Archive for August, 2020

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California wildfires destroy almost 3,000 structures in August

California's wildfires have continued to destroy properties over the weekend and while the main blazes are more under control thanks to cooler weather, the costs to insurance and potentially reinsurance markets are on the rise. In our coverage last week we explained that an estimate from Moody’s Investors Service suggested insurance read the full article →

Hurricane Laura losses said up to $9bn by KCC, up to $8bn by AIR

Hurricane Laura related industry loss estimates are coming thick and fast today, with catastrophe risk modellers Karen Clark & Company saying to expect a total of close to $9 billion, while AIR Worldwide has said up to $8 billion for onshore property losses only. As ever, it's a challenge to compare read the full article →

UK winter floods & storms cost re/insurers more than $1bn: PERILS

The insurance and potentially reinsurance market loss from flooding that struck the United Kingdom this February is now estimated to have caused an industry loss of UK £375 million, up 26% from an estimate made in April. Detailed claims data collected from insurers shows that the toll to the industry from read the full article →

Typhoon Maysak could hit South Korea at Cat 3 strength

Typhoon Maysak is strengthening as it heads towards the Japanese Ryukyu Islands, after which it is expected to continue north towards the Busan region of South Korea, with the latest forecasts suggesting sustained winds of as much as 115 mph could be experienced at landfall. It's the second major typhoon threat read the full article →

Best of Artemis, week ending 30th August 2020

Here are the ten most popular news articles, week ending 30th August 2020, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish. Last chance read the full article →

AIR preliminarily pegs hurricane Laura industry loss at $4.8bn to $9.2bn

According to industry sources, catastrophe risk modeller AIR Worldwide's preliminary estimate of insurance and reinsurance market losses from hurricane Laura was pegged in a range from $4.8 billion to as high as $9.2 billion. We understand this is not an official industry loss estimate from AIR, that should be expected in read the full article →

All perils, non-U.S. contracts & sidecars to see most trapping at year-end: A.M. Best

Of the insurance-linked securities (ILS) related contracts and structures that are most at-risk of having collateral pre-emptively or otherwise trapped at year-end, rating agency A.M. Best believes all perils or non-U.S. property reinsurance or retro contracts and quota share sidecars are the most exposed to this. In a recent report, A.M. read the full article →

Hurricane Laura wind & surge insured loss $8bn to $12bn: CoreLogic

Hurricane Laura's impacts wind and storm surge impacts in Texas and Louisiana are estimated to have caused insured losses of between $8 billion and $12 billion, according to CoreLogic. The majority of that is expected to be from wind damage, as would be expected for the private insurance and reinsurance market, read the full article →

California wildfire season could surpass 2017’s $13bn of losses: A.M. Best

Given the significant start to the California wildfire season in 2020, as well as the fact some of the ongoing blazes are burning in areas that are less typical, but also feature property concentrations, the current season has every chance of surpassing 2017's roughly $13 billion of insurance and reinsurance read the full article →

StarStone U.S. hires Oliphant from Nephila’s Velocity MGA

Starstone U.S. continued its plans for excess & surplus lines market expansion with the key hire of Alison Oliphant, previously of Nephila Capital's MGA Velocity Risk Underwriters, who joins the firm to become as President of Starstone U.S.' newly-formed E&S property division. Oliphant was Chief Underwriting Office, Commercial Lines for Velocity read the full article →