Allstate insurance company announces catastrophe losses from April

Allstate Insurance company news

The massive insurer has now released the estimate data generated during that month. According to Allstate’s newly released estimates, the April 2014 catastrophe losses came to a pre-tax amount of $280 million (or after-tax $182 million), which the insurance company is attributing primarily to six major events during that month. Those six events came with a pre-tax cost of an estimated $250 million during April. Also contributing to the losses experienced by the insurance company in April were the unfavorable re-estimates of the reserve for prior losses from catastrophes. Allstate…

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Insurance industry is seeing a hugely costly winter

insurance industry winter snow ice

Some have said that this will be among the 5 most expensive winters in over 30 years. The Insurance Information Institute has now released its predictions about the costs associated with this last winter for the insurance industry, and has determined that the payments resulting from storms have now reached over $1.5 billion. As this week has shown in many parts of the country, the snowstorms aren’t done for the year. Now, the Verisk Analytics Property Claims Services firm has estimated that there were already about 175,000 claims paid to…

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South Asian Insurance industry suffering massive losses from cyclones

south asian Insurance industry India

Weather coverage segment may be seeing loss ratios as high as 100 percent. Damage to crops that has occurred as a result of cyclones could be leading to higher loss ratios in the weather South Asian insurance industries, with predictions that they could be as high as 100 percent, this year. Cyclone Phailin has caused a tremendous loss ratio this year when it struck in October. The crop damage that was caused by Cyclone Phailin when it struck the coast of Orissa and Andhra Pradesh early in October may lead…

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AIR Estimates Insured Losses from Super Typhoon Haiyan at Between USD 300 Million

Military helping Super Typhoon Haiyan victims

Catastrophe modeling firm AIR Worldwide estimates that total damage to residential, commercial, and agricultural properties from Super Typhoon Haiyan will range… between USD 6.5 billion and USD 14.5 billion. However, because insurance penetration in the region is relatively low, AIR estimates that insured losses will range between USD 300 million and USD 700 million. “Super Typhoon Haiyan made landfall on the southern tip of Samar Island early morning local time on November 8 as one of the most powerful tropical cyclones in modern record-keeping,” said Dr. Peter Sousounis, senior principal…

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AIR Estimates Insured Losses from Last Week’s European Windstorm Christian at Between EUR 1.5 Billion and EUR 2.3 Billion

Windstorm Christian

BOSTON, Nov. 7, 2013 – Catastrophe modeling firm AIR Worldwide estimates that  insured losses from Windstorm Christian (known as St. Jude in the UK) will range  between EUR 1.5 billion and EUR 2.3 billion, with the majority of insured losses  occurring in Denmark and Germany. Significant insured losses also occurred in the  Netherlands, France, UK, and Sweden. “Windstorm Christian smashed into southern Britain on Monday, October 28,  knocking down trees, flooding lowlands, and disrupting travel over land, sea, and  air,” said Gerhard Zuba, senior principal scientist at AIR Worldwide.  “Gusts…

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