Business interruption

The October Californian wildfires would have a $90mn net negative impact on fourth quarter results at RenaissanceRe, the Bermudian carrier said today

Modelling firm AIR Worldwide has significantly revised its industry loss estimate for the October California wildfires to a range of $8bn to $10.5bn, up from an earlier $2bn-$3bn projection.

AM Best has said reinsurer profits could fall to a six-year low following catastrophes in the third quarter and that some companies may take up to three years to earn back losses.

Unreported losses from the third quarter catastrophe events should largely close the $70bn gap between disclosed claims and overall industry loss estimates, according to Morgan Stanley analysts

The $70bn gap between reported third quarter cat losses and industry loss estimates can be largely accounted for by (re)insurers and alternative markets that have not disclosed their losses, according to Morgan Stanley analysts

ILS can reduce the risk protection gap related to flood, according to co-head of ILS at JLT Rick Miller.

The recent wildfires that spread through California will lead to insured losses of $2bn to $3bn, AIR has said.

Modelling agency RMS has pegged losses from Hurricane Maria, the storm that devastated Puerto Rico earlier this month, at $15bn-$30bn

AIR Worldwide said that Hurricane Maria would cost insurers between $40bn-$85bn after devastating Caribbean islands from Dominica to Puerto Rico.

Risk modelling firm Karen Clark & Company (KCC) has estimated insured losses for the US and the Caribbean from Hurricane Irma at $25bn

The largest component of Harvey's damage will stem from flooding in the Houston area, so who is going to take those losses?

Fitch Ratings said that anticipated losses from the National Flood Insurance Program's (NFIP) $1bn reinsurance programme will be manageable for the carriers involved.