Reinsurance News

The Florida Office of Insurance Regulation (OIR) has continued to update its information on hurricane Ian insured claims and losses, with the total number of claims filed in Florida now more than 570,000, while so far insured losses estimated off claims payments stand at over $7.13 billion.

Cyber risk modelling specialist CyberCube has launched a set of exposure databases for cyber risk, claiming them as the first of their kind, something seen as a key pre-requisite for broader cyber insurance-linked securities (ILS) activity.

Given the challenges faced in an increasingly volatile and turbulent world, insurance and risk finance are key tools that can help to shift the balance of risk, while insurance-linked securities (ILS) can “securitize resilience”, according to United Nations Development Programme (UNDP) representatives.

Additional “significant” increases in prices for catastrophe reinsurance are to be expected at the renewals in 2023, according to Hannover Re’s German subsidiary E+S Rückversicherung AG.

Reinsurance broker Guy Carpenter is actively working to develop more catastrophe risk capacity for 2023, as the company is all too aware of the potential for an acute shortfall after hurricane Ian.

Florida’s lawmakers will come back to the table to discuss urgent reforms for the state’s dysfunctional property insurance market before the end of the year, with the Governor of Florida Ron DeSantis saying he is planning a Special Session for December.

Global reinsurance giant Munich Re has estimated its net loss from hurricane Ian will be around EUR €1.6 billion, which is based on an industry loss expectation of US $60 billion.

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, looks set to benefit from reinsurance recoveries to help it pay claims after hurricane Ian, as the company expects a full retention loss due to the storm.

Cincinnati Financial Corporation looks unlikely to benefit from either reinsurance or retrocession support for its losses from hurricane Ian, as the firm’s exposure to the storm fell within its retentions.

AXIS Capital, the Bermuda headquartered specialty insurance and reinsurance underwriter, has pre-announced an estimated $212 million ($186 million, after-tax) of catastrophe and weather losses for the third-quarter of 2022, including $160 million from hurricane Ian.