Sydney
21 April 2017
Reporter: Becky Butcher

Cat losses estimated at $8.1 billion so far, says Macquarie


Macquarie Research’s catastrophe loss model estimates that losses for Q1 2017 currently stand at $8.1 billion, compared to $9.3 billion during the same period in 2016.

Of the total estimated losses this year, $1.3 billion relates to Cyclone Debbie, $1.1 billion to South American flooding, and $2.6 billion relates to severe weather in the US.

During the same period in 2016, the industry had already incurred more than $3.4 billion in losses from two severe storms in the US and $5.9 billion from the Japanese earthquakes, contributing to global insured catastrophe losses of $17 billion.

Macquarie said: “While it is still early in the year and catastrophe loss events can occur at any time, with little or no warning, 2017 has thus far been relatively calm.”

The research company added: “We consider recent year loss events such as Cyclone Debbie to be earnings, rather than capital event, assuring us that neither dividends nor share buybacks are in question. As such we reiterate our positive view of the reinsurance sector.”

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
NCCIA: North Carolina’s captive figures almost doubled in 2016
22 August 2017 | Charlotte | Reporter: Becky Butcher
The number of North Carolina’s licensed captive companies grew by 91 percent last year, while approved protected cells and series saw an increase of over 50 percent
NCCIA praises captive industry for work
22 August 2017 | Charlotte | Reporter: Becky Butcher
The North Carolina Captive Insurance Association Annual Conference kicked off this week with Thomas Adams, president and CEO, thanking those in the industry who have helped make the state’s captive market the success it is today
Willis Towers Watson reinforces employee benefit captive consulting
22 August 2017 | London | Reporter: Mark Dugdale
Willis Towers Watson has hired Paul Devitt as director in its global services and solutions consultancy practice, where he will focus on employee benefit captive consulting
Disappointing outcome for micro captives in Avrahami
22 August 2017 | Washington DC | Reporter: Becky Butcher
The US Tax Court has backed the Internal Revenue Service’s decision to deny Benyamin and Orna Avrahami access to the Internal Revenue Code Section 831(b) election for certain financial years
Central Bank of Malaysia calls for more captive data
21 August 2017 | Kuala Lumpur | Reporter: Mark Dugdale
The paucity of data on captives needs to be addressed as a matter of priority, according to Muhammad bin Ibrahim
Crawford & Company appoints Latin America lead
18 August 2017 | London | Reporter: Becky Butcher
Crawford & Company has named Roberto McQuattie as regional head of Latin America to oversee operations across the company’s network of 15 offices in the region
London to bring innovation to ILS market
18 June 2017 | London | Reporter: Becky Butcher
London will be able to bring the kind of innovation to the insurance linked-securities (ILS) seen in Guernsey’s first ever blockchain-backed deal, according to Malcolm Newman of SCOR