Reinsurance News

Hurricane Milton is estimated to have caused total insured losses of between $17 billion and $28 billion, CoreLogic has said, with this figure including losses to the NFIP, bringing the firm’s estimate in towards the lower-end of those seen so far.

Moody’s RMS Event Response has estimated that private market insured losses from hurricane Milton will fall in a range between $22 billion and $36 billion, with a best estimate of $26 billion.

US primary insurer Allstate has reported that its pre-tax catastrophe losses for the third-quarter of 2024 reached $1.7 billion, with $630 million of that total due to hurricane Helene.

John Doyle, the President and CEO of Marsh McLennan, parent company to reinsurance broker Guy Carpenter, said just now that because of the recent hurricanes, an impact is expected on property insurance and reinsurance pricing for 2025, while he also said that the catastrophe bond market is expected to see elevated issuance over the coming […]

The use of risk transfer and insurance arrangements are seen as a supporting mechanism for unlocking capital to power net zero and to protect natural assets, with scaled up use of parametrics seen as key, according to a new report from Howden and Pollination Group.

HCI Group, the Florida-focused insurance holding company, said it expects to pay between $600 million and $750 million in claims for hurricanes Debby, Helene and Milton, but net retained losses from the three events could be as low as $185 million.

Reinsurance broker Gallagher Re has reported that global publicly and privately insured catastrophe losses reached US $108 billion after the third-quarter, which once hurricane Milton and the rest of Q4 are added means the annual total for 2024 could be well-above the decadal average.

Another estimate for insurance and reinsurance industry losses from hurricane Milton has been released, with Verisk saying it anticipates the private market insured loss will fall in a range from $30 billion to as much as $50 billion.

A joint report published by insurance giant Generali and the United Nations Development Programme (UNDP) highlights parametric risk transfer and insurance as a key solution that can help to close the US $1.8 trillion protection gap.

Progressive, the US primary insurance giant, has reported in its September results that it does not anticipate per-occurrence reinsurance recoveries from either hurricane Helene or hurricane Milton based on its estimates for losses at this time, but they could have implications for its aggregate cover, including its catastrophe bonds.