Jefferies analysts reported that insured natural disaster losses are 48 percent higher than the long-term average as of the end of November, and 34 percent higher than the 10-year average. According to Jefferies, it now appears certain that insured catastrophe losses will be far higher than the annual totals for the previous three years, despite… Continue reading Catastrophe Claims 48% Above Average by End of November: Jefferies
Tag: catastrophe losses
The Hanover Estimates Third-Quarter Catastrophe Losses
The Hanover Insurance Group, Inc. today announced its preliminary estimate for third quarter catastrophe losses, based on information available to date, to be in the range of $150 to $165 million before taxes, or $119 to $130 million after taxes. The midpoint of the estimate is approximately $97 million above the company’s pre-tax third quarter… Continue reading The Hanover Estimates Third-Quarter Catastrophe Losses
Global Reinsurers Premium Rate Increases to Further Moderate in 2022
Global reinsurer underwriting performance is poised to improve in 2022 as premium rate increases take hold, with further rate increases supported by persistent heightened catastrophe losses, continued low interest rates and mounting inflation concerns, Fitch Ratings says in a new report. Nevertheless, concerns remain regarding deteriorating loss-cost trends, rising social inflation and litigation costs and… Continue reading Global Reinsurers Premium Rate Increases to Further Moderate in 2022
Smaller but More Frequent Catastrophes Loom Over Insurance Sector
Floods in Germany, ice storms in Texas and heat domes in the Pacific Northwest are focusing attention in the insurance industry on the cumulative damage wrought by clusters of second-tier catastrophes. Less devastating than mega events such as earthquakes and hurricanes, these secondary perils, as they are known in the industry, happen relatively frequently and… Continue reading Smaller but More Frequent Catastrophes Loom Over Insurance Sector
Insurers Were Hit by $89 Billion of Disaster Losses Last Year
Insurers were hit by $89 billion of losses from disasters in 2020, the fifth-costliest year for the industry in data going back five decades, according to a new report from Swiss Re. The reinsurer said the bulk of those costs, which were higher than the previous 10-year annual average of $79 billion, were from natural… Continue reading Insurers Were Hit by $89 Billion of Disaster Losses Last Year
Having Weathered 2020, Similar Challenges Persist for U.S. P/C Industry in 2021
Many factors that insurers encountered in 2020 likely will continue to impact the financial performance of the U.S. property/casualty (P/C) industry in 2021, with last year’s results reflecting a still-firm commercial lines pricing environment and higher-than-average catastrophe activity, according to AM Best’s annual Review & Preview market segment report. The new Best’s Market Segment Report,… Continue reading Having Weathered 2020, Similar Challenges Persist for U.S. P/C Industry in 2021
Munich Re’s Q3 Profit Falls as Man-Made Losses Exceed €1B
Reinsurer Munich Re has announced a decline in profit to €199 million for the third-quarter of 2020 as its major loss experience swelled to €1.5 billion and its property and casualty (P&C) business fell to an underwriting loss. Munich Re’s profit in Q3 fell from the €865 million posted for the same period in 2019,… Continue reading Munich Re’s Q3 Profit Falls as Man-Made Losses Exceed €1B
CNA Financial Improves Q3 Income Despite Heavy Cat Losses
Chicago-based insurer CNA Financial Corporation has reported an improved net income of $213 million for the third quarter of 2020 despite clocking an elevated $160 million of catastrophe losses for the period. Top line growth and higher investment income helped the company to beat an income figure of $107 million for Q3 2019, as well… Continue reading CNA Financial Improves Q3 Income Despite Heavy Cat Losses
RMS Estimates that Total Onshore U.S. Insured Losses from Hurricane Delta Will Be Between $2B-$3.5B
RMS, the world’s leading catastrophe risk solutions company, estimates total onshore U.S. insured losses from Hurricane Delta to be between $2bn and $3.5bn. The estimate includes losses to the National Flood Insurance Program (NFIP) of between $200m and $400m. U.S. insured loss estimates for Hurricane Delta (US$ billions): Wind & Surge Inland Flood NFIP Total… Continue reading RMS Estimates that Total Onshore U.S. Insured Losses from Hurricane Delta Will Be Between $2B-$3.5B
AIR Worldwide Estimates Insured Losses for Hurricane Delta Will be Between $1B and $3B
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Delta’s winds and storm surge will range from $1 billion to $3 billion. Hurricane Delta made landfall on October 9 around 6 p.m. CDT near Creole, Louisiana, as a Category 2 storm with sustained wind speeds of 100… Continue reading AIR Worldwide Estimates Insured Losses for Hurricane Delta Will be Between $1B and $3B