PERILS extends Aus flood loss period, hikes estimate 23% to almost AU $4.9bn

The insurance and reinsurance market industry loss estimate for the flooding that impacted eastern Australia earlier this year is rising considerably, with PERILS AG hiking its estimate by 23% to almost AU $4.9 billion (roughly US $3.5bn) on the back of extending the event loss period. The increase in PERILS estimate read the full article →

Australian 2022 flood industry loss costs rise to AU $4.3bn

Based on an estimate of claims incurred, the Insurance Council of Australia now puts the 2022 severe flooding in the country as the fourth most costly natural disaster event on-record, at AU $4.3 billion. The last figure from the Insurance Council of Australia was for an estimate of insured losses from read the full article →

Hannover Re goes over budget on cat losses in Q1, sets Ukraine reserve

Global reinsurance company Hannover Re has reported a loss-challenged start to the year, as natural catastrophes and other man-made events eroded its large loss budget, while the company also set a low triple-digit million euro reserve for potential losses from the war in Ukraine. Net large losses reached EUR 336 million read the full article →

Australia’s 2022 floods confirmed most costly, inflation a driver

Based on actual claims costs, the Insurance Council of Australia has now updated its estimate for insured losses from Australia’s 2022 severe flooding to AU $3.35 billion. The data shows that the floods and storms that impacted South-East Queensland and coastal New South Wales in February and March 2022 will become read the full article →

SCOR expects Q1 Ukraine losses in the high double-digit millions

France-headquartered global reinsurance company SCOR has said it expects the conflict in Ukraine and other natural catastrophe events will cause it to report a loss for the first-quarter of 2022, with a high double-digit million Euro charge expected to hit its results. SCOR said it has been "closely monitoring the unfolding read the full article →

Eastern Australia floods industry loss near AU $4bn: PERILS

PERILS AG has this morning given a clearer picture of where we should anticipate the industry loss to insurance and reinsurance markets to settle after the eastern Australia flooding this year, putting its initial figure at close to AU $4 billion (close to US $3bn). That's a much higher figure than read the full article →

AXIS Capital sees $250m loss hit from Q3 catastrophes & weather

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, has joined the catastrophe loss pre-announcements, saying that it expects a net and before tax hit of $250 million to its third-quarter results, the majority coming from hurricane Ida. The company said that these Q3 catastrophe losses would cost it $219 million read the full article →

Everest Re estimates $635m of Q3 catastrophe losses

Global insurance and reinsurance firm Everest Re, which also operates a third-party capital strategy in the Mt. Logan Re collateralized reinsurance sidecar-like vehicle, has pre-announced an expectation of its third-quarter catastrophe losses amounting to $635 million net. Everest Re is the latest to pre-announce a significant catastrophe loss burden from the read the full article →

Timing more important than tenure for ILS investors: Lane at ILS Asia

While it’s not essential to invest in the insurance-linked securities (ILS) asset class for decades to achieve expected returns, it is important that investors time their entry into the space, according to Morton Lane, President, Lane Financial LLC and Director, MSFE Program, The University of Illinois in Urbana-Champaign. As part of read the full article →

Public market status can add cat bond transparency & efficiency: Lane at ILS Asia 2021

Were the U.S. Securities and Exchange Commission (SEC) to recognise the maturity of the catastrophe bond marketplace and consider it a public market, it would help both the efficiency and transparency of this part of the insurance-linked securities (ILS) industry, according to Morton Lane. The penultimate day of our virtual ILS read the full article →