insured catastrophe losses

Analysts at Fitch Ratings have said that any realised catastrophe bond losses from the Los Angeles wildfires are expected to be small, however these are not anticipated to impede cat bond market issuance.

Catastrophe risk modelling specialist Karen Clark & Company (KCC) estimates that the insured loss (from privately insured and FAIR plan policies) to residential, commercial, and industrial properties, and autos from both the Palisades and Eaton wildfires in Los Angeles will sit close to $28 billion.

In a new update on the Los Angeles and Southern California wildfires, Evercore ISI analysts have said they believe that losses from the event are unlikely to change the trajectory of reinsurance pricing, which the firm anticipates will still be down 10% to 20% at the mid-year renewals.

Verisk’s Extreme Event Solutions division estimates that the insured industry losses to property from both the Palisades and Eaton fires in Los Angeles, will fall between $28 billion and $35 billion, driven primarily by losses to residential risks.

Insured catastrophe losses in Canada reached CAN $8.5 billion for full-year 2024, making it the largest loss year for the country on record, exceeding the previous record of CAN $6.2 billion recorded in 2016, according to CatIQ, Canada’s insured loss and exposure indices provider.

Canadian property and casualty insurer, Intact Financial Corporation, has continued to experience heavy catastrophe losses from wildfires and severe weather in the third-quarter, already announcing a CA $570 million toll, while also saying that these won’t trigger any reinsurance recoveries for the company.

Canadian property and casualty insurer, Intact Financial Corporation, has reported pre-tax catastrophe losses of an estimated CA $421 million, net of reinsurance, for the second quarter of 2023, driven by the record-setting series of wildfires in the country.

The insurance and reinsurance industry loss from hurricane Fiona’s impacts in Canada in 2022 is now estimated at above C$800 million by Catastrophe Indices and Quantification Inc. (CatIQ), a 21% increase since its last estimate.

Since January 2020, storms and floods impacting Australia have driven more than three-quarters of a million claims and an enormous AU $12.3 billion of losses to the insurance and reinsurance market.

Insurance and reinsurance market losses from hurricane Fiona’s impacts in Canada are estimated at C$660 million by Catastrophe Indices and Quantification Inc. (CatIQ).