Reinsurance News

Everest Group’s CEO Juan Andrade said yesterday that his company is anticipating a firming of property catastrophe reinsurance rates in North America and Europe at the 1/1 January 2025 renewals, given the recent catastrophe loss activity experiences.

The Natural Disaster Fund (NDF), a public-private partnership funded by UK and German governmental entities and managed by Global Parametrics, part of the CelsiusPro Group, was the lead provider of risk capacity to the recently placed parametric Sahel Climate Catastrophe Layer that supports the UN World Food Programme (WFP).

Given there have been some losses to insurance-linked securities (ILS), Jeremy Noble, President of Insurance at Markel, speaking during the company’s earnings call for Q3’24, provided some context in regards to the upside potential for segment income for the firm’s ILS operation, Nephila Capital, in 2025.

In announcing its third-quarter results at end of day yesterday, US insurer Allstate also provided an insight into the losses it expects from recent hurricane Milton and at the level disclosed, it appears that the lowest of the carriers Florida focused Sanders Re catastrophe bonds could trigger and pay out, Artemis can report.

According to Aon’s Reinsurance Solutions division, combined industry losses from hurricanes Helene and Milton are expected to fall within a range of $34 billion to $50 billion, at which level insurance and reinsurance sector capital is well-positioned to absorb them and the events underscored the value of integrating innovative solutions such as parametrics.

Welcome to Artemis’ 2024 Monte Carlo Rendezvous Executive Roundtable, in which nine expert speakers from across the insurance-linked securities (ILS) space discussed the sustainability of current market conditions and returns, investor sentiment, potential growth areas, and more.

We’ve learned from sources that insurer USAA has estimated its losses from hurricane Helene at $1.15 billion, while losses from hurricane Milton are estimated to be $218 million, for a combined impact from the two storms at this time estimated at just over $1.37 billion.

Analysis from ICEYE, the provider of satellite data and services to inform decision-making and analysis, has shown that almost 185,000 buildings in Florida were impacted by hurricane Milton’s flooding.

Broker Gallagher Re and parametric specialist insurer African Risk Capacity Ltd (ARC Ltd) have together structured and placed a new parametric reinsurance solution to provide responsive financial protection to the UN World Food Programme’s (WFP) operations in the Sahel region.

According to insurance and reinsurance broking group Aon, global insured natural catastrophe losses in 2024 are likely to exceed the level seen in 2023, with the total already estimated to be above $102 billion.