Business interruption

Insurers are facing claims of $1.5bn from the cold weather that struck the US in January, according to Aon Benfield.

American International Group (AIG) is seeking to add $100mn to its Tradewynd Re cat bond reinsurance with a new shorter-term issuance that covers the same risks transferred in its $125mn July deal, Trading Risk understands

Insured losses from flooding within Germany alone could reach almost EUR6bn, catastrophe modeller AIR Worldwide has estimated

RMS said that the Oklahoma tornado that hit Moore on 20 May will rank as one of the costliest tornado events in history and is likely to cause insured losses of $2bn-$3.5bn but it is unlikely to hit the reinsurance market.

PCS has kept its loss estimate for Hurricane Sandy stable at $18.75bn but it has left its file on the disaster open, going against its normal policy of closing off the survey process once it has produced two consecutive stable loss estimates for a disaster.

PCS said the $7.75bn hike to its second loss estimate for Superstorm Sandy was almost entirely based on new market data rather than extrapolated estimates

Hurricane Sandy's unique profile will test how well the PCS industry loss compilation service covers certain claim categories, as buyers of industry loss-based covers wait to see where the event will settle.

US insurer Travelers expects to take $650mn of post-tax net losses relating to Hurricane Sandy. The firm estimated its gross pre-tax loss before reinsurance recoveries at $1.135bn.

Significant uncertainty continues around the ultimate insured losses from Superstorm Sandy as new forecasts flow in from modellers and reinsurers.

Attempts to model losses from Superstorm Sandy has presented some unique challenges, but nevertheless the storm fits within the expected range of outcomes for a north-east hurricane, modelling firms say.

Hurricane Sandy will have little impact on catastrophe bond pricing for new deals based on current loss estimates, Willis Capital Markets & Advisory (WCMA) said in its third-quarter report on the ILS market.

RenaissanceRe's sidecar DaVinci Re reported a $74.2mn profit for the third quarter, up from $9mn for the same period a year ago, assisted by a significant improvement in investment results as well as lower catastrophe claims.