Travelers Co’s earnings rose in the first quarter as catastrophe losses fell and the insurance holding company had stronger gains from underwriting policies. New York-based Travelers, part of the Dow Jones Industrial Average, is among the largest sellers of insurance to U.S. businesses and sells car and home insurance to individuals and families. It is… Continue reading Travelers’ Profit Rises, Helped by Lower Catastrophe Losses
Tag: catastrophe losses
Hurricane Michael Was A Category 5, NOAA Finds
Scientists at NOAA’s National Hurricane Center have found that Hurricane Michael had an intensity of 160 mph when it made landfall at the Florida Panhandle last October. That means it was a Category 5 hurricane on the Saffir-Simpson Hurricane Wind Scale — just one of four such U.S. storms on record. Hurricane Michael had been… Continue reading Hurricane Michael Was A Category 5, NOAA Finds
Secondary Perils to Wreak Evermore Natural Catastrophe Devastation Globally: Swiss Re
The catastrophe loss experience of the last two years is a wake-up call for the insurance industry, highlighting a trend of growing devastation wreaked by so-called “secondary” perils (independent small to mid-sized events, or secondary effects of a primary peril). Insured losses from natural catastrophes in 2018 were USD 76 billion, the fourth highest one-year… Continue reading Secondary Perils to Wreak Evermore Natural Catastrophe Devastation Globally: Swiss Re
Multiple Smaller Catastrophes Deliver Average Insured-Loss Year in 2018: Willis Re
Insured losses from major natural catastrophes in 2018 totalled roughly $71.5 billion, only slightly more than the annual average since 2011, but the third-highest total during the eight-year period, according to the Summary of Natural Catastrophe Events 2018 report, published today by Willis Re, the reinsurance division of Willis Towers Watson, the leading global advisory,… Continue reading Multiple Smaller Catastrophes Deliver Average Insured-Loss Year in 2018: Willis Re
Fitch Ratings: November Wildfires Expected to Have Modest Impact on YE P/C Results
In Fitch Ratings’ recently published 2019 property/casualty outlook, our estimate of the overall industry combined ratio for the year is projected at 99%, including catastrophe losses from the fourth-quarter California wildfires. While gross insured losses from the fires have been significant, a considerable amount of these losses are expected to be ceded to various global… Continue reading Fitch Ratings: November Wildfires Expected to Have Modest Impact on YE P/C Results
AIG Hit with $750M-$800M Q4 Catastrophe Losses: CEO Reports
American International Group Inc has racked up an estimated $750 million to $800 million in catastrophe losses so far during the 2018 fourth quarter, its chief executive officer said on Wednesday. Still, the company’s general insurance unit is on track to enter 2019 “at a slight underwriting profit,” AIG CEO Brian Duperreault said at the… Continue reading AIG Hit with $750M-$800M Q4 Catastrophe Losses: CEO Reports
Everest Re Announces Preliminary Estimate of Net Catastrophe Losses for Q3
Everest Re Group, Ltd. announced a preliminary pre-tax catastrophe loss estimate for the third quarter of 2018 of $240 million, net of reinsurance. The estimate includes third quarter 2018 losses from Hurricane Florence, California wildfires, Typhoon Jebi, Typhoon Trami and Japan floods. Commenting on these events, Dom Addesso, the Company’s President and Chief Executive Officer,… Continue reading Everest Re Announces Preliminary Estimate of Net Catastrophe Losses for Q3
Aftermath of Hurricane Florence Estimated to Have Caused Between $20 and $30 Billion in Flood and Wind Losses
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced updated residential and commercial flood and wind loss estimates for Hurricane Florence. According to this new data analysis, flood loss for residential and commercial properties in North Carolina, South Carolina and Virginia is estimated to be between $19 billion and $28.5 billion… Continue reading Aftermath of Hurricane Florence Estimated to Have Caused Between $20 and $30 Billion in Flood and Wind Losses
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