hurricane Matthew 2016

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70% of overall Hurricane Matthew loss uninsured: Aon Benfield

Data and analysis from reinsurance broker Aon Benfield reveals that Hurricane Matthew is estimated to have resulted in an insurance and reinsurance industry loss of roughly $4.5 billion, and an economic loss of almost $15 billion, highlighting a tropical cyclone protection gap in both developed and emerging regions.Hurricane Matthew occurred read the full article →

FedNat lowers hurricane Matthew loss, so reinsurance takes less

U.S. primary insurance firm Federated National Insurance (FedNat) has revealed a decrease in its loss from hurricane Matthew, compared to its initial estimate, meaning that reinsurance capital has taken a smaller share than it had first assumed.Initially, FedNat had estimated aggregate gross liabilities from hurricane Matthew of $77.5 million. At read the full article →

Hurricane Matthew Florida loss hits $1.182 billion, further to rise

Total insurance claims paid in the state of Florida, due to damage caused by hurricane Matthew, have risen again at the latest calculation, reaching $1.182 billion, and the data suggests there is some way to go before all claims are settled.The Florida Office of Insurance Regulation has provided updates on read the full article →

Hurricane Matthew claims up 10% to $803m in Florida

Reported insurance or reinsurance claims from damage suffered in the state of Florida due to hurricane Matthew have risen by another 10%, now reaching $803 million, according to a new update from the Florida Office of Insurance Regulation.The toll due to hurricane Matthew, which raked the Florida coastline in early read the full article →

Nicaragua gets $1.1m parametric CCRIF payout for hurricane Otto

Nicaragua has benefited from a $1.1 million parametric insurance policy payout from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) after hurricane Otto triggered a payout to its tropical cyclone insurance coverage.Hurricane Otto was the 16th named storm of the 2016 Atlantic Hurricane Season, forming as a very read the full article →

Hurricane Matthew claims rise 20% to $729m in Florida

The hurricane Matthew reported insurance or reinsurance claims tally has now reached $729 million, according to the latest from the Florida Office of Insurance Regulation, an increase of 20% since the 28th October.A significant number of additional claims have been closed since the last update, when the loss was cited read the full article →

Hurricane Matthew won’t move the dial for reinsurers: Universal CRO

Despite hurricane Matthew making landfall on the U.S. coastline and causing expected insured losses in the billions of dollars, it’s not expected to have any positive impact on pricing in the reinsurance market with the sector remaining heavily capitalised, according to Jon Springer, President and Chief Risk Officer (CRO), Universal read the full article →

Matthew helps reinsurance edge closer to bottom: Gregory, Lancashire

Hurricane Matthew was a timely reminder that the benign loss environment won’t last forever, despite the storm’s final track causing far less damage than initial forecasts had suggested. While the insured loss isn’t expected to turn the softening reinsurance market cycle, it has pushed the sector slightly closer to the read the full article →

Alleghany puts hurricane Matthew loss at up to $75 million

Insurance, reinsurance and financial services group Alleghany has estimated its pre-tax loss from hurricane Matthew as being up to $75 million, net of reinsurance and reinstatement premiums.Alleghany is the parent of reinsurance firm TransRe which operates the Pangaea collateralized reinsurance sidecars, which could have experienced their share of the loss read the full article →

Hurricane Matthew U.S. losses only 50% covered by insurance: Aon

Despite the fact hurricane Matthew impacted the U.S. coastline, as the first major hurricane to do so in a number of years, the economic loss of around $10 billion is only anticipated to result in around $5 billion of loss to insurance and reinsurance markets.Aon Benfield's risk analytics and modelling read the full article →