Archive for October, 2022

Everest Re, the global insurance and reinsurance underwriter, has announced an estimated $600 million of pre-tax and net losses from hurricane Ian, while its total third-quarter 2022 catastrophe loss burden is pegged at $730 million, including global events.

RenaissanceRe, the Bermuda headquartered reinsurance and third-party capital management specialist, has pre-announced an estimated $650 million of catastrophe losses from the third-quarter of 2022, with $540 million expected from hurricane Ian.

Insurance and reinsurance market losses from hurricane Fiona’s impacts in Canada are estimated at C$660 million by Catastrophe Indices and Quantification Inc. (CatIQ).

Canadian financial services holding company Great-West Lifeco Inc., a largely life and health insurance, as well as retirement, asset management and reinsurance focused business, has revealed that a $100 million provision has been set aside for potential losses from hurricane Ian, due to retrocessional exposure to the storm.

In discussing their third-quarter 2022 results, senior executives of US primary insurance giant Travelers disclosed that the company has now accumulated $1.4 billion of qualifying catastrophe losses towards its $2 billion aggregate excess-of-loss reinsurance attachment point.

The third session at our Artemis London 2022 conference on September 6th featured a panel discussion titled “ESG in the cat bond market. Where next?”, in which participants discussed progress on environmental, social and governance issues in the catastrophe bond marketplace.

US primary insurance giant Travelers has reported its third-quarter results, revealing $512 million of pre-tax and net of reinsurance catastrophe losses for the period, largely from hurricanes Ian, Fiona and some US severe storms, but still the carrier has kept its consolidated combined ratio profitable, at 98.2%.

The upcoming reinsurance renewals in Europe at January 1st are expected to see cedents demanding an additional up to €2.5 billion of catastrophe capacity to cover their risks in Germany alone, according to Frank Reichelt, Head Northern, Central & Eastern Europe at Swiss Re.

It is “inevitable” that reinsurance renewal rates and pricing will rise and even accelerate their momentum at the important January 1 2023 renewal season, according to analysts at Jefferies.

Bermuda headquartered insurance and reinsurance firm Arch Capital Group has pre-announced its expected losses from the third-quarter of 2022, including recent major hurricane Ian, saying it anticipates pre-tax net catastrophe losses of $530 million to $560 million.