Hurricane Sandy
Analysis: Managing ‘unthinkable risks’
The insurance industry has become progressively familiar with the idea of ‘unthinkable risks’ in recent years as unpredicted and unprecedented losses, caused by both natural catastrophes and man-made events, have continued to happen
Storm surge cat bond issued for New York MTA
The first ever catastrophe bond for storm surge has been issued for the New York Metropolitan Transportation Authority, based on modelling from RMS.
US doubles supercomputer power for hurricane forecasting
US weathermen have been boosted by newly upgraded supercomputers capable of processing computer models on forecasts almost twice as rapidly.
Aon sued for $1m over Superstorm Sandy coverage gaps
Aon Risk Services is being sued by Uberto, a New York-based contractor specialising in home renovation, over allegedly failing to obtain adequate coverage for the firm, which suffered losses following Superstorm Sandy.
Forecasters predict high hurricane levels as Oklahoma reels from tornado
‘70% chance’ of above-average hurricane activity between July and November
Marine: Tidal waves
Still reeling from recent huge losses, marine insurers cannot increase rates due to over-capacity – but is the outlook for the sector as negative as it seems?
‘Worrying trend’ for over-regulation making UK market less competitive
Rising regulatory costs are becoming a financial burden the UK’s insurance market can ill afford in the face of international competition, Lloyd’s finance director Luke Savage has warned.
Savage upbeat on motor market outlook
Lloyd's finance director said the UK motor insurance market is "over the worst of the soft cycle" and has expressed confidence that upcoming government reforms will further improve the sector's outlook.
Lloyd's profit hits £2.8bn after lower cat losses
Lloyd's has reported a 2012 pre-tax profit of £2.77bn following a loss of £516m in 2011.
QBE European premium up 6% to £3.2bn
QBE has reported an 8% rise in net profit after tax to US$761m (2011: $704m) in 2012, while insurance profit was up 16% to $1.26bn (2011: $1.08bn) supported by a strong investment result.
Hiscox profit soars to £217m
Hiscox has reported a pre-tax profit of £217.1m for the full-year 2012, dwarfing the 2011 result of £17.3m, and improving its group combined ratio by 14 percentage points to 85.5%. Gross written premium increased to £1.57bn (2011: £1.45bn).
AIG income falls to $3.4bn in 2012
AIG's net income fell to $3.4bn (£2.23bn), or $2.04 per diluted share, in 2012 compared with $20.6bn, or $11.01 per diluted share, the year earlier.
Zurich GI profit falls after Sandy and German 'system error'
Operating profit in Zurich's general insurance business dropped by $150m to $2.1bn year-on-year in 2012 after above average catastrophe and weather-related losses offset gains made through tighter underwriting discipline and expense management.
Crawford records Sandy-boosted $52.6m profit for 2012
Loss adjuster Crawford has seen profits climb off the back of a strong fourth quarter for the year ending December 31.
Blizzard alerts raised on US East Coast
The US National Weather Service has sent out text message alerts to US East Coast residents warning of a blizzard due to hit the region over the weekend.
Superstom Sandy strikes Aspen results
Aspen Insurance Holdings reported a combined ratio of 108.0% or 72.0% excluding catastrophes, pre-tax and net of reinsurance and reinstatements, for the fourth quarter of 2012 compared with a combined ratio of 114.3% or 85.9% excluding catastrophes for…
Argo swings to $52m net income for 2012
International specialty insurer and reinsurer Argo has reported post-tax income of $52.3m for the year ending 31 December, recovering from a loss of $81.9m in 2011.
Sandy set to generate lengthy legal battles amid deductibles debate
Settlements over the first disputes to arise from claims relating to Superstorm Sandy are unlikely to be reached until the middle of 2014 at the earliest.
Reinsurance: Superstorm in a teacup?
While destruction wreaked by Superstorm Sandy hasn’t hit the reinsurance sector as hard as might be expected, the market faces challenges in the shape of overcapitalisation and PPOs.
Ace reports 76% rise in net income
Ace has reported a 76% increase in net income to $2.71bn (£1.72bn) in 2012 compared to the previous year (2011: $1.54bn).
P&C insurers better placed than life firms to weather economic storm
Property and casualty insurers are better positioned to withstand a slow growth environment compared to life insurers, which will be more impacted by the weak global economy given they are mainly "discretionary" purchases and the low interest rates,…