losses

Based on actual claims costs, the Insurance Council of Australia has now updated its estimate for insured losses from Australia’s 2022 severe flooding to AU $3.35 billion.

France-headquartered global reinsurance company SCOR has said it expects the conflict in Ukraine and other natural catastrophe events will cause it to report a loss for the first-quarter of 2022, with a high double-digit million Euro charge expected to hit its results.

PERILS AG has this morning given a clearer picture of where we should anticipate the industry loss to insurance and reinsurance markets to settle after the eastern Australia flooding this year, putting its initial figure at close to AU $4 billion (close to US $3bn).

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, has joined the catastrophe loss pre-announcements, saying that it expects a net and before tax hit of $250 million to its third-quarter results, the majority coming from hurricane Ida.

Global insurance and reinsurance firm Everest Re, which also operates a third-party capital strategy in the Mt. Logan Re collateralized reinsurance sidecar-like vehicle, has pre-announced an expectation of its third-quarter catastrophe losses amounting to $635 million net.

While it’s not essential to invest in the insurance-linked securities (ILS) asset class for decades to achieve expected returns, it is important that investors time their entry into the space, according to Morton Lane, President, Lane Financial LLC and Director, MSFE Program, The University of Illinois in Urbana-Champaign.

Were the U.S. Securities and Exchange Commission (SEC) to recognise the maturity of the catastrophe bond marketplace and consider it a public market, it would help both the efficiency and transparency of this part of the insurance-linked securities (ILS) industry, according to Morton Lane.

An innovative new sensor derived and triggered parametric insurance policy designed to cover auto dealer lots against hail storm damage has been launched by insurtech Understory, backed by MSI GuaranteedWeather and reinsurance capital.

Outbreaks of severe weather in Canada drove around $1.9 billion of losses to the insurance and reinsurance industry in 2018, with a windstorm in Ontario and Quebec in May driving the largest share.

Insurance industry losses from hail storms and extreme hail events are rising, with recent storms showing that hail should no longer be considered just an attritional loss causing peril, according to risk modeller RMS.