Reinsurance News

Global Parametrics, part of the CelsiusPro Group, has been named a Lloyd’s coverholder for Canopius Syndicate 4444, marking a significant expansion in capacity for its delivery of parametric risk transfer solutions for natural catastrophe events.

The insurance industry loss from Cyclone Alfred’s impacts in Australia during the first-quarter of 2025 has been initially estimated at almost AU $2.6 billion by catastrophe data aggregator PERILS AG.

Reinsurance broker Gallagher Re has estimated that preliminary total insured catastrophe losses for the first quarter of 2025 reached $56 billion, which makes it the costliest first quarter for the private insurance market and government-sponsored insurance entities since 2011, and 176% higher than the Q1 decadal average of $20 billion (2015–2024).

According to broker Aon’s Q1 Global Catastrophe Recap, insured losses in the opening quarter of 2025 exceeded $53 billion, well above the 21st-century Q1 average of $17 billion, marking the second-highest total on record after Q1 2011.

US primary insurer Allstate has disclosed that a heavy March catastrophe loss burden means it now anticipates making $123 million of reinsurance recoveries from its aggregate tower, whose coverage is solely provided by catastrophe bonds from the Sanders Re program.

The main four parametric disaster insurance risk pools have signed a grant agreement with the Global Shield Solutions Platform (GSSP) to help them accelerate and deepen their collaboration, something which could have implications for how they transfer risk to reinsurance and potentially capital markets.

Returns in the reinsurance market are still strong despite softening at recent renewals and this is driving some reinsurers to seek out growth while the opportunity remains, which analysts at J.P. Morgan call a rational view.

The 2025 Industry Exposure Database (IED) from Zurich-based catastrophe loss data aggregator, PERILS AG, includes market sums insured for the severe convective storm (SCS) peril for the first time, while exposure growth across all markets continues.

US primary insurer Travelers has disclosed in its first-quarter results today that it estimates 77% of its overall just over $1.7 billion of net losses from the Los Angeles, California wildfires in January came from the Palisades blaze.

Guernsey Finance, a joint government and industry initiative that promotes and connects the island as an international finance centre, has named Aon’s Paul Sykes as its new Chairman.