natural catastrophe

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.

Gianfranco Lot, Chief Underwriting Officer (CUO) of P&C Reinsurance at Swiss Re, has highlighted the importance of the insurance-linked securities (ILS) market in helping to close the protection gap, noting that the sector is evolving in a positive manner. Speaking recently during reinsurance giant Swiss Re’s 2023 Media Dialogue, Lot commented on the role of […]

France-headquartered global reinsurance company SCOR has renewed its capital markets-backed contingent capital facility, to provide a three-year source of up to €300 million of capital to support the company in the event of extreme natural catastrophe or mortality events.

Speaking at a recent analyst conference, Swiss Re’s Group Chief Underwriting Officer Thierry Léger explained that pricing is now hard in the natural catastrophe reinsurance space, but that further rate hardening is also expected.

French reinsurance giant SCOR has established its fourth contingent capital facility, securing an EUR 300 million source of responsive capital coverage for natural catastrophe and extreme mortality events.

Despite the significant catastrophe losses facing the reinsurance industry, French reinsurer SCOR has reported a profit for the first none months of 2017, as support from its retrocession providers helped the firm to better manage its losses.

Global reinsurance firm SCOR said that it expects the impacts of hurricanes Harvey, Irma and Maria will likely remain an earnings, rather than capital event, and that it does not expect its contingent capital facility will be triggered as a result of the losses it will suffer.

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 […]

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.

The global insurance and reinsurance industry suffered $54 billion of losses in 2016, according to the latest data from Swiss Re’s sigma unit, with the United States leading the way due to a record number of severe convective storm events.