Global insurance losses in Q4 2022 under $10 billion, says JP Morgan – Reinsurance News

Analysts at JP Morgan estimated the Q4 international crisis damages of less than $ 10 billion.

Researchers attribute this to two major natural disasters in North America, Hurricane Nicole in November and Winter Storm Elliott in December.

P&C insurance company, The Hanover, recently reported losses of $ 190 million for the Q4 of 2022.of which $165 million, or 87%, was taken by Elliott.

Meanwhile, America’s leading insurance company Allstate reported a first-quarter loss for the fourth quarter of 2022, due to costs from Winter Storm Elliott contributed to a total loss of $ 779 million for the Q4 period, before taxes.

Accident claims for December alone totaled $593 million, Allstate reported, with Elliott accounting for about 80% or $478 million of losses this year. season

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Intact Financial Corporation, a Toronto-based insurance and casualty (P&C) company, Contingency charges for Q4 2022 were approximately $143 million, before tax.

Compared to 3Q 2022, which was lost due to Hurricane Ian along with other big nat cats, 4Q 2022 showed a negative quarter, said JP Morgan analysts. the company’s estimate of $7bn is also low compared to the average 4Q losses in 2017-2021.

The amount of natural disasters of JP Morgan confirmed losses for 2022 is now at $ 120bn, according to recent estimates from Munich Re.

The company says that now, 2022 will fall as low as 2021 in terms of insurance and the fourth most expensive year of all time.

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