insurance

Kettle, the reinsurance focused deep-learning and artificial intelligence (AI) MGA, has announced the appointment of Isaac Espinoza as its new CEO.

The insurance and reinsurance industry loss estimate for European extratropical windstorm Ciarán from November 2023 has now been finalised slightly higher at €2.067 billion by PERILS.

Impacts from the severe flooding experienced across parts of Central Europe in September 2024 are estimated to have driven an insurance industry loss estimate of close to €1.9 billion by catastrophe data aggregator PERILS.

We’ve learned from sources that insurer USAA has estimated its losses from hurricane Helene at $1.15 billion, while losses from hurricane Milton are estimated to be $218 million, for a combined impact from the two storms at this time estimated at just over $1.37 billion.

According to insurance and reinsurance broking group Aon, global insured natural catastrophe losses in 2024 are likely to exceed the level seen in 2023, with the total already estimated to be above $102 billion.

Liberty Mutual, the insurance and reinsurance group, has pre-announced estimated losses of up to $900 million from hurricanes Helene and Milton, but still anticipates delivering an underwriting profit for the next reported period, with its combined ratio forecast to come in around 97% for the third-quarter and first nine months of 2024.

The depopulation of Citizens Property Insurance Corporation, Florida’s state-backed insurance company, continues apace and HCI Group, the Florida-focused insurance holding company, has assumed another more than 42,000 policies from the residual market carrier.

African Risk Capacity Limited (ARC Ltd.), the financial affiliate and parametric insurance underwriting entity of the African Risk Capacity (ARC) Group, is continuing to expand its risk pool, with the latest addition being Ghana, whose government has just purchased its first sovereign parametric drought insurance policy.

Prologis, Inc., the logistics, warehousing and supply-chain focused real estate owner and investor, has now secured the targeted $95 million of earthquake insurance protection from its new Logistics Re Ltd. (Series 2024-1) US quake catastrophe bond issuance, while the spread was finalised at the low-end of twice reduced guidance, Artemis can report.

The insurance industry loss from October 2023’s European windstorms Babet and Aline has been lowered by almost 8% to €639 million by catastrophe data aggregator PERILS AG, reversing the previous trend of increases.