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US winter storm loss creep likely to be prolonged: Aon

The complexities surrounding the development of an ultimate of insurance and reinsurance market losses from the recent US winter storm event are set to be significant, with broker Aon warning to expect a prolonged period of loss creep. Currently, estimates for the insurance and reinsurance market loss range from low double-digit read the full article →

Winter storm losses seen a driver for mid-year reinsurance firming: KBW

Industry losses from recent winter storm activity in the United States are seen as another driver for more firming of reinsurance prices at the key mid-year renewals, according to analysts at Keefe, Bruyette & Woods. KBW's analyst team attended the recent Association of Insurance and Financial Analysts (AIFA) conference and came read the full article →

Winter storm at $12bn – $18bn only attritional to aggregate cat bonds: Plenum

The recent severe winter storm losses in the United States are only expected to have an attritional effect on certain aggregate catastrophe bonds, while per-occurrence bonds are expected to escape loss, according to Plenum Investments. The Zurich-headquartered specialist catastrophe bond and insurance-linked securities (ILS) investment manager noted that multi-peril aggregate cat read the full article →

USAA aggregate cat bonds in focus on winter storm impacts

Secondary market prices have dropped for some catastrophe bonds in the wake of recent severe winter storm losses in the United States, with aggregate Residential Re cat bonds, sponsored by primary military mutual insurer USAA, the names in investor focus. We've analysed some catastrophe bond broker pricing sheets and it's clear read the full article →

Hurricane-level winter storm claims to drive billions of losses: Aon

Insurance and reinsurance broker Aon has offered its view on the recent winter storm activity in the United States, saying that an expected "hurricane-level" of claims from the winter storm "will translate to payouts well into the billions of dollars." Aon's Impact Forecasting unit has not provided a loss estimate and read the full article →

Winter storm Uri loss could be “well in excess” of $10bn: AIR

Catastrophe risk modeller AIR Worldwide has warned that recent winter storm Uri and associated severe winter weather could result in an insurance and reinsurance industry loss that is "well in excess" of $10 billion. Beginning on February 12th 2021 and continuing right through the following week, winter storms and freezing weather read the full article →

Palomar expects reinsurance recoveries for winter storm Uri

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, has said that it expects its reinsurance program to respond to the losses it will face from winter storm Uri's impacts in Texas. Texas was the state hardest hit by winter storm Uri's freezing weather, with significant read the full article →

Winter storm Uri insured loss seen up to $20bn: Fitch

Property and casualty insurers in the United States are facing record levels of first-quarter catastrophe losses due to the severe winter weather associated with winter storm Uri, rating agency Fitch has said. Extensive property damage was seen during last week’s severe winter weather in Texas, Louisiana and other southern states of read the full article →

Winter storm Uri an aggregate threat, but commercial loss may protect ILS: Twelve Capital

Winter storm Uri is destined to become a record insurance and reinsurance market loss for a winter weather event in the United States and while the impacts may be in the double-digit billions of dollars, the ILS market may be protected from too significant a share. A number of factors could read the full article →

Winter storm to drive record losses, reevaluation of cat budgets: AM Best

According to rating agency A.M. Best, catastrophe losses suffered in Texas from the US winter storm, which has been named winter storm Uri, may reach record levels, suggesting the estimates of significant insurance and reinsurance market losses are likely to come true. As we explained on Friday, catastrophe risk modelling specialist read the full article →