Reinsurance broker Aon has warned that secondary perils are accounting for an increasingly significant portion of global catastrophe losses and pose notable challenges for insurance and reinsurance companies. While tropical cyclones often attract the most focus given the high financial toll that landfalling events can cause, losses from secondary perils cannot and should not be… Continue reading Aon Warns of Rising Secondary Peril Losses for Reinsurers
Tag: catastrophe losses
Travelers Catastrophe Losses Rise
Travelers Cos reported a loss in line with Wall Street expectations as net investment income dove lower from a year earlier and catastrophe losses rose. The property-casualty insurance company swung to a loss of $40 million, or 16 cents a share, compared with a year-earlier profit of $557 million, or $2.10 a share. The company’s… Continue reading Travelers Catastrophe Losses Rise
Aon Cat Report: Global Economy Absorbs $75B Natural Disaster Loss in 1H 2020
Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its Global Catastrophe Recap: First Half of 2020 report, which evaluates the impact of natural disaster events that occurred worldwide in the first six months of the year. Published by Impact Forecasting, Aon’s catastrophe model development… Continue reading Aon Cat Report: Global Economy Absorbs $75B Natural Disaster Loss in 1H 2020
Selective Insurance Reports Record Level of Catastrophe Losses for Q2
Selective Insurance Group, Inc. has revealed preliminary Q2 2020 pre-tax net catastrophe losses of approximately $83 million, stemming from numerous events designated by PCS during the period. The catastrophe events designated by PCS includes two April storms at a cost of $43 million and claims related to civil unrest across the U.S. of $18 million.… Continue reading Selective Insurance Reports Record Level of Catastrophe Losses for Q2
Berkshire Hathaway’s Reinsurance Division Falls to Loss in 2019
Berkshire Hathaway’s insurance earnings dipped in 2019 as reinsurance related businesses suffered and dragged that segment of the Warren Buffett owned conglomerate to a loss for the year. The Berkshire Hathaway Reinsurance Group fell to an underwriting loss of -$1.472 billion for 2019, worse than 2018’s -$1.109 billion. Impacting the insurance and reinsurance related businesses… Continue reading Berkshire Hathaway’s Reinsurance Division Falls to Loss in 2019
Chubb Announces Q4 2019 Global Net Catastrophe Loss Estimates of $430 Million Pre-Tax
Chubb Limited today announced net catastrophe loss estimates for the fourth quarter of 2019 of $430 million pre-tax, or $353 million after tax. The losses are primarily attributable to severe weather-related events around the globe including tornadoes in Texas, wildfires in California, and Typhoon Hagibis in Japan, as well as civil unrest in Hong Kong… Continue reading Chubb Announces Q4 2019 Global Net Catastrophe Loss Estimates of $430 Million Pre-Tax
Underwriting Discipline and Increased Pricing Helped Offset Elevated Losses for U.S. Homeowners Insurers
Despite above-average catastrophe losses in 2018, the underwriting performance of U.S. homeowners insurers benefited from rate increases, enhanced pricing segmentation and favorable reinsurance pricing in most markets, according to a new AM Best report. A new Best’s Market Segment Report, titled, “U.S. Homeowners Carriers Stand Firm Following a Myriad of Catastrophe Events,” states that homeowners… Continue reading Underwriting Discipline and Increased Pricing Helped Offset Elevated Losses for U.S. Homeowners Insurers
Hiscox Rocked by Natural Disasters in Third Quarter
Hiscox Ltd said a stormy three months has led to a net US$165mln hit to cover the impact of Typhoon Faxai, Typhoon Hagibis, and Hurricane Dorian. In a trading update, the FTSE 100-listed insurer said an “active claims environment” in the three months until the end of September meant it upped its reserves “materially in… Continue reading Hiscox Rocked by Natural Disasters in Third Quarter
Florida Doesn’t Know Why So Many Hurricane Michael Insurance Claims Are Still Open
Under Florida law, residential property insurers are supposed to pay their claims within 90 days. Yet 10 months after Hurricane Michael wiped out a swath of the Panhandle, the state’s insurance regulators can’t say how many of the more than 20,000 open claims are in violation of the law. At least as far back as… Continue reading Florida Doesn’t Know Why So Many Hurricane Michael Insurance Claims Are Still Open
Reinsurers Remain Resilient Despite Two Years of Heavy Natural Catastrophe Losses: Report
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches the latest edition of its Aon’s Reinsurance Aggregate (ARA) report, which analyses the 2018 financial results of 23 major reinsurers*. These companies represent around half of the world’s non-life reinsurance premiums and a large majority… Continue reading Reinsurers Remain Resilient Despite Two Years of Heavy Natural Catastrophe Losses: Report