catastrophe losses

Losses from the wildfires burning around Los Angeles in California are likely to predominantly fall to primary insurance carriers and more junior reinsurance layers, specialist insurance-linked securities (ILS) manager Twelve Capital has said.

Specialist manager of catastrophe bond and insurance-linked securities (ILS) funds Plenum Investments has said that it does not believe that the ongoing wildfire situation in Los Angeles will have a meaningful impact on the catastrophe bond market.

Equity analysts from investment bank JP Morgan have now doubled their earlier loss estimate for still raging Los Angeles region of California wildfires, now suggesting it could even exceed $20 billion.

Australian primary insurance group IAG has renewed its main catastrophe reinsurance tower to provide occurrence protection up to $10 billion, which is a reduction on the $10.5 billion tower purchased a year ago. But more notably, with a new volatility cover having been purchased last year the insurer has elected not to renew its aggregate […]

The CRESTA organisation, which tracks catastrophe events outside the United States that have generated insurance industry losses of over US $1 billion, has reported the 2024 annual total as reaching US $18.2 billion, of which 78% came from flood events.

The insurance industry loss estimate for the severe storms that affected eastern Australia through the Christmas 2023 period has now been finalised with a 3% increase to AU $1.606 billion, by PERILS.

Catastrophe data aggregator PERILS has now raised its insurance industry loss estimate for the severe flooding experienced across parts of Central Europe in September 2024 due to storm Boris, increasing the total by 10% to €2.08 billion.

Reinsurance giant Swiss Re has estimated that global insured catastrophe losses are on track to exceed US $135 billion by the end of 2024, marking the fifth consecutive year where the insurance market has dealt with losses of over US $100 billion.

US insurer Allstate has confirmed its pre-tax loss from hurricane Milton at $102 million, at which level it seems possible the Sanders Re II Ltd. (Series 2024-2) catastrophe bond may face a loss, while the companies year-to-date pre-tax catastrophe losses have reached $4.84 billion after October.

The insurance and reinsurance industry loss estimate for European extratropical windstorm Ciarán from November 2023 has now been finalised slightly higher at €2.067 billion by PERILS.