Your weekly re/insurance round-up, ending December 30th 2022

The usual quietude of the holidays were disturbed this year by the US winter freeze, late-running reinsurance renewals, and the Russia-Ukraine war.

KCC estimates that the re/insurance industry loss from Winter Storm Elliot is?likely to total $4.3bn.

Other commentators agree that losses will reach into billions, but will?fall short of the 2021 Texas Freeze.

And with Jan 1 renewals looming, Guy Carpenter says reinsurers have?come to a difficult crossroad.

Hurricane Ian will doubtless have added pressure to negotiations, as?FLOIR reports claims of $12.6bn.

On the Ukrainian conflict, Japanese insurers have?U-turned on war coverage for Russian waters, after government pressure and?talks with reinsurers.

The move comes as a quarter of Russian crude oil shipments in December?used western insurance.

In further headlines, Zurich's Mario Greco has warned that cyber attacks?could become uninsurable.

Also, the GDV has estimated that insured weather losses in Germany were?average this year at €4.3bn.

We’ll continue to update you with more coverage on the major developments from this week, while also keeping up with the regular news coming out of the re/insurance industry.

We hope all our readers stay safe and well this weekend!