Ruling Exposes Gov’t to More than $1B in Damages Because of Harvey Flooding
A federal court has found the U.S. government liable for $455,000 in damages to six claimants whose homes were flooded by water backed up behind two dams near Houston ...
Hurricane Harvey News
Windstorm Coverage Doesn’t Include Flood Damage: 5th Circuit
An insurance policy that lists named windstorms among the covered perils doesn't cover flood damages caused by Hurricane Harvey even though flooding wasn't specifically excluded, a panel of the 5th ...
U.S. P/C Catastrophe Losses Reached a Record $53B in 2017: A.M. Best
U.S. P/C insurance catastrophe losses in 2017 reached $53 billion in 2017, a surge of close to 110 percent compared to 2016, according to a new A.M. Best report. As expected, insured losses from ...
Jan. 1 Reinsurance Renewals Point Toward Moderate Price Increases Through 2018: S&P
After years of declines, January reinsurance renewals finally turned in the other direction in an upward trend that will continue throughout 2018, according to a new Standard & Poor's report. ...
XL Group Estimates $250M in Q4 Losses: Calif. Wildfires to Blame
XL Group disclosed preliminary natural catastrophe pre-tax loss estimates of approximately $250 million for the 2017 fourth quarter, stemming largely from wildfires in Northern California. The parent ...
Insurance/Reinsurance Rate Hikes in 2018 Are Increasingly Likely: Morgan Stanley
Rate hikes are on the way for reinsurers and insurers, Morgan Stanley asserts in a new research note, echoing predictions of others in the wake of record catastrophe losses for 2017. Morgan Stanley ...
Lloyd’s Has Paid Claims of $1.7B for Hurricanes Harvey, Irma & Maria—So Far
The Lloyd's market has paid claims worth $1.7 billion, to date, in response to Hurricanes Harvey, Irma and Maria. Earlier this year, Lloyd's estimated a total commitment of $4.8 billion for the three ...
Reinsurers’ Hurricane, Quake Losses Could Hit $25B: A.M. Best
Cumulative net catastrophe losses for reinsurance companies from Hurricanes Harvey, Irma and Maria, along with the Mexico earthquakes, are between $20 billion-$25 billion out of an overall industry ...
Hedge Funds Are Betting on a Reinsurance Recovery
Hedge funds bought reinsurance stocks in the third quarter after prices tumbled on widespread losses after multiple hurricanes in North America, filings showed on Wednesday. Hurricanes in the United ...