Severe weather across a swathe of the US last month will cost insurers $2.5bn in claims, according to Karen Clark & Company (KCC).
A second KC-390-related claim in eight months is set to cost the aviation (re)insurance market some $130mn after the first model of a new military aircraft crashed at a Brazilian airport.
Angolan satellite could cost international market $120mn
2018 major losses: 1 January – 8 June
Insured losses will run to hundreds of millions
The Lloyd's market absorbed £4.5bn ($6.3bn) in major claims in 2017 (2016: £2.1bn), with US and Caribbean-oriented direct and facultative property writers taking a pounding off the back of Harvey, Irma and Maria.
As Berkshire Hathaway revealed its first full-year underwriting loss in 15 years, chairman and CEO Warren Buffett said the conglomerate would be able to accommodate a $400bn market-wide mega catastrophe.
February looks set to be a bruising month for the aviation (re)insurance market, with the Saratov airliner crash in Russia and Turkey's Pegasus Airlines loss expected to cost in the region of $80mn.
Despite fears that the cave-in at Rio Tinto's massive Bingham Canyon mine in April 2013 could have cost the market over $1bn, the final settlement has turned out to be a more modest pre-tax figure of $233mn, Inside FAC understands.
Trade credit insurance losses from the collapse of contractor Carillion are estimated at £31mn ($44.2mn), according to the Association of British Insurers (ABI).
Catastrophe modelling firm RMS has estimated insured losses from the Thomas wildfire, which affected Southern California in December, at between $1bn and $2.5bn.
Catastrophe data specialist Perils has published a second loss estimate for Cyclone Herwart of EUR255mn ($317mn), up slightly on its initial figure of EUR252mn.
- Load More ...