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Secondary perils driving insured losses globally: Swiss Re

So-called secondary perils are driving insured losses around the globe, according to reinsurance giant Swiss Re, who also said the fingerprints of climate change are evident in the increasing frequency and severity of losses. Swiss Re reports an estimated $35 billion of insured losses from natural catastrophes through the first-half of read the full article →

Munich Re estimates $34bn of insured catastrophe losses for H1 2022

Global reinsurance firm Munich Re estimates that global insured losses from natural catastrophe events reached $34 billion in the first-half of 2022, as over half of the economic loss tally was covered. Munich Re pegs economic losses from natural disasters at $65 billion for the first-half of 2022, down on the read the full article →

Global insured catastrophe losses above avg at $39bn in H1 2022: Aon

The insurance and reinsurance industry faced above average catastrophe losses from across the globe in the first-half of 2022, with the total coming to $39 billion, some 18% above the average, according to data from Aon. The latest global catastrophe recap report from insurance and reinsurance broker Aon also shows that read the full article →

Ida reinsurance recoveries significant for some, backup cover likely needed

Information from sources suggests that some primary insurance carriers are likely to recover significant amounts from their reinsurance arrangements after hurricane Ida, while a number of insurers are likely to exhaust their reinsurance towers completely, and some catastrophe bonds remain exposed. We understand some brokers have been telling their clients just read the full article →

RMS lifts hurricane Ida estimate to $31bn – $44bn, adds northern flood losses

Catastrophe risk modelling firm RMS has now added a further $6 billion to $9 billion of insurance and reinsurance market losses to its industry estimate for recent hurricane Ida, adding the expected flood toll further north and taking the total estimate range to $31 billion to $44 billion. RMS' estimate is read the full article →

Hurricane Ida industry loss pegged at $32.2bn by Jefferies

Analysts at investment bank Jefferies said this morning that they estimate the insurance and reinsurance industry loss from recent hurricane Ida will be around $32.2 billion, taking the 2021 catastrophe loss year-to-date run-rate far above the average. August's catastrophe events, including hurricane Ida which was the largest of the year so read the full article →

AIR lifts top-end of hurricane Ida loss estimate to $30bn, to include floods

Catastrophe risk modeller AIR Worldwide now says that hurricane Ida will cost the insurance and reinsurance market between $20 billion and $30 billion, an estimate that now includes private market inland flood insured losses. AIR's first industry loss estimate for hurricane Ida was for the wind and storm surge impacts of read the full article →

Ida will be one of the costliest U.S. mainland hurricanes: Aon

Hurricane Ida is expected to become one of the costliest tropical storm impacts ever to affect the mainland United States, according to insurance and reinsurance broker Aon. The industry has been absorbing the reality of hurricane Ida over the last week or so, as industry loss estimates steadily rose and the read the full article →

Ida insured flood losses seen $11bn to $17bn by CoreLogic

Data and analytics company CoreLogic has provided an insurance market loss estimate for the flooding caused by hurricane Ida's remnants in the northeastern states of the US, saying it will range from $5 billion to as much as $8 billion. That's on top of CoreLogic's estimated $6 billion to $9 billion read the full article →

RMS says hurricane Ida loss $25bn to $35bn, on Gulf region impacts only

Catastrophe risk modeller RMS has provided the clearest view of the escalation in industry loss estimates for recent hurricane Ida, pegging the total onshore and offshore losses for the Gulf region at between $25 billion and $35 billion. This doesn't include any of the damages experienced further north from hurricane Ida's read the full article →