winter storm Uri

In reporting its first-quarter results late yesterday, global insurance and reinsurance giant Chubb revealed a $700 million pre-tax hit from catastrophe events, $657 million of which came from US storms.

In reporting its first-quarter results this morning, France headquartered global reinsurance company SCOR revealed that its two biggest hits of the period were winter storm Uri in Texas and the United States, as well as mortality claims from COVID-19, which its CEO said fell “within our risk appetite.”

FedNat Holding Company, the U.S. primary insurance carrier group, has detailed the impact of February’s winter storm Uri and its other first-quarter 2021 catastrophe losses, as well as some of the reinsurance adjustments made to help it manage the hit to its balance-sheet.

Argo Group, the Bermuda headquartered specialty insurance underwriter, has pre-announced an expectation of reporting $47 million of catastrophe and pandemic losses from the first-quarter of 2021, largely from its legacy reinsurance business.

U.S. primary insurance carrier Travelers has reported what its CEO Alan Schnitzer calls its “highest-ever level of first quarter catastrophe losses”, which it appears are largely due to the US winter storms.

German global reinsurance giant Munich Re is anticipating reporting above average major losses from February’s US winter storms and freezing Texas weather, as well as from additional pandemic related impacts, but still expects a bumper profit for the first-quarter of 2021.

Everest Re, the globally active insurance and reinsurance company, has pre-announced an expected $260 million catastrophe loss load for the first-quarter of 2021, the vast majority of which is from the US winter storms and freezing weather in Texas.

U.S. insurer The Hartford is the latest to pre-announced the impacts of natural catastrophes and severe weather in the first-quarter of 2021, saying it expects to report $214 million of current accident year cat losses, net of reinsurance.

Arch Capital Group, the global insurance and reinsurance specialist underwriter, has pre-announced an expectation of suffering up to $190 million of first-quarter catastrophe losses, the majority of which seem to be from the US winter storms, on which the company pegs an up to $16 billion industry loss estimate.

US primary insurer Allstate revealed today that its catastrophe losses, before reinsurance, subrogation recoveries and taxes totalled $1.67 billion for the first-quarter of 2021, a significant proportion of which will be offset by recoveries under reinsurance and also its Sanders catastrophe bonds, it seems.