hurricane Irma 2017

With every major catastrophe loss event it’s common to hear discussion of whether it will be a hit to reinsurer earnings, or to their capital. 2017 was running as a definite earnings impact to the majority of reinsurers, but the addition of a high loss estimate for hurricane Maria’s Caribbean impact has moved Fitch’s opinion […]

Equity analysts that track the insurance and reinsurance industry all seem to be shifting their opinions more in favour of broader rate rises in the reinsurance space, following the announcement from AIR Worldwide that hurricane Maria could add between $40 billion and $85 billion to the industry losses from recent catastrophes.

Property and casualty insurance company United Insurance Holdings (UPC Insurance) is set to make a significant call on its reinsurance providers, reporting that its gross losses from hurricanes Harvey & Irma are estimated at up to $600 million, but after reinsurance it expects to retain just $83 million of the loss.

The $20 million Class C tranche of notes from Safepoint Insurance Company’s Manatee Re Ltd. (Series 2016-1) catastrophe bond have been priced for a total loss by the leading cat bond trading desks, confirming our article from Friday on the first cat bond loss from hurricane Irma.

According to our sources, an event notice has been filed on behalf of Safepoint Insurance Company, the sponsor of the Manatee Re Ltd. (Series 2016-1) catastrophe bond, revealing the initial estimate of the insurers hurricane Irma losses that qualify under the terms of the cat bond and the level reported suggests a loss for the […]

Parametric risk transfer contracts sold by specialist managing general agent New Paradigm Underwriters settled within nine days of Hurricane Irma’s landfall in Florida.

The dollar amount of insurance claims filed and calculated after hurricane Irma jumped 57% in just a few days, now passing $3 billion and with almost 500,000 claims now filed, according to the Florida Office of Insurance Regulation.

Primary insurance giant Allstate has begun to eat into its reinsurance protection after suffering an estimated $576 million of gross catastrophe losses, pre-tax, due to the impacts of hurricane Harvey.

According to market sources, both traders and ILS fund managers, following the impacts of hurricanes Harvey and Irma a number of industry-loss warranty (ILW) contracts are expected to payout, with the total at risk seen as in the billions.

In an interview with Artemis at the 2017 Monte-Carlo Reinsurance Rendez-vous, Victor Peignet, Chief Executive Officer (CEO) of SCOR Global P&C, discussed the potential but uncertain impact of hurricane Irma on the softening market, and also what it might mean for the alternative reinsurance capital space.