Final Insured Loss for Germany-Austria’s Storm Herwart Rises to €264M: PERILS

Article 0 Comments The final estimate of insured property losses for Extratropical Cyclone Herwart, which primarily affected Austria and Germany on Oct. 29, 2017, is €264 million (US$300.6 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This estimate compares to the third loss estimate […]

Final Insured Loss for Germany’s Cyclone Xavier in 2017 Estimated at €324M: PERILS

Article 0 Comments The final insured property market losses for Extratropical Cyclone Xavier, based on loss data collected from affected insurers, is €324 million ($372.5 million), according to estimates issued by PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This compares to the third loss estimate of […]

Insurance Industry Is Rethinking Cat Modeling After Last Year’s Disasters

Article 0 Comments After Hurricane Harvey swept through Texas last August, it not only left behind nearly 50 inches of rain in some areas and an estimated $125 billion in damage, but questions for the insurance industry in terms of how to approach catastrophe modeling in the future, panelists discussed […]

Global Reinsurers’ Price Hikes Not Sustainable But Profitability to Improve: Fitch

Article 0 Comments Fitch Ratings’ outlook for global reinsurance remains negative given intense market competition, the influx of alternative capital that continues to pressure pricing and persistently low investment yields that strain reinsurer profitability. However, Fitch expects to affirm the majority of its ratings over the next 12 to 18 […]

Natural Disasters Cost Insurers a Record $144 Billion in 2017: Swiss Re’s sigma

Article 0 Comments Global insured losses from natural catastrophes were US$144 billion in 2017, the highest-ever recorded in a single year, according to the latest sigma study from the Swiss Re Institute. The biggest losses came from Hurricanes Harvey, Irma and Maria (HIM), which cost insurers US$92 billion, with economic […]

Final Loss Estimate for Australia’s Cyclone Debbie Is A$1.7B (US$1.3B): PERILS

Article 0 Comments The final property insurance loss estimate for Australia’s Tropical Cyclone Debbie is A$1.7 billion (US$1.3 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. Cyclone Debbie hit the Australian states of Queensland and New South Wales from March 28, 2017 until the […]

PERILS Revises Loss Estimate for Europe’s Windstorm Zeus to €272M ($335.1M)

Article 0 Comments The final estimate of insured property market losses for extratropical cyclone Zeus, which mainly hit France last year on March 6-7, have been revised to €272 million (US$335.1 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This compares to an initial […]

Commercial Insurance Prices Rise in Q4 2017, Reversing 4½ Years of Rate Cuts: Marsh

Article 0 Comments Average global insurance pricing in the fourth quarter of 2017 increased for the first time since Q1 2013, driven largely by global property insurance pricing following the third quarter’s large catastrophe losses, according to Marsh’s latest Market Index report. The report revealed that average pricing increased by […]