Catastrophe risk modelling specialist RMS has now published an estimate for the insurance and reinsurance market impact of recent Japanese typhoon Hagibis, estimating the industry losses at between $7 billion and $11 billion.
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PERILS AG, the Zurich based provider of industry-wide catastrophe exposure, industry loss data and indices, is expanding its services to include New Zealand.
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Global reinsurance firm Swiss Re is watching for potential opportunities in the retrocession market as this segment reacts to repeated losses and issues with trapped collateral, that the reinsurer believes may attract investors to work more closely with it.
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Updated Fri Nov 1st, 9:00am GMT to reflect latest property figures: California’s wildfires continued to burn overnight, with a number of new smaller blazes breaking out and now upwards of 400 structures destroyed, while firefighters made progress in containing the largest Kincade fire.
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Oversubscription in reinsurance placements is a sign of an inefficient market, as it suggests that in many cases cedents are unable to optimally price their risk, according to programmatic insurance and reinsurance risk transfer marketplace insurtech Tremor Technologies Inc.
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Everest Re is anticipating double-digit rate increases across the retrocessional reinsurance market at the January renewals, which the company believes it is well-positioned to take advantage of, although it aims to be selective.
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French mutual insurance society Covéa Group’s new catastrophe bond, the Hexagon II Reinsurance DAC (Series 2019-1) transaction, will secure the firm €120 million of collateralised reinsurance coverage from the capital markets, having upsized by 20%.
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The CEO of reinsurance firm RenaissanceRe said that his company believes typhoon Faxai could drive as much as a $10 billion industry loss, while the more recent typhoon Hagibis could a roughly 50% larger bigger at approximately $15 billion.
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Swiss Re’s property and casualty reinsurance underwriting division fell to a technical underwriting loss as large losses and catastrophe events dented its results over the first nine months of the year.
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Company specific loss estimates from leading insurance and reinsurance firms for recent typhoon Hagibis appear to confirm that the industry impact of that storm are going to eclipse that of the other recent Japan typhoon Faxai.
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Bermuda headquartered international specialty insurance and reinsurance firm Argo Group is expecting its third-quarter results to be dented by catastrophe losses and adverse development from prior years.
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Markel Corporation has reported rising revenues earned through the operations of its insurance-linked securities (ILS) and reinsurance investment manager Nephila Capital, with year-to-date the total reaching an impressive almost $125 million.
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Property Claim Services (PCS) has launched its second new service offering in as many days, announcing a service that will track global large onshore property losses of $500 million or greater, marking the loss data aggregator’s latest expansion into the specialty lines arena.
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California wildfires have continued to burn their way through more acres and properties, with the largest Kincade fire still the most dangerous and an “extreme fire weather threat” forecast for the coming days.
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