catastrophe losses

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.

According to PERILS AG, insurance industry losses from the early June 2024 flooding that impacted southern parts of Germany are relatively stable at just under €1.6 billion.

Global data analytics and technology provider Verisk has revealed that the insurance industry should be prepared to experience total average annual loss (AAL) from global natural catastrophes of $151 billion, driven by exposure growth, the impacts of climate change, and the increasing frequency of events coupled with economic and social inflation.

The insurance industry loss from the wildfires that impacted the Municipality of Jasper and Jasper National Park in Alberta, Canada this summer is estimated to have surpassed $880 million, according to Catastrophe Indices and Quantification Inc. (CatIQ).

We’ve learned that Allstate’s annual aggregate catastrophe losses that are applicable under the terms of its Sanders Re catastrophe bond program has reached $1.3 billion after July 2024, so it is much lower than the accumulation of pre-tax catastrophe losses the company has suffered during the current risk period.

Severe flash flooding that affected the city of Toronto and parts of southern Ontario, Canada during the month of July 2024 are estimated to have caused on insurance industry loss of above $940 million, according to Catastrophe Indices and Quantification Inc. (CatIQ).

US primary insurer Allstate has revealed that 20 July catastrophe events drove $587 million of losses for the company, with an initial estimate that $226 million came from hurricane Beryl’s impacts in the United States, a figure that could further erode some of the retention beneath its aggregate catastrophe bonds.

Catastrophe risk modelling specialist Karen Clark & Company (KCC) is the latest with an estimate of industry losses from recent hurricane Debby, saying the private market insured loss is expected to be close to $1.4 billion.

The private insurance market industry loss in the United States after recent hurricane Debby is not expected to exceed $1.5 billion, while additional losses from the National Flood Insurance Program (NFIP) are expected to be less than $300 million, Moody’s RMS Event Response has said.