hurricane losses News

Insurers, Reinsurers Can Handle Hurricane Michael Losses: Fitch

The property/casualty re/insurance industry should be able to absorb the losses from Hurricane Michael, on top of losses from Hurricane Florence, as capital remains very strong, according to Fitch Ratings. Hurricane Michael will push 2018 closer to a more normal …

2017 Hurricane Season Ranks as Costliest Ever for U.S.

This year’s U.S. Atlantic hurricane season is officially the most expensive ever, racking up $202.6 billion in damages since the formal start on June 1. The costs tallied by disaster modelers Chuck Watson and Mark Johnson surpass anything they’ve seen …

Berkshire Insurance Units Take Q3 Hit from U.S. Hurricanes, Mexico Earthquake

Bad weather hurt Warren Buffett’s Berkshire Hathaway Inc. in the third quarter, as insurance losses tied to Hurricanes Harvey, Irma and Maria and an earthquake in Mexico contributed to a 43 percent drop in profit. Berkshire on Friday said it …

Hurricanes Drive Q3 Loss for Liberty Mutual But ‘Fundamentals Remain Healthy’

Liberty Mutual Holding Co. Inc. reported a net loss of $665 million for the three nine months ended September 30, 2017, versus net income of $455 million for the same period in 2016. The net loss in the quarter was …

AIG Reports Q3 Loss on Commercial Lines Reserve Boost, Catastrophe Losses

Highlighting the development as a “noteworthy item” in an earnings announcement Thursday night, American International Group reported prior-year loss reserve strengthening of $836 million before taxes, which contributed to a $1.7 billion bottom-line net loss (after taxes) for the third …

Not All Expect Hurricanes to Bring 2018 P/C Insurance Hard Market

The worst hurricane season in modern U.S. history is starting to look like a blip on the charts of insurance stocks, with investors banking on a quick restoration of capital as firms rediscover pricing power. It’s a fantasy, some analysts …

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 …

Climate Change Adds Billions to U.S. Hurricane Losses: Study

Climate change has added billions to the toll of hurricane strikes on the U.S., according to a study that challenges the prevailing scientific view that the rising cost is mainly because more buildings, towns and businesses are in the way. …

Agent Develops Coverage to Fill Gaps in Traditional Wind Insurance

Between deductibles, excluded losses, and difficulty accessing business interruption coverage, a business suffering hurricane losses can take a big out-of-pocket economic hit even if it has insurance. There is a disconnect between business needs and what is ultimately covered when …

Is This the End of Active Hurricane Era?

Colorado State University’s annual benchmark forecast for Atlantic hurricanes is unlikely to change significantly when it is updated June 1, according to CSU hurricane expert Phil Klotzbach, as the increasing likelihood of moderate to strong El Nino conditions in the …