October 6, 2017
The third quarter of 2017 is likely to break a new record as one of the costliest quarters for natural catastrophes, according to Impact Forecasting, Aon Benfield’s catastrophe model development team. “The month of September was exceptionally busy and marked …
October 3, 2017
Losses from Hurricane Maria and other recent 2017 natural catastrophes, including Hurricanes Irma and Harvey, the Mexico City earthquakes and other events, have led global insurers and reinsurers to issue profit warnings. Below are statements from insurers and reinsurers in …
September 29, 2017
RMS, the Newark, Calif.-based risk modeling and analytics firm, estimated that the insured loss from Hurricane Maria will be between US$15 billion and US$30 billion. This estimate represents the insured losses associated with wind, storm surge and inland flood damage …
September 29, 2017
Lloyd’s of London insurer Beazley said on Friday it reckoned that its losses from hurricanes Harvey, Irma and Maria in the Caribbean and southern United States and a series of earthquakes in Mexico would reduce its 2017 earnings by about …
September 28, 2017
Ratings agency A.M. Best said it expects a significant share of the loss from Hurricane Maria to pass on to the global reinsurers evenly. The agency said it expects the loss would remain within the overall risk tolerance of most …
September 27, 2017
Ratings downgrades for global insurers and reinsurers are becoming more probable as they face more than $100 billion in 2017 catastrophe losses, a figure that threatens to weaken their capital reserves, Fitch Ratings Inc. said in a report on Tuesday. …
September 26, 2017
Industry insured losses for Hurricane Maria in the Caribbean will be between US$40 billion and US$85 billion, according to catastrophe modeling firm AIR Worldwide. Puerto Rico alone accounts for more than 85 percent of the loss, said Boston-based AIR, which …
September 22, 2017
A profit warning from one of the world’s largest reinsurers is the latest sign that the death and destruction from a spate of hurricanes and earthquakes in North America are now taking a toll on the titans of global finance. …
September 21, 2017
German insurer Talanx warned it may miss its profit target for 2017 as its reinsurer, Hannover Re, is being hit by major claims from a series of hurricanes and an earthquake in Mexico. Reinsurers face big losses from Hurricanes Harvey …
September 13, 2017
Cayman Islands-based CCRIF (formerly the Caribbean Catastrophe Risk Insurance Facility) will make payments totaling US$29.6 million to six Caribbean nations recovering from Hurricane Irma. CCRIF’s parametric tropical cyclone insurance policies will pay $6.8 million to Antigua & Barbuda; $6.5 million …