Everest Re Estimates Q4 2018 Catastrophe Losses of $695 Million

Article 0 Comments Everest Re Group, Ltd. expects to incur in the fourth quarter 2018 catastrophe losses of $695 million, net of reinsurance, reinstatement premiums and taxes. The catastrophe losses were related to the fourth quarter 2018 events of Hurricane Michael which affected Florida and other states in the southeastern […]

Insurance Covered $90B of Natural Disaster Losses in 2018, Leaving 60% Protection Gap

Article 0 Comments The economic costs of last year’s 394 natural catastrophe events came to US$225 billion with insurance covering US$90 billion of the overall total, creating the fourth costliest year on record of insured losses, according to an Aon report titled “Weather, Climate & Catastrophe Insight – 2018 Insight […]

Argo Estimates Losses from Q4 Natural Catastrophes, Other Claims to Hit $44M

Article 0 Comments Argo Group International Holdings, Ltd., the Bermuda-based re/insurer, announced a preliminary pre-tax catastrophe loss estimate of $32 million for the fourth quarter of 2018, primarily related to Hurricane Michael and the California wildfires. Additionally, the company’s fourth quarter 2018 results will be affected by higher than expected […]

Final Insured Losses for Europe’s Storm Friederike/David Estimated at €1.7B: PERILS

Article 0 Comments The final loss estimate for Extratropical Cyclone Friederike, also known as David, reached €1.672 Billion ($1.906 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This compares to the previous PERILS loss report of €1.675 billion ($1.910 billion), which was released on […]

Severe Weather in Canada Cost Insurers C$1.9 Billion in 2018: IBC

Article 0 Comments Insured damage from severe weather events across Canada reached C$1.9 billion (US$1.4 billion) in 2018, according to the Insurance Bureau of Canada (IBC), quoting statistics from Catastrophe Indices and Quantification Inc. Severe weather across Canada continues to highlight the financial costs of climate change to insurers and […]

Multiple Smaller Natural Disasters in 2018 Created ‘Unusual’ Insured Loss Picture: Willis

Article 0 Comments Insured loss estimates from major natural catastrophes in 2018 totaled roughly $71.5 billion, the highest since 2011’s annual market losses of $120 billion, according to Willis Re. However, the insured losses in 2018 are slightly less than half of those from 2017, and are marginally above the […]

Swiss Re Estimates Its Q4 Natural Catastrophe Claims to Hit US$1.0B

Article 0 Comments Swiss Re estimates it will pay claims of approximately $1.0 billion for natural catastrophes booked in the fourth quarter of 2018, with the largest generated from California wildfires and Hurricane Michael. These natural disaster claims will mainly affect its Reinsurance Business Unit and are net of retrocessional […]

Jan. 1 Renewals Saw ‘Muted Impact’ from 2018’s Catastrophes: Guy Carpenter

Article 0 Comments The overall impact of catastrophe losses on property rates was muted at the Jan. 1, 2019 reinsurance renewals, but the fourth highest annual catastrophe loss year on record did create questions over pricing adequacy, underwriting strategy and the amount of capital available, said Guy Carpenter & Co., […]

Indonesia Rattled by More Than 11,500 Quakes in 2018

Article 0 Comments Indonesia was rattled by more than 11,500 earthquakes last year, almost double the annual average of the past decade, according to the nation’s meteorological agency. The archipelago was hit by 11,557 temblors in 2018, with 297 of them packing a magnitude of more than 5 on the […]

Arch Capital Estimates Q4 2018 Catastrophe Losses Could Total $130M

Article 0 Comments Arch Capital Group Ltd. reported an estimated range of fourth quarter pre-tax losses of $110 million to $130 million from global natural catastrophes, including Hurricane Michael and California wildfires. These estimates are net of reinsurance recoveries and reinstatement premiums, said Bermuda-based Arch. This estimated range updates the […]