hurricane Matthew 2016

Data and analysis from reinsurance broker Aon Benfield reveals that Hurricane Matthew is estimated to have resulted in an insurance and reinsurance industry loss of roughly $4.5 billion, and an economic loss of almost $15 billion, highlighting a tropical cyclone protection gap in both developed and emerging regions.

U.S. primary insurance firm Federated National Insurance (FedNat) has revealed a decrease in its loss from hurricane Matthew, compared to its initial estimate, meaning that reinsurance capital has taken a smaller share than it had first assumed.

Total insurance claims paid in the state of Florida, due to damage caused by hurricane Matthew, have risen again at the latest calculation, reaching $1.182 billion, and the data suggests there is some way to go before all claims are settled.

Reported insurance or reinsurance claims from damage suffered in the state of Florida due to hurricane Matthew have risen by another 10%, now reaching $803 million, according to a new update from the Florida Office of Insurance Regulation.

Nicaragua has benefited from a $1.1 million parametric insurance policy payout from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) after hurricane Otto triggered a payout to its tropical cyclone insurance coverage.

The hurricane Matthew reported insurance or reinsurance claims tally has now reached $729 million, according to the latest from the Florida Office of Insurance Regulation, an increase of 20% since the 28th October.

Despite hurricane Matthew making landfall on the U.S. coastline and causing expected insured losses in the billions of dollars, it’s not expected to have any positive impact on pricing in the reinsurance market with the sector remaining heavily capitalised, according to Jon Springer, President and Chief Risk Officer (CRO), Universal Insurance Holdings, Inc.

Hurricane Matthew was a timely reminder that the benign loss environment won’t last forever, despite the storm’s final track causing far less damage than initial forecasts had suggested. While the insured loss isn’t expected to turn the softening reinsurance market cycle, it has pushed the sector slightly closer to the bottom, according to Paul Gregory […]

Insurance, reinsurance and financial services group Alleghany has estimated its pre-tax loss from hurricane Matthew as being up to $75 million, net of reinsurance and reinstatement premiums.

Despite the fact hurricane Matthew impacted the U.S. coastline, as the first major hurricane to do so in a number of years, the economic loss of around $10 billion is only anticipated to result in around $5 billion of loss to insurance and reinsurance markets.