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Bermuda re/insurers pay $19bn of wildfire & typhoon claims in three years

Insurance and reinsurance firms located in Bermuda have paid a huge $19 billion of claims for losses caused by California or Australia wildfires and Japanese typhoons in just the last three years.The California wildfires of the last three years and the Japanese typhoons of the last two have been some read the full article →

U.S. severe weather & tornadoes drive billion dollar loss this week: Aon

This weeks severe weather, convective storms and tornado outbreaks across the central and eastern U.S. could drive economic losses of over $1 billion, while the insurance and reinsurance market impact is likely in the hundreds of millions of dollars, according to Aon.Impact Forecasting, the risk modelling and forecasting focused unit read the full article →

Hurricane forecasts for 2020 point to above average season

Hurricane forecasts for the 2020 Atlantic hurricane season so far point to an above average year of activity ahead, with the early forecasts suggesting meteorological similarities with some particularly active historical seasons.The insurance, reinsurance and insurance-linked securities (ILS) market always watches the tropics with trepidation, given the potential for significant read the full article →

Premiums ceded to Mt. Logan Re outpaced losses in 2019 for Everest Re

Global insurance and reinsurance group Everest Re ceded more premiums to its Mt. Logan Re Ltd. collateralized reinsurance sidecar-like vehicle in 2019 than losses, the first year since 2016 when catastrophe impacts have been far outpaced by premium growth.While 2019 saw its fair share of major global catastrophe loss events read the full article →

UK winter floods & wind related industry losses said £650m: PERILS

The insurance market loss from flooding that struck the United Kingdom earlier this year is initially estimated to be £279 million (around US $350m), according to PERILS AG, but the overall winter weather hit from floods and wind is estimated as £650 million (around US $810m).PERILS estimate for the insurance read the full article →

Munich Re withdraws profit guidance on Covid-19 claims burden

Global reinsurance giant Munich Re has become the first major player to withdraw its stated profit guidance for 2020, as it revealed a "considerable claims burden" caused by losses from the Covid-19 coronavirus pandemic.Munich Re's CEO Joachim Wenning had confidently set out a profit target of €2.8bn for 2020 as read the full article →

Precedents seen for some Covid-19 business interruption claims

Plaintiff attorneys believe there are a number of legal precedents that could mean insurers end up taking more business interruption claims from the Covid-19 coronavirus pandemic than initially thought, which analysts say suggests a rising risk of the impact being greater than anticipated.As we explained last week, legal actions seeking read the full article →

Pandemic parametric triggers Q&A with Tom Johansmeyer, PCS

Pandemic protection. Is it included, excluded, or even mentioned in a policy or program? Even if it is, is the coverage responsive enough to really help the protection buyer, or should parametric solutions be looked at? If so, how to ensure they are robust?At a time when interest in pandemic read the full article →

Australian east coast low industry loss estimated at A$794m by PERILS

Insurance and reinsurance market losses from a severe east coast low that struck Australia at the beginning of February are estimated to be A$794 million, according to PERILS AG.As we explained yesterday, the Insurance Council of Australia (ICA) pegged the losses from this latest catastrophe to beset Australia during its read the full article →

Windstorm Victoria – Dennis industry loss said EUR 286m by PERILS

European windstorm Victoria, also known as storm Dennis in the UK, is estimated to have cost the insurance market at least EUR 286 million, according to PERILS AG.Being its first estimate for the market-wide property insurance and perhaps reinsurance loss for storm Victoria, there is a good chance PERILS increases read the full article →