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Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.
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United Insurance holdings (UPC Insurance) reported net catastrophe losses of $37.0mn in Q3 2021, down from $140.0mn for the prior-year quarter, after action to significantly reduce gross and net catastrophe exposure during the past year led to a “materially reduced” hurricane loss.
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Climate change is likely to have already driven up insured losses from hurricanes by 11%, and could raise annual windstorm losses by an additional 10-19%, according to the latest white paper from Karen Clark & Co (KCC).
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Insurance commissioner Jim Donelon encouraged policyholders to file supplemental claims for expensive rebuild costs.
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HannoverRe said that EUR180mn of its EUR221.6mn ceded Ida losses stemmed from ILS businesses that Hannover Re fronts.
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Hannover Re has ceded more than twice the level of large catastrophe losses to reinsurance and retro partners in the first nine months of 2021 as it did in 2020, as it retained only around a third of its Bernd flood claims on a net basis.
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The carrier revised its cat bill following Ida and PG&E losses.
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The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period.
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October storms touched the insurer’s occurrence reinsurance trigger of A$169mn.
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Review of quarterly financial updates released so far shows Bermudian carriers wearing major losses.
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Sidecars have lost some of their lustre in recent years but are still generally seen as an efficient diversifier.
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Hailstones of up to 14 cm in diameter inflicted major damage on cars and property in the state.