insurance

According to broker Gallagher Re, hurricane Debby is expected to be a very manageable event for the insurance and reinsurance industry, with water driving a relatively significant proportion of a private and public market insured loss of up to $2 billion.

Full-service global law firm Locke Lord has announced the hiring of J.P. Hong, an experienced insurance-linked securities (ILS) lawyer that previously worked at Sidley, seeing the ILS market as a strategic growth area for the company.

In the insurance and reinsurance market, catastrophe bond issuance levels and activity are becoming a key focus for any investor discussions regarding industry capacity and price, according to equity analysts at Goldman Sachs.

Reinsurance firm Swiss Re has estimated that global insured natural catastrophe losses for the first-half of 2024 were US $60 billion, which it says was 62% above the 10-year average, while man-made disaster losses were $6 billion for the period, which as a total is up from $65 billion for H1 2023.

Heritage Insurance Holdings, Inc. is ready to begin selectively growing its property insurance business back into Florida, as the legislative reforms have taken positive effect and reinsurance markets are now more stable, CEO Ernie Garateix has explained.

Tropical Storm Risk (TSR) has updated its forecast for activity levels during the 2024 Atlantic hurricane season, with a slight reduction in the numbers of storms and hurricanes expected to form, but still expecting four Category 1 or stronger hurricane landfalls in the United States.

Insured losses from hurricane Debby are expected to largely fall within primary insurers’ reinsurance retentions, according to James Eck of Moody’s Ratings.

Research undertaken by insurance and reinsurance broker Aon alongside Columbia University suggests that climate models may be underestimating the future loss impacts of Atlantic hurricanes and U.S. severe storms.

Having made a big and successful bet on property catastrophe risks in 2023 that saw the company writing significantly more in property reinsurance premiums in the first-half of 2023, Warren Buffett’s Berkshire Hathaway has taken a different stance in the second-quarter of 2024.

According to reinsurance broker Guy Carpenter, CrowdStrike is not a particularly significant cyber catastrophe event and only represents a “Kitty Cat”, or mid-sized catastrophe loss, while the broker estimates industry losses will be between $300 million and $1 billion.