catastrophe losses News

AIG Earnings Miss Estimates on Storms

Even with one of the costliest hurricane seasons on record, large insurers in the U.S. tended to post third-quarter results that topped Wall Street’s estimates. The exception is American International Group Inc. AIG announced Thursday that its loss for the …

Cat Loss Update: 3 Weeks Post-Harvey

Three weeks after Hurricane Harvey made landfall in Texas, claims tallies and the storm’s financial impact are beginning to be calculated. The Insurance Council of Texas estimated $19 billion in insured losses resulting from Hurricane Harvey. The ICT reports massive …

Insurer Says Miami is Even More Vulnerable to Hurricanes Like Andrew

Almost 25 years have passed since a Category 5 hurricane struck south of Miami, and the city’s vulnerability to catastrophic storm damage has grown exponentially, according to a new insurance underwriters’ analysis. At the time, Hurricane Andrew was the most …

National Security Group Reports on 13 Cat Losses in First Half of 2017

The National Security Group, Inc., which offers property, casualty, life, accident and health insurance in ten states, released estimates of year to date catastrophe losses through June 30, 2017 incurred by property and casualty subsidiary National Security Fire & Casualty. …

Swiss Re Estimates 2016 Cat Insured Losses at $49B

Earthquakes, hail, thunderstorms and Hurricane Matthew resulted in the largest insurance losses in 2016. Total economic losses from natural catastrophes and man-made disasters in 2016 are estimated to be $158 billion in 2016, according to figures released by Swiss Re. …

Commentary: Is Florida Ready for Claims Resulting From a Major Hurricane?

After tumultuous eight hurricanes in two years between 2004 and 2005, we haven’t seen a hurricane in Florida for over 10 years. Has the state learned from those storms? Are the insurance companies ready? What about the independent adjusting companies, …

Fitch: P/C Insurers’ Operating Profitability Declined First Half of 2016

North American property/casualty insurers’ operating earnings decreased in the first half of 2016, as results were challenged by modest underwriting deterioration and low investment yields, according to a new report by Fitch Ratings. For a group of 44 (re)insurers, aggregate …

Reinsurers’ Catastrophe Defenses Weakened by Hedge Funds

It won’t take another Hurricane Katrina for reinsurers to face losses from covering the cost of storms and earthquakes. Competitors such as hedge funds have eroded prices so much that a typical year of claims could move the industry into …

Fitch: Property Insurers Well Positioned for Predicted Hurricane Season

A large catastrophic hurricane in 2016 would likely promote a shift towards positive pricing movement following years of property insurance pricing declines in the U.S. property/casualty market, according to Fitch Ratings’ 2016 annual hurricane season reference report. However, abundant available …

Reinsurers Report 92.5% Average Combined Ratio During Past Decade

Total global reinsurer capital, comprising capital from both the traditional and alternative markets, stood at $565 billion at December 31, 2015 – a reduction of 2 percent relative to the end of 2014, according to a new report from Aon …