Reinsurance sector braced for huge losses in Japan– Insurance News Now – 17 March 2011
Post reporter Amy Ellis outlines this week’s major general insurance stories which include the global reinsurance industry pulling together to absorb the impact of the 9.0 magnitude earthquake that struck Japan on 11 March.
Early estimates from catastrophe modelling firm AIR Worldwide have put the insured losses from the quake alone at $15bn to $35bn - without accounting for the tsunami effects.
In other news, motor insurers have criticised government proposals to force the industry to disclose details of their referral fee arrangements; there are concerns over increasingly tight deadlines in the run-up to Solvency II rules following publication of the European regulator's fifth quantitative impact study; Ageas chief executive Barry Smith has said the insurer "needs to do more" to improve its household insurance offering and encourage preventative action following major losses amassed during the winter freeze; in response to a Mactavish report, John Hurrell, Airmic, has said that a lack of understanding around disclosure is allowing insurers to walk away from commercial policyholders' claims.
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