insurance

We’ve learned that Allstate’s annual aggregate catastrophe losses that are applicable under the terms of its Sanders Re catastrophe bond program has reached $1.3 billion after July 2024, so it is much lower than the accumulation of pre-tax catastrophe losses the company has suffered during the current risk period.

Severe flash flooding that affected the city of Toronto and parts of southern Ontario, Canada during the month of July 2024 are estimated to have caused on insurance industry loss of above $940 million, according to Catastrophe Indices and Quantification Inc. (CatIQ).

Hurricane Ernesto is approaching Bermuda at Category 2 strength with sustained winds of 100 mph and the large size of the tropical cyclone means the island is forecast to experience very strong winds, a storm surge and inches of rain as the third hurricane of the 2024 Atlantic tropical storm season bears down on the […]

Painting a picture of an insurance marketplace recovering after a challenging period, rating agency KBRA notes that reporting suggests Florida property insurance carriers are in a much better place, while the reinsurance market has responded and helped carriers increase their protection in advance of the expected busy hurricane season.

US primary insurer Allstate has revealed that 20 July catastrophe events drove $587 million of losses for the company, with an initial estimate that $226 million came from hurricane Beryl’s impacts in the United States, a figure that could further erode some of the retention beneath its aggregate catastrophe bonds.

Catastrophe risk modelling specialist Karen Clark & Company (KCC) is the latest with an estimate of industry losses from recent hurricane Debby, saying the private market insured loss is expected to be close to $1.4 billion.

The private insurance market industry loss in the United States after recent hurricane Debby is not expected to exceed $1.5 billion, while additional losses from the National Flood Insurance Program (NFIP) are expected to be less than $300 million, Moody’s RMS Event Response has said.

Ernesto has now become the third hurricane of the 2024 Atlantic tropical storm season and is forecast to intensify to major Category 3 status, before weakening slightly and passing close to Bermuda as a Category 2 storm.

Communications specialist Liberty Latin America is expecting a $44 million payout from parametric weather derivatives after the passage of hurricane Beryl triggered these instruments for the company.

Two tropical cyclones on opposite sides of the world will be watched closely by interests in the reinsurance and insurance-linked securities (ILS) market over the coming days, with tropical storm Ernesto seen as a potential hurricane threat to Bermuda and tropical storm Ampil in the Pacific seen as a potential typhoon threat to Tokyo, Japan.