catastrophe losses 2017 News

Florida’s Hurricane Irma Recovery: The Cost, The Challenges, The Lessons

The hurricane season is officially over, but it didn’t go by without leaving a major mark on Florida and its insurance industry. Hurricane Irma, a name most in the state won’t soon forget, first hit the Florida Keys as a …

Chubb Reports Q3 Loss Due to Catastrophes; CEO Greenberg Sees Prices Firming

Chubb, like other property/casualty insurers and reinsurers, faced significant catastrophe losses from hurricanes and earthquakes that struck in August and September. The insurer reported a net loss of $70 million for the quarter. The results are a fall from a …

Investors Remain Committed to ILS Market Despite Q3 Catastrophes: WTW

ILS investors are responding to the recent spate of natural disasters by making their payments to ceding companies, while continuing to raise more money and preparing to make new investments, according to Willis Towers Watson Securities. None of the third …

Swiss Re Estimates $3.6B in Claims from U.S. Hurricanes & Mexican Quakes

Swiss Re, the world’s second-largest reinsurer, estimated its claims burden from hurricanes Harvey, Irma and Maria in the United States and from two earthquakes in Mexico at roughly $3.6 billion in the third quarter. For the industry overall, Zurich-based Swiss …

Zurich Estimates Claims of US$700M from Hurricanes Harvey, Irma & Maria

Zurich Insurance Group estimates that Hurricanes Harvey, Irma and Maria will aggregate claims in the third quarter of approximately US$700 million, net of reinsurance and before tax. After tax, the losses are expected to be around US$620 million, the company …

Argo and Aspen Issue Loss Estimates for Q3 Natural Catastrophes

Argo Group International Holdings Ltd. and Aspen Insurance Holdings Ltd. have issued their third quarter catastrophe loss estimates, primarily related to Hurricanes Harvey, Irma and Maria as well as the earthquakes in Mexico City. Argo, the Bermuda-based specialty insurance and …

Storm Ophelia Leaves Trail of Destruction in Ireland; Damages Could Reach $1.8B

Irish authorities will begin to clean up and count the cost of the worst storm to hit the country in more than 50 years, after Ophelia left a trail of destruction in its wake. At least three people died in …

Q3 Catastrophe Losses Will Bring Rate Hikes by London Market Insurers: Fitch

Catastrophe losses from the recent U.S. hurricanes and Mexican earthquakes will lead to price rises on London market insurers’ loss-affected lines and could also affect wider market pricing trends, according to Fitch Ratings in a new report. The total industry …

Storm Ophelia Set to Slam Coast of Ireland; Extreme Winds, Flooding Expected

Irish authorities warned some of the worst weather conditions to hit the country in 50 years will endanger lives, as Storm Ophelia’s remnants batter the coast with “extreme” conditions. Met Eireann, the nation’s weather service, extended its most severe warning …

More Re/Insurers Issue Their Q3 Natural Catastrophe Loss Estimates

The third quarter natural catastrophe loss estimates continue to rise, as more insurers and reinsurers weigh in with their loss totals from Hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. The latest companies to provide estimates include: AXIS Capital …