Cat Insurance | Montpelier Re Sets 3Q Cat Losses At $60M; Aspen Reports $24M
NU Online News Service, Oct. 14, 12:42 p.m. EDT
Hamilton, Bermuda-based insurer Montpelier Re Holdings Ltd. estimates its third-quarter calamity losses will mount at around $60 million before taxes, and along with Aspen Insurance losses, reported cat insurance losses in the third entertain are good over $500 million in the past two weeks.
The guess is comprised of $30 million from U.S. events inclusive Hurricane Irene and the Texas wildfires, $20 million from U.S. informal total covers, and $10 million from the July Danish floods, the firm says.
In addition, the firm estimates it will catch $10 million of net losses from the June 2011 New Zealand earthquake.
All of these amounts are net of retrocessional recoveries and reinstatement premiums.
Montpelier adds that in perspective of the uncertainties related with rough estimates, its real losses might differ, maybe significantly, from these amounts.
Hamilton, Bermuda-based Aspen Insurance Holdings Ltd., moreover voiced a total of $24 million in calamity losses in the quarter.
The firm estimates losses from Hurricane Irene of $10 million and $14 million for other natural-catastrophe events that occurred in the third entertain of 2011, inclusive weather-related events in the United States, Scandinavia and Asia.
In addition, the firm increased its second-quarter 2011 U.S. severe-weather-related losses by $17 million, from $65 million at June 30, 2011 to $82 million. Aspen says the “increase is conform to with the enlarge in estimated marketplace losses from these events to $20 billion from $15 billion.
Aspen says its losses are net of germane reinsurance, reinstatement premiums and tax.
Within the past two weeks, NU Online News Service has reported 7 insurers’ pre-tax calamity losses totaling between $500 million and $555 million.
The insures are:
Cincinnati Financial Group
Selective Insurance Group
catastrophes have taken a punch out of insurers’ gain at least is to initial half of this year, according to at least two new reports.
The Insurance Services Office, formed in Jersey City, N.J., in conjunction with the Des Plaines, Ill.-based Property Casualty Insurers Association of America and the New York-based Insurance Information Institute inform that in isolation U.S. skill and fatality insurers’ net income fell to $4.8 billion is to initial half of 2011 compared to $16.8 billion is to same time a year ago-a tumble of 71 percent.
Driving the reject were net losses on underwriting, flourishing $19 billion to more than $24 billion is to initial half of the year.
Insurance rating service A.M. Best says U.S. Personal Computer attention underwriting is to initial half of 2011 fell 67 percent to $6.9 billion, and its orthodox amalgamated proportion run-down more than 9 points to scarcely 110 by the initial half of 2011.