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Hurricane Season

Hurricane losses in 2017 have served as a wake-up call to a (re)insurance market which has not seen a season with multiple landfalling events for 12 years.

Hurricane Maria: Understanding the impact to your business

 

This year’s hurricane season has been one of the costliest on record for (re)insurers, and major uncertainty remains as to the ultimate cost to the sector.

With modelled loss estimates suggesting an industry impact of anywhere between $15bn and $85bn for Hurricane Maria, the industry is facing several challenges in calculating its exposure to the event.

Insurance Day’s analysis helps you understand the drivers between such a large range in loss estimates.

Hurricane Maria: critical factors driving the range of estimates from AIR and RMS

Assessments how much of Puerto Rico was impacted by Maria’s maximum winds and the resulting expectations of levels of damage to industrial facilities are at the heart of differences between the two loss projections

Puerto Rico Hurricane Season Losses

Hurricane Maria: what could drive a top-end loss estimate

Alongside the cost of property damage, business interruption, demand surge and political pressure to settle claims could all have a bearing on total industry payouts

Puerto Rico Hurricane Season Losses
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Understanding Maria: Industrial losses are biggest disparity between loss estimates

Part two of Insurance Day's analysis of the AIR Worldwide and RMS estimates for Hurricane Maria examines industrial losses, an area where the two modelling firms hold very different views about the likely extent of insured damage
Puerto Rico Hurricane Season Losses

Claims impact and Loss Assessment

(Re)insurers have faced major challenges in calculating exposures from these events, compounded by differing views from catastrophe modelling firms as to the ultimate industry cost.

 

Market implications and opportunities

With 2017 set to become one of the largest loss years on record, Insurance Day examines the likely impact on market conditions

 

The 2017 hurricane season has presented the biggest challenge yet for the insurance-linked securities sector, but may also open up new opportunities

 

Meeting the adjusting challenges of Harvey, Irma and Maria

The loss adjusting community is at the heart of the industry's first response following major disasters such as Hurricanes Harvey, Irma and Maria. Kenneth Tolson, chief executive of US property and casualty at Crawford & Company, speaks to Insurance Day about some of the challenges emerging in the wake of the three devastating storms

United States Puerto Rico Hurricane Season

Harvey, Irma and Maria losses provide untimely reminder of cat volatility

This year’s disasters will put reinsurers’ capital, modelling and underwriting prudence fully to the test after several years of respite

Puerto Rico United States Property

Lloyd's halts syndicate profit distribution as it assesses hurricane losses

Lloyd’s has suspended the distribution of profits by syndicates as it assesses the impact of this year’s devastating hurricanes.

The corporation disclosed today early preliminary loss estimates of $4.5bn for Hurricanes Harvey and Irma.

Lloyd’s is still assessing the impact of Hurricane Maria, but analysts suggested the scale of this year’s catastrophe losses could hit the market's capital levels.

Lloyds Hurricane Season Losses

Hurricanes continue to prove a challenge to the market

In many storm claims there will be debate as to the actual cause of the loss triggering a policy
Legal focus Hurricane Season

US hurricanes losses weigh on markets of last resort

With the glaring exception of the NFIP, residual schemes in the US have enhanced their ability to absorb catastrophe losses, but further reform is needed

Losses Hurricane Season US States

Latest From Hurricane Season

Swiss Re set for earnings wipe-out as faces $3.6bn catastrophe bill

Majority of losses expected in corporate solutions business as reinsurance giant says it maintains a 'strong capital' position
Swiss Re Losses

'Legal complexities of hurricane claims will drive up loss costs'

Dealing with the consecutive losses of this year’s hurricanes brings potential for coverage disputes, for which the litigation costs should not be underestimated
North America Hurricane Season

Third-quarter catastrophe disclosures top $20bn

Three of Europe's big four reinsurers are yet to disclose expected impacts from third-quarter hurricanes
International Hurricane Season

Zurich expects $700m hurricane property/casualty impact

Zurich Property

Markel CatCo ups hurricane loss reserves of flagship fund

Sets Harvey, Irma and Maria loss reserve at 20% of net asset value 
Hurricane Season Losses

Hurricane losses drive surge in CCRIF payouts since 2016

Facility has paid out $81m due to 2016 and 2017 hurricane seasons
North America Dominica
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