Major losses
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A claim on that scale would test the market in ways it has never seen.
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CyberCube expects ransomware attack to impact both large and SME accounts.
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Social inflation is driving “cat-type” losses, with an increase in $50mn-plus verdicts.
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The complexity of the incident and US location point to one of the largest ever marine losses.
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The value of the bridge is estimated at $1.2bn.
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A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
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Economic and insured losses could rise depending on future damage assessments.
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The mutual’s AM Best FSR rating is under review with negative implications.
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Loss ratios and surplus improve for the group, but don’t guarantee this is a turning point.
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A January freeze saw temps drop to close to -50°F.
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Slide, American Integrity, and Security First were approved.
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Insured loss estimates are not yet available.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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The US tallies $97bn in economic losses from major perils each year.
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The agreements emerged from a mediation process.
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Two events comprised approximately 80% of the losses.
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Rainfall over the weekend was a “one-in-1,000-year” event, according to UCLA.
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A so-called atmospheric river effect is behind the severe weather.
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Cat losses and inflation weakened the company’s operating performance.
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Corvus reported a 34% rise in the number of active ransomware gangs.
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Over $1bn in claims had been paid as of November 30, 2023.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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More than three-quarters of the losses came from the firm’s UK&I line of business.
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Blandford noted that there is more willingness to deploy capacity compared to last year, a function of orderly January 1 renewals bringing in more capital and the absence of a major hurricane or wildfire in 2023.
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The year was characterised by several severe and costly thunderstorms.
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No single event drove that number, but the country experienced a record 23 events with insured losses above C$30mn.
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While there’s no evidence that SCS activity is climbing beyond normal bands of variability from a frequency perspective, emerging data signifies that severity could be ticking up.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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Carriers aren’t calling off their retreat from the market until tangible, actionable regulations emerge from commissioner Lara’s camp, sources told this publication.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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David Howden, founder and CEO of Howden, said his proposed method of minimising loss is “entirely non-political” and provides guaranteed funds, as well as certainty and the confidence to invest.
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Missouri-based Cameron Mutual and Arkansas-based United Home Insurance Company were placed into court-ordered liquidation this week after struggling to pay claims from severe convective storms.
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Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.
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The number of disasters costing $1bn or more during the period is the highest on record.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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Insurers have paid out $673.3mn in claims through September 30 for residential losses related to the August fires.
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APCIA's annual meeting last year took place during the post-Hurricane Ian stand-off, but despite the greater calm and certainty surrounding the run-up to this year’s January 1 renewal, there are several key themes to debate at the event.
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Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
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Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets.
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Verisk said the majority of the insured losses can be attributed to wind damage.
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The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
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More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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The economic losses from the event are expected to exceed $10bn, the report added.
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A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Videos and messages posted to social media show widespread devastation caused by the Category 5 hurricane.
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The company’s Q3 cat losses fell 77% to $170mn, compared to $730mn in the prior year quarter.
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Flights had been suspended into Acapulco after the storm rapidly intensified and made landfall at Category 5 strength.
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By region, convective storms in the US alone accounted for 60% of global insured losses.
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The carrier’s cat loss estimate for Q3 2023 is more than twice Q3 2022’s $90.1mn, which included $28mn attributable to Hurricane Ian.
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In 2022, Texas ranked third in incurred losses behind Florida and California, clocking in at $53bn, according to data from the Insurance Council of Texas.
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During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
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The new number, an update from the C$570mn ($419mn) estimate reported on August 31, reflects non-weather events.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
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If the claim does indeed pay out, it has been suggested it will be the largest in R&W market history.
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The company’s Las Vegas casinos were hit by a cyberattack last month where employee login details were stolen.
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Wildfires in British Columbia were the largest of 11 catastrophe losses for the insurer.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Losses from the Maui wildfire include a modest amount of reinsurance recoveries from the Per Risk reinsurance program, while losses from Hurricane Idalia were fully retained.
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The summer wildfires are the costliest insured event on record for the province, and the tenth costliest in Canada’s history.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
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Standfirst: Loss data going back to 2000 reveals that severe convective storm plays an “ever more important role” in cat losses.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Administered by FEMA, the NFIP holds 4.7 million policies in force and provides $1.28tn in coverage across 56 US states and jurisdictions.
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Gallagher Re’s chief science officer warned that US SCS activity will keep rising.
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A number of the largest hurricanes have come post-peak, but the industry remains well capitalized.
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Cities from 22 US states are classed as high risk for damaging civil unrest as measured by Maplecroft’s new SRCC predictive model.
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Following the 2017 Tubbs Fire and the 2018 Camp and Woolsey fires, insurers cumulatively paid out more than twice as much in claims and expenses as they collected in premiums for both years.
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This is the third straight summer Alberta has been hit with significant insured damage from hail, wind and rain, noted IBC VP Aaron Sutherland.
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The average loss for the six-month period was $365,000, which represents a 117% increase year on year and a 61% increase from H2 2022.
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According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.
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With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.
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Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.
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European and Bermudian reinsurers are expected to be the most favorably affected by the current environment.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The carrier is one of a number of small firms with heavy concentration in Hawaii.
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Inside P&C’s news team runs you through the key highlights of the week.
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The insurance company had set out plans last summer to expand its market share in Florida.
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Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.
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The carrier’s personal property business experienced the vast majority of the losses.
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Floridians will bear the brunt of Idalia's losses as a retention event, but reinsurers will reap the benefits of pricing.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
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The analytics firm said that the majority of insured losses will be attributable to wind.
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Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
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Inside P&C’s news team runs you through the key highlights of the week.
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The market has passed a watershed around the apportionment of losses for attritional cat events between insurers and reinsurers.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The estimated losses relate to a number of events in July and August, none of which met the threshold for reinsurance under Intact's catastrophe treaties.
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However, there are still two months to go before hurricane season is over, and we haven’t hit the peak yet.
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Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
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The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.
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The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
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Subsidiary Aearo filed suit in June in Delaware to seek determination of coverage under its policy, while 3M has placed all of its carriers on notice, executives said in a call with investors Tuesday.
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The figure – which is not a loss estimate – would be consistent with early views of a sub-$10bn insured loss.
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The storm will weaken further, but remain a hurricane as it passes through Georgia and the Carolinas.
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The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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Parts of Tampa, as well as Georgia and the Carolinas, now face dangerous conditions.
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“The Tampa Bay scenario of major hurricanes is mainly off the table at this point”, according to the report.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
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The storm is set to become an “extremely dangerous major hurricane” by landfall on Wednesday.
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The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
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A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
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The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.
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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Large carriers with geographic spread across the continental US will have the capital and reinsurance coverage to absorb losses related to the wildfires, according to AM Best.
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The agency put insured property values in the burn footprint at $2.5bn to $4bn, which marks an uptick compared to Moody’s estimate from last week, when the agency pegged insured losses at around $1bn.
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
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"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.
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Data from the NHC shows that maximum sustained winds are near 65mph, with higher gusts.
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Earlier this afternoon, San Diego County issued a tropical storm warning related to Hilary – the first in its history.
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Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.
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Inside P&C’s news team runs you through the key highlights of the week.
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The Cat-4 storm is likely to weaken as it approaches the California coast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
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Allstate reported cat losses of $1bn and $885mn for June and May.
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The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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Nearly two years since the start of the program to lift NFIP rates, (re)insurers remain hesitant to fully commit to flood.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
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The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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Fires haven’t progressed to the north or south coasts of Maui yet, where a number of high-end hotels are located, sources said, although depending on fire direction they still could.
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Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Thursday’s update pegs the likelihood of near-normal activity at just 25%, a decline from the 40% chance outlined in May's outlook.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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“It’s safe to say the loss could be the highest since Hurricane Iniki in 1992,” which in today's dollars would be $3.3bn of insured losses, Andrew Siffert, SVP and senior meteorologist with broker BMS told Inside P&C Wednesday.
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The company also expects to record an after-tax goodwill impairment charge of approximately $45.5mn following a strategic review of its personal insurance business.
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The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
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Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Most storms affecting Selective’s results were in the Midwest and on the East Coast, and none were large enough to attach to its catastrophe reinsurance treaty.
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The risk of US wildfire in 2023 is expected to be lower than in recent years, except in the Pacific Northwest, namely Oregon, Washington and Montana, according to analytics firm ZestyAI.
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The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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Losses stemmed from 19 convective storms across multiple states, with hail damage representing the majority of reported losses, primarily impacting the personal lines segment.
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The loss tally comes in 39% above the average for the 21st century.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The utility previously bought a $1bn policy from the (re)insurance market.
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Nearly half the losses in the Canada segment were attributable to wildfires, with the greatest financial impact coming from Atlantic Canada.
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The state of Texas in particular has experienced an unusual amount of severe weather.
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Modeling from risk analytics firm Verisk estimates that US insurers may take on anywhere from $40bn to nearly $180bn in ground-up losses.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The bureau reported that based on total counts, nearly 90% of claims related to the wildfire, which lasted from May 28 to June 4, were filed in the homeowners market.
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The 7.8 magnitude earthquake struck southern Turkey and northern Syria on 6 February, followed by a series of aftershocks.
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The carrier’s legacy business reported pre-tax losses of $56.6mn, while its Accredited business recorded a pre-tax profit of $55.7mn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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It is the first time since 1993 following Hurricane Andrew the association is selling these types of bonds, according to Bloomberg.
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The firm says hail alone is estimated to make up 95% of losses, making it one of the biggest hail losses in history.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The $49.4bn number remains below a critical ILW threshold.
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New homeowners' policies in wildfire-prone areas will have to flow to the non-admitted market or the state’s last resort, the California Fair Plan.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.
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The National Hurricane Centre said the Lesser Antilles, Puerto Rico and the Virgin Islands must be vigilant.
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The total value of lightning-caused US homeowners claims was $952mn last year, down from $1.3bn in 2021.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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An unusual confluence of factors created almost daily storms.
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The carrier said 70% of the claims stemmed from two wind and hail events.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Hot and dry weather in the summer and fall is also a conditional factor.
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Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.
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The loss for the month was 60% comprising losses from two wind and hail events.
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With social inflation increasing since Covid, ProAssurance’s recent announcements could be the tip of the iceberg for older claims in the industry.
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Sources said the placement is led by FM Global, but exposure is spread between the US and London property markets.
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The carrier will continue to push for more auto rates through 2023 as drivers of severity continue to persist.
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The auto insurer’s results were adversely impacted by prior-year claim reserve additions and catastrophes.
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The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Losses stemmed from over 20 weather events, including severe freezes in February and widespread wind and tornadic activity in mid- to late March.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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Total economic losses came in well above average, driven by the earthquake in Turkey.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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High tornado activity at the end of the quarter is expected to add to the claims toll.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.
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Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.
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2022 statutory data is now available, and results show winners and losers
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Highlander has $300mn of insurance coverage, placed by Ed Broking and led by Munich Re Syndicate.
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The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages.
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The cost of living, government distrust, polarisation, activism and climate all pose heightened risk.
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More than 239,000 insurance claims relating to the event have been lodged, according to the ICA.
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Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.
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Of those, around $309mn were associated with nine events primarily in Texas and California, partially offset by favorable reserve re-estimates for prior events.
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The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
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The move fits the broader strategy around dampening volatility, but sourcing capacity in the US domestic market will be tough.
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More than 140,000 homes are without power, while buildings and roads have been destroyed.
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A state of emergency has been declared in the country for only the third time in its history.
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The move follows the company’s loss estimate increase to $1.54bn from a preliminary estimate of $1bn.
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The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.
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The firm recorded a $282mn reserve charge in the quarter, of which $180mn was related to an increase in personal auto claim frequency attributable to prior accident years.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The intermediary tallied $360bn in economic losses worldwide.
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The Elliott losses were offset by less severe storms and favorable loss reserve development on previous catastrophe events, primarily ones that occurred in 2022.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The loss aggregator pegged the loss figure at A$791mn in its initial claim estimate.
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The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.
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Total economic losses are likely to be between $5bn and $7bn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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In its preliminary Q4 earnings announcement, the carrier estimated a combined ratio of 94.7% for the quarter.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
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The federal flood program expects ultimate losses to reach between $3.5bn and $5.3bn.
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The carrier expects to report core income of $810mn, or $3.40 per diluted share, for the quarter - missing analyst consensus.
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Larger, better performing, more diversified and more E&S-heavy insurers will be better able to prosper in a more volatile environment.
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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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Canadian windstorms and freezing conditions in the UK led to the losses.
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The losses include damage to homes, businesses, infrastructure, facilities, roadways and vehicles, as well as BI losses.
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Atmospheric rivers are expected to bring further severe weather into next week.
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The state is contending with flash flooding, mudslides, rockslides, power outages and high winds.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The settlement is welcome news for the loss-hit downstream market, where there were fears of a claim as high as $1.3bn.
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Natural disasters in North America destroyed assets worth around $150bn, of which roughly $90bn were insured.
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The increase mainly stemmed from an influx of personal property claims.
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Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The largest loss of the year outside the US was the Australia flooding in February and March.
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Guy Carpenter’s note echoed modelers’ views that Elliott will not be comparable to the losses inflicted by Storm Uri last year.
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Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.
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KCC is predicting insured losses across 42 states, with the worst affected being Texas, Georgia, Tennessee, North Carolina and New York.
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The city of Buffalo in New York state was worst impacted, but power was also knocked out in areas stretching from Maine to Seattle.
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The NOAA has warned of blizzards, flash-freezing, dangerous wind chill and sub-zero temperatures.
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The update to the October figure implies the ultimate number will comfortably breach the $50bn mark.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The updated loss and allocated loss adjustment expenses in the property segment from the hurricane is now $1bn.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Severely distressed, cat-exposed E&S property accounts could even face 100% price increases, while retentions move significantly upwards.
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The carrier forecasts to incur a pre-tax $51mn-$56mn restructuring charge in Q4 and the remainder in 2023.
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Swiss Re said a loss-heavy 2022 adds to a continuation of elevated cat losses that started in 2017, after a benign period from 2012 to 2016.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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With weaker economic growth and competitive pressures hindering insurers' efforts to push through offsetting price increases, the ratings agency expects the sector's underwriting profitability to weaken.
-
Inside P&C’s news team runs you through the key highlights of the week.
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The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
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2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.
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Comparatively, the public insurer had closed 7% of its claims as of October 24.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The pay-out figure has nearly doubled over the last two weeks.
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The organisation has now recorded 640,496 claims, most of which were for residential property.
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Third-quarter statutory data reveals premium growth, worsening loss ratio because of increased loss cost trends and Hurricane Ian.
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Most claims so far have been for damage to residential property.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
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The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.
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The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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The program has paid out $437mn to policyholders so far.
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According to the latest reports, around 110,000 customers have been left without power in Florida as Nicole makes its way across the state.
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Floridians had a hard quarter, but they are fighting to regain stability after Ian.
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The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.
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The NHC has warned of a large storm with hazards extending across the state.
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The storm will hit a state already devastated by Hurricane Ian, which has eroded the capital of local carriers.
-
Inside P&C’s news team runs you through the key highlights of the week.
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The personal lines giant is closely watched as a bellwether for the size of the overall homeowners loss.
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Private equity is cautious around even the hard market opportunity in cat.
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Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.
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Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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UFG’s cat losses represent 11.4 points of its third quarter combined ratio, which is expected to rise to 110%-114%.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
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The two specialty insurers reported strong Q3 2022 earnings, continuing to outperform the commercial industry in underwriting gains and value creation.
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The charge included the carrier’s $80mn retention and $35mn of reinstatement premiums.
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The company added that the level of Ian losses represents its efforts to reduce its catastrophe exposures.
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The average impact of Ian on shareholder equity was higher for Floridians (25.5%) than European reinsurers (7.4%) and Bermudians (6.5%).
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Nearly two-thirds of the Florida claims are homeowners and business claims (272,465), and the remaining are personal automobile claims (151,892).
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The company does not expect to recover any of these losses under its reinsurance programs.
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The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The market is waiting to see if the loss deterioration changes soft dynamics that were developing in the key Q4 all risks renewals.
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The estimate anticipates a full retention loss of $12.5mn from Hurricane Ian.
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The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.
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The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
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Sources estimated potential losses incurred by Coldeco at $400-$500mn, by Arauco at $100mn-$150mn and by CMPC facilities at $100mn.
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The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
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The firm reported better than anticipated earnings factoring in Ian, but a slowing economy could cloud the outlook.
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The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.
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The estimate is driven by $540mn of losses attributable to Hurricane Ian.
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The reinsurer attributed $600mn to Hurricane Ian, based on an estimate that the total insured industry losses would come to approximately $55bn.
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Many homeowners are likely to see a significant portion of uninsured water damage despite roughly 30%-45% having NFIP coverage in certain areas.
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More than half of insured losses came from Nova Scotia.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.
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Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.
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A challenging legal atmosphere and drift in loss cost components add difficulty to the task of tallying ultimate losses.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.
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The state-backed insurer's claims tally was just over 47,000 this morning.
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The carrier is the latest in a string of primary insurers to provide loss estimates.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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So far, the company has received nearly 12,000 claims associated with the storm.
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Hurricane Ian, interest rate impact and the cooling economy will be the main themes this earnings season.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The insurer has received roughly 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims.
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Normalized cat returns of 25%-30% do not seem to be persuading reinsurers to dial up risk.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
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Insurers are expecting two waves of claims from Hurricane Ian, the first within 30 days from landfall and the second spreading out for up to two years after the storm.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Florida carrier suggested that Ian will not exhaust the state’s reinsurance Cat Fund.
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The state insurance body received reports of 375,293 claims as of 6 October.
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Inside P&C’s news team runs you through the key highlights of the week.
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The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
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The company expects between 20,000 and 25,000 claims, which will total roughly $300mn in gross losses and $6mn in net losses.
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As of October 4, Fema has received more than 25,000 claims and pushed out over $3.5mn in advance payments in Hurricane Ian affected states.
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As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Auto insurers look set to generate a larger share of losses than with most US wind events.
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The loss estimate does not include litigation or claims below the deductible.
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The market is split on their view of flood losses in particular – but in projections of a hard market, the different groups are united.
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KCC has added a loading for litigation costs to the storm loss estimate for the first time.
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Other firms such as Lexington, QBE and Zurich ranked among the top 20 underwriters in the six counties with highest exposure to Ian.
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Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.
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In regions such as Florida, a balance must be found between consumers, regulators and insurance companies, according to Will Garland, president of Guy Carpenter’s Centers of Excellence.
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Some reinsurers are in “business as usual” mode after Hurricane Ian, while others are pausing to assess the event, as it is too early to tell how cat risk appetite will change, the broker said.
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The broker’s global head of catastrophe management Dan Dick said that a realistic view on Ian’s loss suggests it would remain an earnings event for (re)insurers.
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RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
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Constraints in rebuilding supplies and contractors, inflation and post-event litigation will be key loss amplification drivers.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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Most of the losses will come from wind damage, while storm surge and inland flooding could account for up to $6.5bn in total.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The storm, which made landfall as a Category 1 hurricane, has now been downgraded to a post-tropical storm.
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KCC previously issued a $32.5bn number in a private client advisory based on Ian's Tuesday track.
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Governor DeSantis confirmed that the bridge will need structural rebuilding. A group of 100 engineers are on site to do inspections.
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The National Hurricane Center noted that Ian should weaken rapidly after landfall and transition into a post-tropical cyclone overnight.
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The modelling firm’s Thursday guidance based on prior hurricanes spanned $20bn-$88bn, compared to $12bn-$83bn the previous day.
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Inside P&C’s news team runs you through the key highlights of the week.
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In 2022, the NFIP placed reinsurance with 28 private companies - including 13 Lloyd’s syndicates.
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Key questions include whether this is bad enough to trigger real change in Florida, and how elastic cat treaty capacity is to price.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The figures include both wind and storm surge losses.
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The National Hurricane Center has issued hurricane, tropical storm and storm surge warnings for a variety of locations.
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The event will be a combination of all three perils – wind, storm surge and precipitation-induced flooding – says meteorologist Jeff Waters.
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The software company also reported that the Gasparilla Marina in Boca Grande has suffered significant damage.
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Speaking on a panel at Trading Risk New York, Montero said that the previous guidance was assuming a track closer to Tampa.
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RMS released event sets with a $12bn-$80bn range, while AIR put out an event set spanning $20bn-$64bn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Georgia, Virginia and the Carolinas have declared a state of emergency as the storm moves north.
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Of the 73 units, 68 are cargo ships and five are tanker vessels, according to Skytek’s analytics platform React.
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The storm made landfall Wednesday with maximum sustained wind speeds of 150 mph at 15:05 ET.
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NHC discontinued warnings of hurricane and storm surge for the Dry Tortugas.
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The storm’s likely quantum is still highly contested, but all scenarios are challenging for Florida homeowners and cat treaty writers.
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Hurricane Ian is currently moving north-northeast at 9 mph, 1 mph below the speed registered in NHC’s update earlier today at 08:00 ET.
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The storm has sped up considerably over the past six hours.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Storm surge may be felt in Tampa even if Ian does not land in the city.
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In addition, Skytek reported 280 hotels and two windfarms in the cone of the hurricane.
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The dangerous storm is now projected to make landfall between Sarasota and Port Charlotte, Florida.
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The storm is due to turn north-northeast and slow down after passing over Cuba today.
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If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Hurricane Ian is expected to make landfall in Cuba today before moving through the south-eastern Gulf of Mexico into tomorrow.
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The comps include 1896 (Category 3), 1921 (Category 3), 1944 (Category 2) and Hurricane Gladys in 1958 (Category 2).
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A landfall at Category 3 or 4 along the west coast of Florida later this week would be one of the more damaging scenarios for Ian.
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Cat 4 Hurricane Charley made landfall on Florida’s west coast in 2004, while Tarpon Springs (1921) was the last major storm to hit Tampa.
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Loss activity is escalating in the class of business, leading underwriters to question rate softening.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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In the more extreme of two scenarios, Ian could mimic 1921’s Tarpon Springs hurricane at a cost in the double-digit billions, BMS said.
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Fiona weakened to a tropical storm late last week but still brought torrential rain and high winds.
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The National Hurricane Center forecasts ‘considerable flooding’ in Florida later this week.
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The storm may be “much more powerful” than Hurricane Sandy, which hit the Northeast US in 2012, wrote BMS Group’s Andrew Siffert in a commentary.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Island is also on hurricane watch as the storm moves north
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Many storm losses would be the result of flood, which is not covered by the standard homeowners’ policy.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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The storm is currently moving over the Dominican Republic and headed for Bermuda.
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The Category 1 storm will likely cause “life-threatening flash and urban flooding” in eastern portions of the Dominican Republic through early Tuesday, according to the NHC.
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Inside P&C’s news team runs you through the key highlights of the week.
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Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
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Reinsurers are more bullish about their prospects than they have been in years, but start-up and ILS fundraising is a desert.
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Market sources are suggesting inflation could require a wider group of US cedants to buy $10bn-$20bn of additional cat coverage for 2023.
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The broker said climate, conflict and capital concerns will keep driving up reinsurance rates but suggested new capital may be attracted to the market.
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Insured losses in 2021 alone hit $20bn.
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After the quietest start to hurricane season since 1997, weather experts forecast storm activities in the Atlantic to happen as early as this week.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.
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Inside P&C’s news team runs you through the key highlights of the week.
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Cedants will either have to cede away more margin to reinsurers, re-underwrite their portfolios to reduce volatility, or dial up their cat bets.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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While still too early to assess the damage fully, Aon believes the impact on property, infrastructure and agriculture will be significant.
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Colorado State University has also slightly reduced its forecast for the season to four major hurricanes.
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Louisiana policyholders have filed 460,709 claims of all types, of which 65% were closed with payment.
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Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
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US severe thunderstorms caused insured losses of $17bn during the first half.
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The insurer also completed the reorganization plan to consolidate its four Florida domiciled insurance carriers into two.
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No matter what the outcome, further market dislocation is on its way – but there are various band-aid options that could help Florida insurers limp through hurricane season.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.
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The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.
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The first six months of the year also saw more billion-dollar loss events than average.
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A case against Fireman’s Fund reversed an earlier decision that Covid-19 cannot cause physical damage.
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The insurer also found that fire and explosion remained the most costly source of claims, defying efforts to improve risk management.
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It’s still a great time to be a specialty insurer, but uncertainty about future prospects is mounting.
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Inside P&C’s news team runs you through the key highlights of the week.
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The number of tropical cyclones decreased over the past 30 years, but the damage is increasing due to more people migrating to cat-exposed areas.
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Despite the uncertainty surrounding the conflict, rates in the airline all-risk market remain flat.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Regulatory burdens mean that restarting the Freeport refinery could take longer than first hoped.
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Tropical Storm Risk set the probability of above-normal accumulated cyclone energy in the North Atlantic at 46%.
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The loss is expected to be absorbed by the domestic Canadian and London markets, with Lloyd’s taking a relatively heavy share of the placement.
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The losses were caused by 14 events, most notably wind and hail in Texas, the Midwest and Canada.
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Although P&C insurers had 9% premium growth, the underwriting loss in 2021 follows a $4.4bn underwriting gain in 2020.
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Following his promotion, Hippo’s new CEO discussed InsurTech public market conditions, the funding environment for private companies, inflationary pressures and loss ratios.
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Inside P&C’s news team runs you through the key developments from the past week.
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The Canadian storm could result in C$1bn ($795mn) of losses, making it a top-five loss event in Canada ever.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key developments from the past week.
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Forecasters have again predicted an active season for storm activity, with the Florida market particularly vulnerable to high cat activity.
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As the federal government tightens rules on PFAS and lawsuits swell, calculating the exposure for the insurance industry is a daunting task.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team takes you through the key developments from the week.
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The legislation aims to keep the homeowners market functional, but more change will be needed long term to make the Sunshine State an attractive place for insurance capital.
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The figure includes around $17mn of unfavorable reserve re-estimates for prior period events.
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Rising severity, along with rebounding frequency, across personal lines is among the most acute challenges for the coming months.
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Piraeus Bank bought the action against Antares over the detention of a vessel in Venezuela in 2015.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The scale of the claim deals a substantial blow to the subsection of the energy market, but is not as large as first feared.
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The lessor is recording a write-off for 19 aircraft leased to Russian airlines after it successfully recovered three planes since the start of the outbreak.
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The personal lines giant reported Q1 unfavorable non-cat prior year reserve re-estimates of approximately $160mn, driven by auto physical damage and bodily injury severity.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.
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Large energy property damage losses in 2020-21 saw a significant reduction, accounting for a total of $500mn across the two years.
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Sources said they expect other major commercial insurers to follow suit, with territorial exclusions potentially broadening to Belarus.
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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If the retail firm also has to pay for structural damage to the building, this will add $80mn to the loss total, sources said.
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Inside P&C’s news team runs you through the key developments from the week.
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The agency highlighted potential aviation losses from the war ranging from $6bn to $15bn.
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Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
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The study says a more La Niña-like environment has driven the trend.
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Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.
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Excess layers of the Marsh-brokered stock throughput policy are led by QBE and spread around the London market.
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BMS’s Andrew Siffert said losses from US winter-related storms and thunderstorms are likely to arrive at a below-average figure for Q1.
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The Floridian insurer said the write-down reflected prevailing valuation multiples.
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This estimate would rank Eunice as the most damaging European windstorm event since Kyrill in 2007.
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Legal costs relating to the breach have been described as “astronomical” and sources say it is now all but certain that it would result in a full payout.
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Direct losses for personal auto liability spiked by 14.1% in the period, while the industry’s combined ratio deteriorated to 99.5% from 98.8% last year.
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Universal Insurance Holdings books $30.7mn reserve charge and sees $21.5mn in weather above plan for Q4, with shares plunging on the news.
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The dispute has arisen due to a mismatch in the provision of infectious disease cover between Petroperu’s policy with local fronting carrier Mapfre, and the policy between Mapfre and its facultative reinsurers.
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The company is also writing down the value of Syndicate 1200 by $40mn-$45mn.
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As of December 31, 2021, policyholders have filed 434,633 claims of all types from Hurricane Ida, with 83% of them already closed.
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The year broke a number of records in terms of insured losses.
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Americas has approximately 24,000 policies and 13,000 Ida-related claims, covering 1.31% of the Louisiana homeowners’ insurance market.
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NPW grew 10%, near multi-decade highs, as underwriting profitability improvements in business insurance and bond & specialty were offset by a lower gain in personal lines.
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Ongoing supply chain backlogs, particularly those impacting lumber pricing, are also expected to drive loss costs from the fire higher.
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2021 was a year of weather extremes, from the deep freeze in Texas to the record number of tornadoes in December, adding up to huge disaster costs, NOAA says.
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Respondents to the WEF’s Global Risk Perception survey also cited cyber security as a medium-term threat, signaling a potential ‘blind spot’ in risk perceptions.
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The year saw a substantial uptick in natural disaster losses compared with 2020 and 2019.
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Almost 130 insurers claim that the defendants failed to prepare for the power loss that caused “significant property damage” to carriers and policy holders.
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The vote was part of ongoing bankruptcy proceedings following a string of historical sexual abuses.
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A heavy snowfall helped to bring the major conflagration under control.
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The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
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The assumption of the policies, which the Florida-based insurer acquired for the price of the unearned premium, is retroactive to December 1.
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Growing frequency and severity of ransomware attacks tested the young cyber market’s resilience and adaptability.
-
Throughout the year, Inside P&C spoke to prominent voices from all corners of the insurance industry, here are some highlights.
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The Mayfield Consumer Products candle factory is one of the two most high profile large individual risk losses from the quad state tornado to date.
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Winds topped 100 mph in Wednesday's storm, but damage was limited due to conditions this time of year, BMS says.
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The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.
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The buyer’s identity will be disclosed after the policy acquisitions obtain court approval.
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The payouts follow the contract that Mapfre signed to pay $984mn to Colombia’s utility EPM.
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The firm’s estimate fell at the lower end of the range for historic Top 10 tornado events.
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Executives don’t expect the loss to meaningfully alter property market dynamics, but say scrutiny over secondary perils will to continue to grow.
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Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.
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Empresas Publicas de Medellin will receive a $633mn payment in January 2022, in addition to a previously made $350mn payment, according to reports.
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This late in the year, where the claims land in terms of historic tornado loss parallels is almost irrelevant to the question of disruption, as the event will compound existing delays.
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Domestic carrier Definity has said the event could cost it up to C$25mn.
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The Iowa-based carrier reached this milestone for the first time in its history in July.
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The loss-tracking agency’s claims total for Louisiana rose by roughly $1bn, as losses hitting New York increased by $0.5bn.
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On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.
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The arrangement allows Brit to reduce exposure to US casualty claims inflation.
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Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.
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Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.
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United Insurance holdings (UPC Insurance) reported net catastrophe losses of $37.0mn in Q3 2021, down from $140.0mn for the prior-year quarter, after action to significantly reduce gross and net catastrophe exposure during the past year led to a “materially reduced” hurricane loss.
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FedNat transferred $562mn of its $599mn gross catastrophe losses to reinsurers in the third quarter, company executives said on an earnings call.
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Executives from Munich Re, Aon, Willis Re and Guy Carp cited cyber, inflation and climate change as among the biggest risks facing the industry heading into 2022.
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Insurance commissioner Jim Donelon encouraged policyholders to file supplemental claims for expensive rebuild costs.
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The carrier revised its cat bill following Ida and PG&E losses.
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The modeler incorporated a 5% exceedance probability insured loss estimate to its report for the first time.
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The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas.
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The notification comes after a $100mn filing from Tulane University reported by this publication earlier this month.
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The carrier also anticipates that Florida personal injury protection claims will exceed its historical expectations.
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The insurer said most of the losses stemmed from lines of business it exited last year.
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The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
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Key themes included the intensification of the battle for talent, climate change and confidence that rate rises will persist.
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The figure – which included $440mn in losses from Hurricane Ida and $210mn from severe flooding in Europe – exceeds the $617mn in claims in the third quarter of 2017.
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The accumulation of cat losses have taken a toll on carrier’s aggregate reinsurance covers, which could set up January 1 renewals for such treaties to be as difficult as last year.
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The first pieces of solid risk loss information are coming to light following the storm, for which loss emergence has been slow.
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AM Best sees accumulating cyber risk in the US property market downgrading 18 US property carriers, considering Best’s Capital Adequacy Ratio.
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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
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Hurricane Ida caused the lion’s share of losses, along with Californian wildfires.
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The carrier’s disclosure on Wednesday is among the earliest looks at Ida's toll across the sector.
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Hurricane Ida will account for $20mn-$25mn of the carrier’s cat losses.
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The carrier also estimated its European flooding burden will be $520mn.
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The deductibles bill passed by the Senate and signed into law during the summer has raised concerns among underwriters and brokers.
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The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
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The midpoint for the estimate is around $97mn above the company’s pre-tax cat load, with $75mn resulting from Hurricane Ida.
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The modelling firm has aimed to incorporate climate change impacts into its assessment of wildfire risks.
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More than 325,000 policyholders have been affected by wildfires, including Dixie, Caldor, River, Tamarack, Antelope, McFarland, Monument, Fly, and Cache.
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The modeller’s estimate is higher than BMS’s earlier $700mn figure.
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Progressive expects $510mn of catastrophe losses associated with Hurricane Ida, the company said on Friday.
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The Pelican State has more AoB exclusions, a less aggressive plaintiff bar and courts that are not as policyholder-friendly.
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The new figure includes a prediction of between $6bn to $9bn in both public and private insured flood losses in the Atlantic states region after Ida moved inland.
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It said the hurricane would cost it $1.4bn of gross losses, with just over half going to reinsurers.
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The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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Over nine inches of rain struck Houston and more than half a million Texas residents were left without power.
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Hurricanes, floods and wildfires are pushing up Q3 catastrophe losses, AIG's finance chief says.
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Insured cat losses for August were almost 3.8x higher than the 10-year average, according to Jefferies analyst Philip Kett.
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The modelling firm’s wind and surge losses remain at $17bn-$25bn.
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Economic losses from Hurricane Ida are likely to reach double-digit billions as costs rise globally from widespread cat events, Aon said.
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The automotive company’s total costs for the recall are expected to eventually tally up to around $1.8bn.
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Coupled with aggregate cover the company has in place, United said Thursday that exposure to cat events for the remainder of its current reinsurance program would be $9mn.
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The upward revision reflected significantly increased industry expectations, it said.
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The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.
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The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.
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The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.
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The flooding in the northeast increases scope for commercial lines and auto losses.
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The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador.
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The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
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Infrastructure improvements aren’t enough to keep insurance losses from wiping out profits if the rate and intensity of storms continue to rise.
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The flooding and rainfall that Ida caused in the Northeast region of the US are “historic” and “almost incomprehensible”, said BMS senior vice president and meteorologist Andy Siffert.
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“It's at the five- and 20-year return periods where insurers have to start looking and be worried about making sure these models capture these events,” Clark told this publication in an interview.
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The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention.
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The storm has moved north across the US after making landfall in Louisiana at the weekend.
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The energy market is being watched closely due to its potential to produce large risk losses.
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Terms and conditions will tighten in new and renewed contracts with more disciplined policy management.
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The company predicts that total insured and uninsured losses from the storm overall will amount to between $27bn and $40bn.
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The area of Laplace was the worst impacted on ICEYE’s list, with a total of 10,390 structures affected, 370 of which were in a high depth of water.
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The estimate includes damage to residential, commercial and industrial property and vehicles.
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Damage to crucial power infrastructure caused by the storm left over one million Louisiana residents without power.
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Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.
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The ratings agency said that a surge in demand could add to the costs of rebuilding.
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Governments will need to think in the long term despite current Covid challenges.
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A complex web of factors are creating uncertainty around the likely insured loss, but much early discussion centers on a $20bn-$25bn range.
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Post-Covid demand surge is a particular focus and fear.
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With predicted $20bn in losses, KBW doesn’t see meaningful change to the rate increase trajectory.
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Hurricane Henri is seen as a minimal event historically as the world braces for peak hurricane season, which begins on September 10.
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The tropical storm could become a hurricane tomorrow and hit land on Sunday with winds of upwards of 70 miles per hour.
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Berenberg believes EUR3.5bn would be a manageable loss for the insurer and estimates that it would be earned back in well under a year, but a EUR6.8bn loss would be more challenging.
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The earthquake that hit the island’s southwest peninsula on 14 August is estimated to have caused $1.7bn of total losses, according to the firm’s Caribbean earthquake reference model.
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Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.
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Winds and high temperatures point to potential further growth of the blaze.
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The fire is the second largest in California’s history behind the August Complex Fire last year.
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Louisiana insurance department says claims for 2020 hurricanes rise 4% in second quarter; Hurricane Laura now 2nd most expensive.
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