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Cat claims 34% above 10-year average in 2021 on US winter storm: Jefferies

Insurance and reinsurance industry catastrophe claims are likely running around 34% above the 10-year average for the year-to-date thanks to the significant contribution from US winter storms and freezing weather, according to analysts at Jefferies. In its latest update on catastrophe and weather losses facing the insurance and reinsurance industry, the read the full article →

Winter storms mean higher renewal rates into 2022: ILS Capital

Bermuda headquartered ILS fund and investment manager ILS Capital Management, has said that it expects that industry losses suffered from the recent winter storms and Arctic blast in the United States will drive renewal rates higher at the mid-year and also further into 2022. The ILS investment manager revealed an expectation read the full article →

Aon says winter storm losses to hit record level, warns of climate effect

The intensity of extreme cold events such as the recent US winter storms and Arctic deep freeze may become more volatile as the climate changes, Aon has warned, saying that the February loss event will be a record. Currently, insurance and reinsurance industry loss estimates for the recent US winter storms read the full article →

Winter storm losses in Texas drive ERCOT subrogation speculation

The size of the estimated winter storm insurance and reinsurance market loss from February's severe Arctic freeze and the issues suffered by energy organisation the Electric Reliability Council of Texas, Inc. (ERCOT) has raised speculation over the chances of subrogation becoming a possibility for carriers. Record freezing temperatures ended up driving read the full article →

Winter storm losses to factor into alternative capital investor discussions: S&P

Insurance and reinsurance market losses from winter storm Uri and related severe winter weather in the United States may become another factor in the availability of alternative capital, given the loss will highlight the risk of catastrophes being unmodelled and perhaps heighten climate change concerns, S&P has warned. While there's currently read the full article →

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 →

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 →