Hurricane Irma to cost insurers $35bn to $55bn: RMS

Hurricane Irma to cost insurers $35bn to $55bn: RMS

Hurricane Irma to cost insurers $35bn to $55bn: RMS

Insured losses from Hurricane Irma are estimated at between $35bn and $55bn, according to the latest report from modelling firm RMS. The insured loss estimate includes wind, storm surge and inland flooding across Florida and other affected southeastern US states, as well as wind and storm surge in the Caribbean. Losses to the US National Flood Insurance Program (NFIP) from…

AIR Worldwide updates insured loss estimate for Hurricane Irma to $32bn-$50bn

AIR Worldwide updates insured loss estimate for Hurricane Irma to $32bn-$50bn

AIR Worldwide updates insured loss estimate for Hurricane Irma to $32bn-$50bn

Hurricane Irma is estimated to cost insurers between $32bn and $50bn, according to more precise figures now available from catastrophe modelling firm AIR Worldwide. The firm’s estimate accounts for US insured losses in the range of $25bn to $35bn and losses in the Caribbean between $7bn and $15bn. Hurricane Irma first made landfall in Barbuda as a category 5 storm…

Munich Re issues profit warning following Hurricanes Irma and Harvey

Munich Re issues profit warning following Hurricanes Irma and Harvey

Munich Re issues profit warning following Hurricanes Irma and Harvey

Munich Re is the first big company from the risk transfer industry to publicly state that losses from Hurricane Irma and Harvey may cause it to miss profit targets this year. The reinsurance giant said its third-quarter results will “probably” show a loss because of the damage wrought by Irma and Harvey in the US and Caribbean. “Despite good business…

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Insured loss estimates from Hurricane Irma are lower than initially feared, with the latest placing costs at around $25bn. Experts predict that losses from Hurricanes Irma and Harvey will not shift global insurance market pricing. Yesterday, risk analysis firm Karen Clarke & Co estimated that insured losses from Hurricane Irma will total $25bn, with $18bn of that figure resulting from…

$12.5bn cat bonds exposed to Irma with event set to test market: AM Best

$12.5bn cat bonds exposed to Irma with event set to test market: AM Best

$12.5bn cat bonds exposed to Irma with event set to test market: AM Best

Analysis from AM Best shows that approximately $12.5bn of catastrophe bonds are exposed to Hurricane Irma, with losses from the disaster set to test investors’ future appetite for such risk. The firm also said that if insured losses from Hurricane Irma top $75bn they would alter pricing in the Florida property catastrophe reinsurance market, but initial estimates from modelling firms…

Hurricane Harvey highlights global insurance protection gap

Hurricane Harvey highlights global insurance protection gap

Hurricane Harvey highlights global insurance protection gap

Hurricane Harvey has exposed the extent of the protection gap across the world, with insured losses from the recent storm falling short of the economic costs in the world’s largest insurance market, said Aon Benfield. Publishing this month’s Reinsurance Market Outlook, Aon Benfield said a substantial proportion of losses from the floods that overwhelmed Texas and Louisiana as a result…

Chinese online insurer ZhongAn plans $1bn IPO in HK

Chinese online insurer ZhongAn plans $1bn IPO in HK

Chinese online insurer ZhongAn plans $1bn IPO in HK

China’s first online-only insurer, ZhongAn Online Property and Casualty, has been given the green light to launch an Initial public offering (IPO) in Hong Kong, which is expected to raise more than $1bn in finance. According to Reuters, the insurer was granted approval from the Hong Kong Stock Exchange for its listing and is currently assessing investor appetite for its…

RMS: Hurricane Harvey to cost insurers up to $40bn

RMS: Hurricane Harvey to cost insurers up to $40bn

RMS: Hurricane Harvey to cost insurers up to $40bn

Hurricane Harvey’s insured loss estimates have risen to between $25bn and $35bn and could be as high as $40bn, according to RMS. Potential total economic losses are running three times higher, at between $70bn and $90bn. The estimates include losses from wind, storm surge and inland flooding from the category 4 hurricane that held over Texas for a week before…

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Insured US loss estimates from Hurricane Irma have fallen as the storm headed west and reduced to a category 1 storm, but the insurance industry is still expected to face a hefty bill. Industry experts say losses from Hurricanes Irma and Harvey will hit the insurance industry’s profits but are unlikely to cause a market-wide hardening. Air Worldwide said today…

No rate increases for German buyers, says Mahnke

No rate increases for German buyers, says Mahnke

No rate increases for German buyers, says Mahnke

Increased capacity within industrial insurance from new carriers means German companies will continue to enjoy current market conditions and not face rate increases, Alexander Mahnke, president of the GVNW, told delegates during his opening speech at the association’s symposium in Munich yesterday. “Rate increases are not reckoned with,” said Mr Mahnke, who is also head of insurance at Siemens. Despite…

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