hurricane harvey claims News

Alternative Capital Responds to 2017 Catastrophes with ‘Show of Strength’: Aon Benfield

Hurricanes Harvey, Irma and Maria represented the first real test of the staying power of the alternative capital sector, which has responded with a show of strength by continuing to fund reinsurance capacity, according to a report published by Aon …

Swiss Re Says Global Insured Catastrophe Losses Will Hit $136B in 2017

Swiss Re AG estimates that global insured losses from catastrophes in 2017 will hit $136 billion, the third-highest on record for the sector, with the United States hardest hit, it said on Wednesday. Total economic losses from natural and man-made …

U.S. Flood Program to Collect $1 Billion in Reinsurance for Hurricane Harvey Claims

The Federal Emergency Management Agency (FEMA) is seeking to recover the full $1.042 billion of its reinsurance coverage to help pay the federal flood insurance program’s losses from Hurricane Harvey. Those paid losses exceeded the minimum threshold for the NFIP’s …

Lloyd’s Pays Claims of $1.7B for Hurricanes Harvey, Irma & Maria – So Far

The Lloyd’s market has paid claims worth US$1.7 billion, to date, in response to Hurricanes Harvey, Irma and Maria. Earlier this year Lloyd’s estimated a total commitment of US$4.8 billion for the three storms. Lloyd’s brokers are receiving money from …

Reinsurance Sector’s Share of Hurricane, Quake Losses Is $20B-$25B: A.M. Best

Cumulative net catastrophe losses for reinsurance companies from Hurricanes Harvey, Irma and Maria, along with the Mexico earthquakes, are between $20 billion-$25 billion out of an overall industry loss of $90 billion, according to calculations issued by A.M. Best. “We …

Growing Climate Risks May Be ‘Impossible to Model’ – and Ultimately Uninsurable

After one of the worst Atlantic hurricane seasons in history, the world’s biggest insurers say the industry needs to get its act together if it wants to survive climate change. Insuring against weather natural disasters could reach unaffordable levels for …

Munich Re Reports Q3 Loss of $1.6B; Tallies Industry Hurricane Losses at $100B

Insured losses from three big hurricanes in North America this year have cost the industry around $100 billion, German reinsurance giant Munich Re said on Thursday. Damages from storms Harvey, Irma and Maria of that magnitude would exceed by far …

Lancashire Reports Q3 Loss of $136.4M on High Natural Catastrophe Claims

Lancashire Holdings Ltd reported a third-quarter pretax loss after what looks set to be the costliest quarter ever for insurers and reinsurers due to natural catastrophes, but said it was seeing some evidence of an increase in pricing. The property …

Texas Windstorm Insurance Association Request to Raise Liability Limits Disapproved

Texas Insurance Commissioner Kent Sullivan has declined to approve a request by the Texas Windstorm Insurance Association to raise the maximum limits of liability on windstorm and hail policies. TWIA in August filed a request to increase the limits for …

Hurricane Cars Declared ‘Total Losses’ by Adjusters Are Now Back on Roads

The ink on the “total loss” insurance paperwork, like the 2007 Range Rover itself, was still wet when Morgan Moran began trying to buy his vehicle back after Hurricane Matthew last year. The insurance adjuster had declared the vehicle ruined …