Three from the cat bond/Reinsurance/ILS mavens at Artemis. First up, the headliner:
The reinsurance sector will likely only feel a “minimal” impact from hurricane Idalia, as its losses are destined to be largely retained by primary insurers, AM Best has said.
The rating agency actually said that, “Insured losses in Florida related to Hurricane Idalia are unlikely to surpass those from Hurricane Ian last year.”
Given the industry loss estimates now emerging, it actually seems that hurricane Idalia’s insurance industry impact may be less than one-tenth of hurricane Ian’s....
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Second, the "now emerging" headline:
Hurricane Idalia private insurance loss estimated just $2.2bn by KCC
And finally:
Serious Tokyo earthquake could be $130-150bn industry loss: Swiss Re
The global insurance and reinsurance industry could face in the region of $130 billion to as much as $150 billion of losses if a really severe earthquake strikes the Tokyo region of Japan, according to Swiss Re.
“The high concentration of population and wealth in the Tokyo region mean a serious quake could cause insured losses of an estimated USD 130-150bn,” Swiss Re explained.
Adding that, “This would be the highest ever loss globally from one event.”
It is almost one hundred years on from the Great Kanto Earthquake now, an event that killed over 100,000 people and caused economic losses that reached close to one-third of Japan’s GDP....
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