insurance

Global catastrophe losses that will be paid by public or private insurance and reinsurance capital are estimated to have reached $22 billion in the first-quarter of 2023, Gallagher Re has said.

US primary insurance giant Travelers has reported an elevated level of catastrophe losses for the first-quarter of 2023, which may set the tone for primary carriers in the country, as some may face a burden due to severe convective storms, tornado and typically higher reinsurance attachment points.

The Florida Office of Insurance Regulation (OIR) said today it has approved the application for HCI Group’s new Florida-focused carrier, Tailrow Insurance Company.

Catastrophe bonds are typically a risk transfer structure protecting an insured or reinsured against losses that affect its portfolio, which normally means a focus on loss and damage to physical assets. But increasingly interruption and people’s humanitarian needs are coming into the coverage equation, with broker Aon pioneering some of these moves according to its […]

Cincinnati Financial Corporation has announced an expectation that it will report pretax catastrophe losses of approximately $235 million, with severe US storms and tornadoes in March the main drivers.

Insurance and reinsurance broker Aon’s Impact Forecasting division has issued a preliminary estimate for first-quarter 2023 insured global catastrophe losses, putting the total at around US $15 billion and saying severe convective storms were the main driver.

Colorado State University’s tropical meteorology team led by Phil Klotzbach has issued its first long-range forecast for the 2023 Atlantic hurricane season, predicting slightly below-average activity, but at the same time cautioning on uncertainty related to the strength of El Niño and warmer than normal Atlantic sea surface temperatures (SST’s).

Two additional hurricane forecasts have been released that both suggest that the United States eastern seaboard and Florida could face elevated threats this year, the main reason being the warmer than average SST’s seen in the Atlantic and also Gulf.

Tremor Technologies, the insurtech operator of a programmatic risk transfer marketplace, is launching a division focused on residual and public funded insurance markets, saying that they deserve better reinsurance placement outcomes and that taxpayer funded entities need transparency over price discovery.

As the state of Florida begins to look a more attractive proposition for property insurance underwriting in the wake of the significant legislative reforms that are being enacted, HCI Group is looking to capitalise on the opportunity, with the launch of a new Florida domestic named Tailrow Insurance.