catastrophe losses News

Travelers’ Profit Beats Estimates on Lower Catastrophe Losses

Property and casualty insurer Travelers Companies Inc. reported a 48% jump in quarterly profit that beat analysts’ estimates on Tuesday, as lower catastrophe-related claims cushioned a hit from investment losses. The company’s core income rose to $1.04 billion, or $4.22 …

RMS: Secondary Perils Responsible for Growing Share of Disaster Claims

Not only did natural catastrophes in 2021 break insurance claims records, but they also highlighted the growing cost of non-modeled characteristics of disasters, which are altering the industry’s understanding of these risks, according to a report published by RMS. “Secondary …

Lower Catastrophe Losses Help AIG Profit Beat Estimates

U.S. insurer American International Group Inc AIG.N topped fourth-quarter profit expectations on Wednesday as it benefited from strong underwriting and lower catastrophe losses at its general insurance business. Catastrophe losses came in at just $189 million in the quarter to …

Parametric Catastrophe Insurer to Make Record $40M Payout for Haiti Quake

CCRIF SPC, the Cayman Islands-based parametric catastrophe facility, will pay approximately US$40 million to the government of Haiti, following the devastating magnitude 7.2 earthquake, which struck the Caribbean island on Aug. 14, significantly affecting the city of Les Cayes. This …

Insurer Chubb Offers to Acquire Rival Hartford for $23.24 Billion

Property and casualty insurer Chubb Ltd on Thursday offered to acquire smaller rival Hartford Financial Services Group Inc in a $23.24 billion cash-and-stock deal. Chubb’s $65 per share offer represents a premium of 13.2% to Hartford’s last close of $57.41. …

Travelers Posts Second-Quarter Loss, Walloped By Severe Storms, Civil Unrest

Property and casualty insurer Travelers Cos Inc reported a second-quarter loss on Thursday, hurt by a sharp increase in catastrophe losses and dismal returns on non-fixed income investments in pandemic-hit financial markets. Travelers reported a net loss of $40 million, …

Travelers Sees Rising Claims as Coronavirus Crisis Spreads

Property and casualty insurer Travelers Cos. Inc. reported a 25% drop in quarterly profit on Tuesday and warned that potential claims tied to compensation coverage for furloughed and laid-off employees would hit results for the year. The coronavirus pandemic has …

Past Decade’s Natural Disasters Broke Records for Economic, Insured Losses

The past decade broke new records in terms of economic damages and insured losses, according to Aon’s latest catastrophe report. The costs to global economies reached US$2.98 trillion between 2010 and 2019, which was US$1.19 trillion higher than 2000-2009, said …

Fire and Hail Push Insurers to Rethink Climate Change Risks

LONDON — By the time David Kaisel got back from selling his flour at a farmers’ market, a wildfire in California’s Capay Valley had burnt both his tractor and the shipping container where he kept some tools. His insurer is …

PG&E Posts $2.6 Billion Loss Stemming From Bankruptcy, Wildfires

PG&E Corp., the bankrupt California utility giant, reported a $2.6 billion second-quarter loss and said it expects more charges this year tied to wildfires that devastated the state in 2017 and 2018. The company, which didn’t provide an outlook for …