insured losses

The insurance and reinsurance industry was on the hook for a record $144 billion of disaster losses in 2017, which was largely driven by natural catastrophe events and the three major U.S. hurricanes, Harvey, Irma and Maria, which alone drove $92 billion of industry losses, according to Swiss Re.

There is evidence that claims from the New Zealand earthquakes continue to impact insurers and be passed on to reinsurance capital as a result, with IAG and Suncorp both reporting more claims coming in from Canterbury and Kaikoura quake events.

Impact Forecasting, the catastrophe and weather risk analysis arm of reinsurance brokerage Aon Benfield, has estimated the insurance industry losses from 2017 catastrophes and severe weather events at $134 billion, just slightly below the record high seen in 2011 of $137 billion.

Reinsurance giant Munich Re said that natural catastrophe events in 2017 have caused record insurance and reinsurance market losses, with the total industry bill estimated at $135 billion, but insurance only covered 41% of the damage as the economic loss from 2017 disasters is pegged at $330 billion.

Reinsurance giant Swiss Re has estimated that global insured losses from natural and man-made disasters will hit $136 billion, the third highest figure on record but still trailing well below an expected $306 billion of economic impact.

Insurance claims filed in both personal and commercial business lines that will fall to the private market for payment after the 14th November 2016 Kaikoura earthquake have now risen to NZ $2 billion (US $1.46 billion) according to the Insurance Council of New Zealand.

Reinsurance firm Swiss Re has given a preliminary estimate for global economic and insured losses from natural and man-made disasters of just $23 billion for the first-half of 2017, which is down 36% on the prior year and 30% below average. Economic losses are estimated at just $44 billion, down from $117 billion in H1 […]

Australia and New Zealand insurer Suncorp Group has continued to suffer from additional over cap claims and loss creep from the Canterbury, NZ earthquakes, reporting an increase to its ultimate net loss for the events of $129 million.

Global economic and insurance industry losses from natural catastrophes in the first-half of 2017 have both come in way below average, with just $19.5 billion hitting re/insurers which is significantly below the $29 billion ten-year average, according to data from reinsurance firm Munich Re.

Insurance claims filed in both personal and commercial lines that will fall to private insurers after the 14th November Kaikoura earthquake have now risen to NZ $1.84 billion (approximately US $1.33 billion), according to the latest data from the Insurance Council of New Zealand.