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Australia bushfire insured losses rise 6% to pass A$2bn

The insurance and reinsurance market loss from claims caused by the bushfires that burnt across Australia in late 2019 into early 2020 has risen another 6% and passed A$2 billion for the first time.While the cost of claims has only risen by 6% since we last reported on the data read the full article →

PG&E gains $23bn financing approval to fund bankruptcy settlement

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has been approved to secure $23 billion of financing to assist in paying its bankruptcy related settlements, which may further accelerate the awaited subrogation payments it owes rights holders.Yesterday the bankruptcy court approved PG&E to secure and read the full article →

ILS funds face challenge to accurately value PG&E settlement: KPMG

Insurance-linked securities (ILS) fund managers, as well as other managers of third-party capitalised reinsurance and retrocesion vehicles, face a particularly significant challenge when it comes to accurately valuing the PG&E wildfire related subrogation settlement in their funds, the actuarial team at KPMG highlighted.As we've covered previously, Californian electrical utility PG&E read the full article →

PG&E says on track for wildfire fund and for subrogation payments

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, said today that its Chapter 11 bankruptcy plans remain on track and as a result it hopes to join the state's newly formed wildfire fund and also make progress towards the subrogation payments it owes.Reporting its quarterly read the full article →

Australian bushfire loss near A$1.6bn across 7 day period: PERILS

Insurance and reinsurance industry losses from the recent Australian bushfires across an hours clause appropriate seven consecutive day period are estimated at nearly A$1.6 billion (almost US $1.1bn) by PERILS AG.The latest information from the Insurance Council of Australia (ICA) puts the industry losses from the bushfires at A$1.9 billion read the full article →

Australian bushfire losses rise 15% to A$1.9bn (~US$1.3bn)

The latest data on claims and expected industry losses from the ongoing bushfires in Australia shows that the insurance and reinsurance market loss has risen another 15%, to reach A$1.9 billion (around US $1.3bn).As more claims continue to be filed, costs are escalating from the bushfires that struck Australia over read the full article →

IAG highlights “significant reinsurance recoveries” with more to come

Australian primary insurance group IAG has highlighted "significant reinsurance recoveries" made under its program in 2019, including around $280 million from its aggregate tower, with more to come as costs from the recent heavy rain event looks set to be capped by its reinsurance as well.IAG had already revealed that read the full article →

Suncorp’s 2020 losses erode around half its aggregate reinsurance

Australian primary insurer Suncorp has revealed that around half of its aggregate reinsurance protection has been used up thanks to heavy losses from bush fires, hail and storms in recent weeks.The start of 2020 saw Suncorp adding an expected $155 million of net losses just in January alone, resulting in read the full article →

Suncorp says “unprecedented” catastrophes will drive reinsurance recoveries

Australian primary insurance giant Suncorp has referred to an "unprecedented" start to the season for catastrophe losses this morning, saying that it now expects to make recoveries across its reinsurance program, including its main program, drop-downs and aggregate reinsurance including perhaps its stop-loss.Suncorp had already warned earlier this month that read the full article →

Terms & definitions matter in Australian bushfire reinsurance loss: A.M. Best

The quantum of an eventual reinsurance market loss from the Australian bushfire disaster remains highly uncertain, as the specific terms and conditions defining an event on individual reinsurance programs will matter, according to A.M. Best.The still continuing bushfires in Australia are said to have become the costliest example from an read the full article →