Tag: catastrophe insurance

April 25, 2024

In what is perhaps a reflection of an insurance and reinsurance marketplace with more catastrophe risk capital available, broker Marsh has for the first time in a while cited a slowing level of rate increases for catastrophe exposed commercial property […]

February 19, 2024

The catastrophe bond market saw a more stable pricing environment in the fourth-quarter of 2023, as the trend towards tighter pricing that had begun earlier in the year slowed down, Aon Securities has said. In the latest report from the […]

January 17, 2024

The global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, as broker Gallagher Re reports an annual record of 34 individual billion-dollar insured loss […]

January 16, 2024

On January 12, Representative Adam Schiff (D-Calif.) introduced a bill, the “Incorporating National Support for Unprecedented Risks and Emergencies (INSURE) Act.” The stated goal of the bill is to “stabilize the home insurance market while ensuring vulnerable communities are not […]

January 9, 2024

Insured catastrophe losses in Canada reached CAN $3.1 billion for full-year 2023, putting the costly year as the fourth most expensive for the insurance industry on record, according to CatIQ. Unlike the top three loss years, no single large event […]

November 20, 2023

Annual global catastrophe bond and related insurance-linked securities (ILS) issuance is officially on-track to breach $14 billion for the first time ever in 2023, while traditional 144A property cat bond issuance will also reach a new record high, according to […]

November 14, 2023

In a recent study, global specialty (re)insurance group Chaucer has identified significant shifts in North American wildfire risk patterns, particularly in regions previously deemed ‘low-risk.’ The report reveals that areas such as the Appalachians, Southern Rockies, Alberta and British Columbia, […]

October 18, 2023

Natural catastrophe losses covered by public and private insurance or reinsurance have already reached US $93 billion by the end of September, putting 2023 on-track to be another year with over US $100 billion of insured catastrophe losses, Gallagher Re […]

October 13, 2023

Canadian property and casualty insurer Intact Financial Corporation has estimated total losses from catastrophe events in the third quarter of 2023 of approximately CAD 611 million, on a pre-tax basis and net of reinsurance. The figure is up on the […]

September 27, 2023

Allstate reported $551 million in catastrophe losses in August alone, prompting the insurer to implement 7% rate increases throughout five locations. When announcing its catastrophe losses, which totaled $864 million pre-tax for July and August combined, Allstate said the Maui […]

August 22, 2023

Zurich-based catastrophe insurance data provider PERILS AG has increased its industry loss estimate for the floods in the Emilia-Romagna region of Italy during May to €488 million. According to PREILS, the loss estimate covers the property lines of business and […]

July 21, 2023

Porch Group anticipates a $18 million catastrophic weather impact in the second quarter of 2023, due to extreme weather events in June. According to Porch, Q2 is often the worst and riskiest weather quarter of the year for the firm. […]

July 6, 2023

The devastating wildfire that ravaged Tantallon, Nova Scotia, from May 28 to June 4, 2023, has resulted in initial estimates of over $165 million in insured damage, according to Catastrophe Indices and Quantification Inc. The majority of claims, approximately 90%, […]

June 13, 2023

Arturo, the property intelligence company that delivers portfolio-wide underwriting, risk and claims insights, has announced a global expansion of its catastrophe response capabilities to the United States insurance market. In the last couple of years, Arturo has proven the value […]

May 25, 2023

The pace of catastrophe bond issuance has continued to accelerate through recent weeks and according to Artemis’ data the cat bond market is now on a record-setting pace in 2023, with around $8.43 billion of cat bond and related ILS […]

May 15, 2023

In its Q123 results, FG Financial Group has reported that net reinsurance premiums earned increased to $3.7 million, from $2.5 million in the prior year quarter. According to the firm, its reinsurance operations benefited from continued increase in net earned […]

April 21, 2023

Aon Reinsurance Solutions’ Global Head of Analytics, Paul Shedden, stated that insurers are faced with the primary challenge of defining their own view on natural catastrophe risks amidst the escalating volatility of such events. “2022 was another big year for […]

April 14, 2023

Analysts from Aon’s Impact Forecasting division have estimated global losses to private and public insurance entities in Q1 of 2023 at $15 billion, while total economic losses are expected to reach at least $63 billion. According to the analysts, the […]

March 31, 2023

According to a report published by Swiss Re, there has been an upward trend in natural catastrophe-insured losses over the past six years. The data shows a rise of about 5‒7% in average annual losses established over the last 30 […]

March 22, 2023

Natural disasters in 2022 brought global economic losses of US$275 billion, of which insurance covered 45%, or US$125 billion, according to Swiss Re’s latest sigma report. Claims from Hurricane Ian in Florida, record breaking losses from hailstorms in France, floods […]