catastrophe losses

This morning, we’re told that the significant flooding from rains associated with hurricane Helene throughout southeastern parts of the United States are bringing FEMA’s National Flood Insurance Program (NFIP) reinsurance tower and catastrophe bonds into some focus, although there is uncertainty over how a predecessor rainfall event prior to the storm even making landfall could […]

Reinsurance broker Gallagher Re now expects that private insurance market losses from hurricane Helene will rise to the mid-to-high single-digit billion dollar level, higher than its initial pre-landfall forecast of $3 billion to $6 billion, according to Chief Science Officer and Meteorologist Steve Bowen.

Insured private market property losses from hurricane Helene’s winds and storm surge across the US states of Florida and Georgia are initially estimated in a range from $3 billion to $5 billion, according to CoreLogic.

Due to severe weather, the Summer of 2024 now ranks as the most destructive season in Canadian history for insured losses at more than CAD 7 billion, as per initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ).

With Europe still affected by flooding in recent days, S&P Global Ratings has commented on the Central and Eastern European flood event from the second week of September, saying it expects a significant share of insurance claims will be covered by reinsurance capital.

Large US primary insurer Allstate has reported estimated catastrophe losses of $306 million for the month of August, with $75 million, or approximately 25% related to a hail event in Calgary, Canada. Allstate has revealed that the Calgary hail estimate includes reinsurance reinstatement premiums and is net of anticipated reinsurance recoveries of $225 million. At […]

Insured losses from the recent severe floods that struck central Europe, which mainly occurred from September 12-15 are likely to range between EUR 2.0 – 3.0 billion (USD 2.2 – 3.3 billion), according to estimates from reinsurance broker Gallagher Re.

U.S. private market onshore and offshore insurance industry losses from hurricane Francine have been estimated at less than $2 billion by Moody’s RMS Event Response, with losses to the National Flood Insurance Program (NFIP) expected to be under $200 million.

Private insurance market losses from recent hurricane Francine have been initially estimated as close to $1.5 billion by catastrophe risk modelling specialist Karen Clark & Company (KCC).

A hailstorm that struck the Calgary area of Canada in August 2024 is now the second-largest insurance industry loss event in the country’s history at C$2.8 billion, according to CatIQ.