catastrophe claims News

Insurers, Covid-Hit Businesses May Be at Odds Over Interruption Claims for Disasters

As insurers brace for an expensive natural-disaster season because of storms and wildfires ravaging parts of the United States, the novel coronavirus is giving them an odd financial break. Many companies that were damaged or evacuated because of natural catastrophes …

Weather, Wildfire Claims an Increasing Share of Home Insurance Losses

U.S homeowners insurers saw an increase in both the number of losses and the percentage of those losses that resulted from an extreme weather event during 2017. According to a LexisNexis Home Trends report, loss costs increased 19 percent from …

QBE H1 Profits Rise 73% on Australia/N. Zealand Rate Hikes, N. America Growth

QBE reported a healthy profit hike during first half of 2017, despite heightened claims activity in its Emerging Markets’ division, which reported a combined ratio of 110.8 percent. This poor performance has led to the creation of two separate divisions …

Delaware Streamlines Emergency CAT Adjuster Licensing Requirements

Delaware Insurance Commissioner Trinidad Navarro has taken steps to streamline the licensing process for insurance adjusters who come to Delaware. The aim of this initiative is to immediately help consumers who have filed a claim due to an emergency or …

Soft Prices May Bring Reinsurer Losses when Typical Cat Levels Return: Execs

It won’t take another Hurricane Katrina for reinsurers to face losses from covering the cost of storms and earthquakes. Competitors such as hedge funds have eroded prices so much that a typical year of claims could move the industry into …

Market Softening Slows but Rate Stabilization Is Elusive: Willis Re

The June/July 2016 renewal season has seen a continuation in market softening, though the magnitude of rate reductions is slowing, according to the latest 1st View Renewals report from Willis Re, the reinsurance business of Willis Towers Watson. Capacity withdrawals …

Catastrophe Reinsurance Prices Will Continue to Drop This Year: Swiss Re

Reinsurance prices will continue to fall this year as competition for customers from hedge funds and other sources of alternative capital send premiums to their lowest in four years, according to Swiss Re AG. “Price reductions have slowed down but …

Farmers Expects More than $250M in Claims from Severe Weather in Texas

Farmers Insurance expects claims from two recent severe weather systems in the Dallas/Fort Worth area will result in more than $250 million in losses. Intense hail and wind from the storms caused extensive damage to homes and vehicles in March. …

Strong Reinsurer Results Hide Difficult Business Conditions: S&P, Fitch Reports

Weak business conditions in the reinsurance industry are being masked by a low level of catastrophes and a high level of reserve releases, said Standard & Poor’s Ratings Services and Fitch Ratings in new reports. “Stripping out these two factors, …

Texas Led Nation in Catastrophic Losses in 2015

Tornadoes, hailstorms and fires took their toll on Texas last year with insured losses well over $3 billion, according to an insurer trade group The state had over three times as many claims and almost three times the dollar amount …