Global warming will lead to growing intensity and frequency of severe weather events, rising losses, as well as greater uncertainty in the assessment of these events by the insurance industry, which could make some weather risks uninsurable, according to a …
Natural catastrophes caused overall losses of US$150 billion during 2019, including insured losses of about US$52 billion, which matches the average of the past 30 years, according to Munich Re’s catastrophe update. The reinsurer said the protection gap (the difference …
Insured losses stemming from Typhoon Hagibis in Japan are estimated to range between US$$7 billion and $11 billion, according to Newark, Calif.-based catastrophe modeling firm RMS. While last month’s Typhoon Faxai was a wind-driven event, RMS estimates typhoon flooding from …
Insured losses from Typhoon Hagibis, which made landfall in Japan on Oct. 12, will be between 865 billion Japanese yen (US$8 billion) and JPY 1,730 billion (US$16 billion), with more than half of the losses due to inland flooding, according …
The recent mega-typhoons in Japan are unlikely to affect the financial stability of the country’s three major non-life insurers due to their appropriate catastrophe risk management and strong capitalization levels, according to a new AM Best commentary. Net of reinsurance, …
RenaissanceRe Holdings Ltd. announced it estimates losses from third quarter 2019 catastrophe events will have an estimated net negative impact of approximately $155 million on its third quarter 2019 results. The estimated losses include Typhoon Faxai and Hurricane Dorian, which …
Everest Re Group Ltd. announced a preliminary pre-tax catastrophe loss estimate for the third quarter of 2019 in the amount of $280 million. This amount is net of reinsurance recoveries and reinstatement premiums, said Everest Re, noting that net of …
Hurricane Dorian made landfalls in the Bahamas, North Carolina, and Canada in early September, bringing total economic and insured losses in the billions, according to Aon’s monthly Global Catastrophe Recap report. Total economic and insured losses in the Bahamas alone …
AXIS Capital Holdings Ltd. announced a preliminary pre-tax loss estimate for Hurricane Dorian, Japanese typhoons and other weather-related events in the range of $150 million to $175 million, net of estimated recoveries from reinsurance and retrocessional covers, and including the …
Arch Capital Group Ltd. announced it expects to report third quarter 2019 pre-tax catastrophe losses of approximately $65 million to $75 million, net of reinsurance recoveries and reinstatement premiums. These losses are primarily from Hurricane Dorian and Typhoon Faxai. At …
