Claims and losses
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Fifteen events caused estimated losses of $306mn.
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Moody’s also predicts losses to the NFIP at less than $200mn.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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The storm is expected to weaken to a post-tropical cyclone later tonight.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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Francine is expected to make landfall in Louisiana tomorrow.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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A hurricane watch is now in effect for the Louisiana coastline.
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Some Canadian cedants have approached the market for top-up cover.
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The loss has increased by 1.4% since the company’s first assessment.
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Urban expansion, climate change and inflation are key drivers of losses.
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The Insurance Bureau of Canada said the blaze damaged one-third of the Jasper community.
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The CEA has $326.4mn towards risk transfer, 44% below budget.
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Leadenhall first filed its lawsuit against 777 Partners in May this year.
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Data shows that nat cat losses in Canada have increased substantially this century.
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Returns were down on 2023, which benefited from favourable Ian loss development.
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Rising premium income is not keeping pace with the increased cost of claims.
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The storm made landfall on Saturday as a Category 1 hurricane.
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Ernesto’s maximum sustained winds have reached 100 mph.
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Flights cancelled as typhoon ramps up to Cat 4.
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Moody’s also predicts losses to the NFIP at less than $300mn.
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Both groups continue to call for a highly active season, however.
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Several bonds suffered declines in value from February to July.
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Debby should be a “very manageable” storm for the (re)insurance market, it said.
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Subsidiaries Core and Typtap have applied to participate in the November Citizens policies assumption.
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Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
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Its forecast for intense hurricanes is unchanged at six.
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The NHC has said there is potential for “historic heavy rainfall” across southeast Georgia and South Carolina.
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It consisted of three major earthquakes within a nine-hour period on 6 February 2023.
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The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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The modeller said 3 million homes were without power at its peak.
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The figure is well above the historical average of $39bn for this century.
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Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
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Most of the losses occurred in Bavaria and Baden-Wuerttemberg.
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The biggest losses were from wind damage after the storm’s Texas landfall.
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Relentless focus on annual outcomes provides a packaging that doesn’t fit the purpose.
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Uncertainty around the quantum remains due to policy deductible variation.
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Industry losses of $800mn-$1.2bn are expected from Beryl's impact in Texas.
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Hurricane Beryl was a “harbinger of a hyperactive season,” CSU said.
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Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.
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Houston mayor John Whitmire said: “We woke up this morning on the dirty side of a dirty hurricane.”
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Beryl has been downgraded to a tropical storm but is still life-threatening, with news media reporting two deaths so far.
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According to BMS, Hurricane Beryl is likely to be a retained event for most insurance carriers.
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Insured losses could be less than $1bn if current NHC forecasts are accurate.
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The parametric trigger on the World Bank deal specifies storm pressure of 955mb or lower but its initial reported landfall was at 975mb.
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Hurricane Beryl is expected to strengthen again after hitting the Yucatan Peninsula.
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The parametric structure would have paid out at slightly lower storm pressure.
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The storm destroyed housing in St Vincent and the Grenadines and Grenada.
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The storm is predicted to hit the Caymans tonight or early Thursday.
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Recent modelling predicts a strong probability of direct landfall in Jamaica.
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Grenada and St Vincent were spared the full brunt of the storm.
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Hurricane conditions are expected in Jamaica on Wednesday, according to the NHC.
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Aggregated losses are likely to be around the long-term H1 average of $8.5bn.
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Cat bond spreads stabilised as maturities brought capital to deploy into the market, after an earlier spike.
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The estimate is up from A$1.5bn, published by Perils in April.
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The Gallagher executive called it a “relentless start to the year”.
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The claims tally has increased 7% since the last estimate a month ago.
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ILS capital so far is viewed by sponsors as strategic rather than essential.
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Tropical Storm Alberto, the first named storm of this year’s Atlantic hurricane season, made landfall this morning over Mexico and Texas, bringing heavy winds and gusty rains, according to the US National Hurricane Center (NHC).
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This takes pre-tax year-to-date cat losses to $2.62bn.
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