Due in no small part to major flooding in Manhattans subway system, New York Citys Mass Transit Authority reports estimated Sandy-related losses of $5 billionof which private insurers should kick in more than $1 billion.
Tower Group expects an after-tax net loss of between $55 million and $68 million next quarter due to Superstorm Sandy, while Fitch Ratings says insurers can easily handle the lossesand then some.
Catastrophes continue to drive down second-quarter results for insurers as both domestic carriers and Bermuda companies report net-income declines and even losses, headlined by Allstate’s $620 million second-quarter loss.
Catastrophe-risk modeler EQECAT has dramatically changed its estimate of insured losses from the Tohoku, Japan earthquake to between $22 billion and $39 billion.
Insurance-industry experts are cautioning that the death of Osama bin Laden does not represent the end of the terrorism threat for the United States. The threat, in fact, may worsen if terrorists seek to execute a reprisal attack.
In the wake of a magnitude 9.0 earthquake that struck Japan on March 11, with insured-loss estimates reaching as high as $35 billion, analysts and rating agencies fell on either side of the debate about whether the event will cause a turn in the long-running soft-market cycle.
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"articles": [
{
"uri": "/2012/12/13/new-york-mta-says-insurers-on-hook-for-excess-1b/",
"title": "New York MTA Says Insurers on Hook for Excess $1B",
"byline": "Chad Hemenway, Mark E. Ruquet",
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"prettyDate": "December 13, 2012",
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"summary": "Due in no small part to major flooding in Manhattans subway system, New York Citys Mass Transit Authority reports estimated Sandy-related losses of $5 billionof which private insurers should kick in more than $1 billion.",
"body": null
},
{
"uri": "/2012/12/13/aig-projects-2b-sandy-loss-chubb-hartford-hanover-among-carriers-with-estimated-hundreds-of-millions-in-losses/",
"title": "AIG Projects $2B Sandy Loss; Chubb, Hartford, Hanover Among Carriers With Estimated Hundreds of Millions in Losses",
"byline": "Chad Hemenway, Mark E. Ruquet",
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"prettyDate": "December 13, 2012",
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"summary": "American International Group (AIG) estimates its total insured losses from Superstorm Sandy will come to approximately $2 billion.",
"body": null
},
{
"uri": "/2012/11/19/sandy-to-be-largest-cat-event-in-tower-groups-history-fitch-says-industry-can-easily-handle-superstorms-losses/",
"title": "Sandy to Be Largest Cat Event in Tower Group’s History; Fitch Says Industry Can Easily Handle Superstorm’s Losses",
"byline": "Chad Hemenway, Mark E. Ruquet",
"kicker": "News",
"prettyDate": "November 19, 2012",
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"summary": "Tower Group expects an after-tax net loss of between $55 million and $68 million next quarter due to Superstorm Sandy, while Fitch Ratings says insurers can easily handle the lossesand then some.",
"body": null
},
{
"uri": "/2011/11/04/3q-earnings-catastrophes-continue-to-plague-insure/",
"title": "3Q Earnings: Catastrophes Continue to Plague Insurers’ Results",
"byline": "Chad Hemenway, Mark E. Ruquet",
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"prettyDate": "November 04, 2011",
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"summary": "Third-quarter results are rolling in, and the theme remains the same as it has been throughout the year: Catastrophe losses are dragging down profits.",
"body": null
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{
"uri": "/2011/09/22/natural-catastrophes-continue-to-challenge-insurers-through-august/",
"title": "Natural Catastrophes Continue To Challenge Insurers Through August",
"byline": "Chad Hemenway, Mark E. Ruquet, Caroline McDonald",
"kicker": "News",
"prettyDate": "September 22, 2011",
"timeToRead": "4 minute",
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"authors": [
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"summary": "Catastrophes continued to impact carriers through August, with personal-lines insurers reporting elevated claims activity for the month.",
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},
{
"uri": "/2011/08/04/2q-results-cats-still-the-story-allstate-ceo-addresses-agent-morale/",
"title": "2Q Results: Cats Still The Story; Allstate CEO Addresses Agent Morale",
"byline": "Chad Hemenway, Mark E. Ruquet",
"kicker": "News",
"prettyDate": "August 04, 2011",
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"summary": "Catastrophes continue to drive down second-quarter results for insurers as both domestic carriers and Bermuda companies report net-income declines and even losses, headlined by Allstate’s $620 million second-quarter loss.",
"body": null
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{
"uri": "/2011/05/16/eqecat-increases-japan-quake-loss-estimate/",
"title": "EQECAT Increases Japan-Quake Loss Estimate",
"byline": "Chad Hemenway, Mark E. Ruquet",
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"prettyDate": "May 16, 2011",
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"summary": "Catastrophe-risk modeler EQECAT has dramatically changed its estimate of insured losses from the Tohoku, Japan earthquake to between $22 billion and $39 billion.",
"body": null
},
{
"uri": "/2011/05/06/death-of-bin-laden-doesnt-lessen-terror-threat/",
"title": "Death Of bin Laden Doesn’t Lessen Terror Threat",
"byline": "Chad Hemenway, Mark E. Ruquet",
"kicker": "",
"prettyDate": "May 06, 2011",
"timeToRead": "6 minute",
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"summary": "Insurance-industry experts are cautioning that the death of Osama bin Laden does not represent the end of the terrorism threat for the United States. The threat, in fact, may worsen if terrorists seek to execute a reprisal attack.",
"body": null
},
{
"uri": "/2011/03/18/japan-rocked-by-9-0-quake-will-it-change-the-market/",
"title": "Japan Rocked By 9.0 Quake; Will It Change The Market?",
"byline": "Chad Hemenway, Mark E. Ruquet, Susanne Sclafane, Phil Gusman",
"kicker": "",
"prettyDate": "March 18, 2011",
"timeToRead": "8 minute",
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],
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"summary": "In the wake of a magnitude 9.0 earthquake that struck Japan on March 11, with insured-loss estimates reaching as high as $35 billion, analysts and rating agencies fell on either side of the debate about whether the event will cause a turn in the long-running soft-market cycle.",
"body": null
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}
