Insured losses will run to hundreds of millions
The Lloyd's market absorbed £4.5bn ($6.3bn) in major claims in 2017 (2016: £2.1bn), with US and Caribbean-oriented direct and facultative property writers taking a pounding off the back of Harvey, Irma and Maria.
As Berkshire Hathaway revealed its first full-year underwriting loss in 15 years, chairman and CEO Warren Buffett said the conglomerate would be able to accommodate a $400bn market-wide mega catastrophe.
February looks set to be a bruising month for the aviation (re)insurance market, with the Saratov airliner crash in Russia and Turkey's Pegasus Airlines loss expected to cost in the region of $80mn.
Despite fears that the cave-in at Rio Tinto's massive Bingham Canyon mine in April 2013 could have cost the market over $1bn, the final settlement has turned out to be a more modest pre-tax figure of $233mn, Inside FAC understands.
Trade credit insurance losses from the collapse of contractor Carillion are estimated at £31mn ($44.2mn), according to the Association of British Insurers (ABI).
Catastrophe modelling firm RMS has estimated insured losses from the Thomas wildfire, which affected Southern California in December, at between $1bn and $2.5bn.
Catastrophe data specialist Perils has published a second loss estimate for Cyclone Herwart of EUR255mn ($317mn), up slightly on its initial figure of EUR252mn.
The political violence market is understood to have settled a longstanding Thai riots claim for $110mn.
Insured losses as a result of hurricanes Harvey, Irma and Maria (HIM) are likely to amount to $80bn, with total insured losses from natural disasters in 2017 estimated at $134bn, according to Aon Benfield.
Italy's rail market looks set to land European rail (re)insurance writers with another substantial claim following the derailment of a commuter train on 25 January, Inside FAC understands.
Man-made insured losses for 2017 were only $4.59bn - a 45 percent decline year-on-year from $8.38bn in 2016 and the lowest figure since 2009's $4.49bn, according to Swiss Re.
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