult quarter for property insurers.
AIG Boosts Profit as Catastrophe Losses Narrow, Premiums Increase
American International Group Inc. posted strong gains in first-quarter profit, benefiting from reduced catastrophe losses, growth in new business and premium-rate increases. The AIG results reflected the turnaround of the company’s business of selling property-casualty insurance to corporate clients world-wide. The overhaul has been led by Peter Zaffino, who took over as chief executive in… Continue reading AIG Boosts Profit as Catastrophe Losses Narrow, Premiums Increase
Aon: Catastrophe Losses for Insurers to Top $14 Billion for Q1 2022
Catastrophe losses for private and public insurers will exceed $14 billion in the first quarter of 2022, according to a new report from re/insurance broker Aon. Catastrophe Recap states that total economic losses in Q1 2022 were $31 billion worldwide, with just under half of this covered by public and private insurers. The company also… Continue reading Aon: Catastrophe Losses for Insurers to Top $14 Billion for Q1 2022
AM Best: Cat Loss Experience Remained Significant in 2021
Despite another year of record catastrophe bond issuance, the global insurance-linked securities (ILS) market remains burdened with prior catastrophe losses, a decline in assets under management for some prominent ILS funds, and a drop in overall performance of ILS funds, according to AM Best analysts. that 2021 saw significant catastrophe loss experiences, while secondary peril… Continue reading AM Best: Cat Loss Experience Remained Significant in 2021
Despite Catastrophe-Driven Underwriting Loss for P/C Industry, Insurers Still Able to Grow Surplus
AM Best is estimating an underwriting loss for the U.S. property/casualty (P/C) insurance industry in 2021, driven by above-average catastrophe losses, increased secondary perils and a rebound in auto frequency. However, given carriers’ solid risk-adjusted capitalization and persistent underwriting and pricing discipline, the industry was able to limit losses and generate surplus growth. In its… Continue reading Despite Catastrophe-Driven Underwriting Loss for P/C Industry, Insurers Still Able to Grow Surplus