catastrophe losses

Severe and convective weather losses in the United States for the first-quarter of 2023 could develop to become the largest insurance industry loss for Q1 on record, according to a forecast from broker BMS.

Over the last wake an outbreak of severe convective storms in the United States that also included the deadly tornado event that devastated the towns of Rolling Fork and Silver City in Mississippi are together anticipated to drive hundreds of millions of dollars worth of insurance market losses, according to Aon.

Cyclone Gabrielle’s impacts in New Zealand are estimated to have caused an insurance and reinsurance industry loss of NZ $1.543 billion by PERILS AG.

There has been an additional $10 million redemption of outstanding principal from the extended Class B tranche of notes issued under the US Federal Emergency Management Agency’s (FEMA) FloodSmart Re Ltd. (Series 2020-1) catastrophe bond issuance, Artemis has learned.

Global reinsurance company Swiss Re has estimated that 2022 saw $125 billion of insured natural catastrophe losses, which the company explains was a story of rising property exposure, rather than extreme events.

A first estimate for the insurance and reinsurance market industry loss from the recent Kahramanmaras Earthquake Sequence that struck Turkey and Syria in February has been pegged at US $3.5 billion by PERILS AG.

The insurance and reinsurance industry loss estimate for Japanese typhoon Nanmadol, which struck the country in September 2022, has now been lifted to close to US $1 billion by catastrophe loss data aggregator PERILS AG.

Artemis has tracked the annual aggregate catastrophe losses disclosed by US primary insurance giant Allstate and with the risk period for its aggregate reinsurance and catastrophe bond arrangements running since April 1st last year, appears to have racked up close to $2.5 billion of pre-tax losses by the end of February 2023.

This year’s severe flooding that affected the Auckland region of the North Island of New Zealand is initially estimated to have caused an insurance and reinsurance market loss of around NZ $1.65 billion, according to PERILS AG.

The insurance and reinsurance industry loss from the severe flooding that struck eastern regions of Australia in February and March 2022 has now been finalised and lifted 4% higher by PERILS AG, with the event now estimated to have cost the industry nearly AU $6.53 billion (roughly US $4.35bn).