Hurricane Ida 2021

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products on its own balance-sheet and also provides fronting for a growing range of risks, expects up to $15.5 million of catastrophe losses from the third-quarter hurricanes.

Global reinsurance giant Munich Re has said that it expects to report around €1.8 billion of catastrophe losses from third-quarter events hurricane Ida and the European flooding caused by windstorm Bernd.

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, has joined the catastrophe loss pre-announcements, saying that it expects a net and before tax hit of $250 million to its third-quarter results, the majority coming from hurricane Ida.

Global insurance and reinsurance firm Everest Re, which also operates a third-party capital strategy in the Mt. Logan Re collateralized reinsurance sidecar-like vehicle, has pre-announced an expectation of its third-quarter catastrophe losses amounting to $635 million net.

Global insurance and reinsurance market losses from natural catastrophes and severe weather events are now running at double the long-term average so far in 2021 and are at the highest level seen since 2017, according to analysts at investment bank Jefferies.

RenaissanceRe (RenRe), the Bermuda headquartered global reinsurance firm and third-party capital management specialist, has pre-announced an expectation of $725 million of net catastrophe losses for the third-quarter of 2021, a particularly significant hit for the period.

Arch Capital Group, the Bermuda headquartered specialty insurance and reinsurance company, has pre-announced an estimated up to $345 million of catastrophe losses for the third-quarter, which it has based on an expected industry loss burden of at least $47 billion.

Losses from recent hurricane Ida have reached the per-event retention level in Assurant’s reinsurance program, while the company also said it had to pay a premium to reinstate the second layer of its tower.

Global reinsurance giant Swiss Re has provided preliminary estimates for its losses from two of the major catastrophe events of the summer months, while it says the industry loss from hurricane Ida is estimated at between $28 billion and $30 billion, while Europe’s flooding is estimated as a $12 billion industry loss.

Two outstanding per-occurrence catastrophe bond tranches sponsored by Louisiana Citizens Property Insurance Corporation have been marked down much further on some broker pricing sheets in the last week, with secondary market bid pricing now implying a market expectation of a significant loss of principal.