IAG’s main cat reinsurance program triggered by hailstorm losses

Australian primary insurance giant IAG is set to make a claim under its calendar year 2020 main catastrophe reinsurance program that provides it with per-occurrence protection for the recent hailstorm events, signalling that the gross loss impact to this one insurer will surpass A$250 million.As of the latest update, the read the full article →

Australia bushfires the costliest ever at A$1.65bn (US $1.13bn) insured loss

The ongoing outbreak of bushfires in Australia are now said to be the costliest example from an insurance and reinsurance market loss perspective, as the latest data shows losses reached A$1.65 billion (US $1.13bn).Estimated insurance claims from the bushfire disaster in Australia have kept rising, with claims lodged now reaching read the full article →

Twelve Capital highlights private ILS exposure to Australian wildfires

Zurich headquartered specialist insurance-linked securities (ILS) and reinsurance investment fund manager Twelve Capital has noted that a private collateralised ILS contract has potential exposure to the ongoing Australian bushfire losses.It's the first confirmation that some ILS capital could potentially face some losses from the bushfire season in Australia, as so read the full article →

Australian bushfire claims rise 43% to A$1.34bn (US$925)

The ongoing Australian bushfire disaster could now become the most costly on record, after estimated insurance claims rose by another 43% to reach A$1.34 billion (around US $925m) and a further sharp increase in the loss is now expected.The latest figure from the Insurance Council of Australia (ICA) is another read the full article →

Australian bushfire claims to surpass A$1 billion (now US $686m)

There has been another sharp increase in insurance industry losses from the Australian bushfire season, as the total has now reached A$995 million and will rise further in the coming days.The latest figure for insured losses from the entire Australian bushfire season since September 2019 is A$995 million (US $686m) read the full article →

Suncorp reveals bushfire losses, drop-down & aggregate reinsurance at-risk

Australian primary insurance giant Suncorp is the latest to provide an update on its losses from the ongoing bushfire disaster in the country, saying that it currently counts losses of up to $345 million but notes that it has drop-down and aggregate reinsurance that could come into play.Market losses from read the full article →

Australia bushfire insured losses soar further to US $485m (A$700m)

As anticipated, insurance industry losses from the ongoing bushfire devastation across Australia are soaring as more clarity on the number of claims comes in, with the total now reaching US $485 million (A$700 million).The total insurance and reinsurance market loss, according to the Insurance Council of Australia (ICA), has risen read the full article →

Australian bushfire season claims leap to US $300m (A$431m)

Insurance market claims from Australia's devastating bushfire season have begun to soar as anticipated, with the latest claims figure now pegged at US $300 million (A$431m) by the Insurance Council.As we explained last week, the devastating bushfire outbreaks have continued to destroy wide swathes of Australia and the toll to read the full article →

Australia bushfire claims hit US $207m, but expected to soar

Update: Claims hit US $300m a few days after this article, read the latest here. Insurance claims from current season bushfires in Australia have now reached US $207 million (according to an Aon source), surpassing US $200 million according to the Insurance Council who now predict that losses will soar.Wildfire read the full article →

Nationwide receives fifth loss payment under Caelus Re V cat bond

Nationwide Mutual Insurance Company, the U.S. primary insurer, has benefited from another almost $8.5 million loss payment under its Caelus Re V Ltd. (Series 2017-1) Class D tranche of catastrophe bond notes, as reinsurance recoveries from that transaction continue.Nationwide started to benefit from reinsurance recoveries under this catastrophe bond back read the full article →