trending Market Intelligence /marketintelligence/en/news-insights/trending/Jtq6YANFzma8Sk9AB9Ixmg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

RenRe expects 'limited' losses from Japan, Ecuador earthquake

Infrastructure Issues: Tools to Dig Deep on Potential Risks

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February


RenRe expects 'limited' losses from Japan, Ecuador earthquake

expects "limited" losses from the earthquakes in Japan and Ecuador.

Speakingon an earnings call, Presidentand CEO Kevin O'Donnell said the excess of loss covers purchased by Japanesecompanies are not likely to be materially impacted from the calamity andtherefore, by extension, should not affect the retro market.

"Whilethe Japanese proportional covers may result in losses to reinsurers, we are nota significant writer of this business," he said.

Asfor the 7.8-magnitudeearthquake that roiled Ecuador, RenaissanceRe expects that its losswill be "low" given the level of insurance penetration in the country.

Catastrophemodeling firm AIR Worldwide pegged industry-insured losses for the earthquake atbetween $325 million and $850 million.

Turningto the weather in Texas, O'Donnell said his company will likely have "someexposure."

"Whilewe are in the preliminary stages of evaluating the losses, we think that thehail activity will likely result in some losses to the lower end of regionalcovers but will be retained by the national primary carriers," the CEOsaid.

Accordingto A.M. Best, insured losses caused by two hailstorms in March are currentlyestimated at $1.3billion, but the total is expected to increase.