Flooding
Typhoon Tembin headed for Taiwan
Typhoon Tembin, the 14th typhoon of the 2012 Pacific season, is heading slowly for southern Taiwan, and is expected to make landfall today.
Ecclesiastical introduces rate rises after £14m underwriting loss
Church insurer Ecclesiastical plans to put up motor and household rates by up to 15% after posting a half year underwriting loss of £14.4m, which was more than double the £6m it was last year.
Asia View from the Top: Risk and opportunity abound
The economy of Asia has been rapidly growing. It now accounts for one-third of world gross domestic product and is likely to exceed 50% by 2050.
Reinsurers more risk-focused after Asian catastrophes
The spate of Asia-Pacific catastrophes in the past two years have prompted reinsurers to take stock of their existing portfolio and re-evaluate their underwriting approach and risk appetite according to Fitch Ratings.
Reinsurers take stock of Asia-Pacific risks
Reinsurers are bracing themselves for the next catastrophe in the Asia-Pacific region following the spate of catastrophes over the last two years, according to Fitch Ratings.
Top five Asian news stories
The top five Asian stories from www.insuranceinsight.com over the past seven days.
Ambiental joins forces with Aon-Benfield on flood mapping
Aon-Benfield has collaboration with Ambiental to enhance its flood model development capabilities.
Aon Benfield and Ambiental join forces on flood mapping
Aon Benfield has teamed up with Ambiental to enhance the firm’s flood model development capabilities.
QBE records 26% increase in insurance profit in H1 2012
QBE Insurance Group made an insurance profit of $965m for the first half of the year ended June 2012, an increase of $203m on 2011.
Zurich boss hails 'strong' H1 results despite £19m flood loss
Zurich UK has admitted to losses of £19m as a result of the floods in the UK and Ireland during the first half of the year.
Zurich UK records 26% profit dip as COR also deteriorates
Zurich has blamed a volatile market after its UK operation's business operating profit suffered at the hands of summer floods, causing a 26% drop on H1 2011 to £52m.
Philippines finance secretary calls for support for Asian nat cat risk pool
The Philippine government is proposing a local Asian risk pool based on the Caribbean Catastrophe Risk Insurance Facility.
Indian commercial rates expected to rise 15% following nat cats
Indian businesses are likely to see premiums rise by 15% as insurers include flood risk in policies having suffered large losses after recent natural catastrophes, it has been reported.
Editor's comment: Pessimism or practicality?
Call me a cynic, but I've long been half expecting those headlines to appear - the ones suggesting that the Statement of Principles might merely be extended, or renewed yet again - despite consistent insurer cries that this 12 year-old sticking plaster…
Statement of Principles extension mooted as flood solution sticking plaster
Extending the Statement of Principles may have to be explored as a stopgap if discussions between industry and the government over a long-term flood risk solution rumble on, despite insurers insisting that they will not back down in this way.
Post magazine - 9/16 August 2012
The latest issue of Post is now available to subscribers as a digital and interactive e-book.
Thai officials confident of securing reinsurance for £1bn flood fund to meet demand
The Thai Office of the Insurance Commission is to seek extra reinsurance from international players to meet demand for the state-owned natural catastrophe fund.
Haikui causes $230m of insured damage in China
Damage from Typhoon Haikui, which hit China last week, has been assessed at ¥1.046bn ($230m).
Philippine Stock Exchange closes as country sees 11 days of monsoonal rains
The Philippines has seen 11 consecutive days of monsoonal rains, exacerbated by passing tropical cyclones, which has led to flooding in the capital of Manila and surrounding provinces of the island of Luzon.
Typhoon Haikui hits Chinese coast
The third typhoon in a week struck China on Wednesday, with winds of up to 110km per hour, prompting the evacuation of nearly two million people and grounding hundreds of flights across the country.
Typhoon Haikui to cause millions of pounds of insured losses
A typhoon that is sweeping its way through eastern China could cause up to £100m insured losses.
China suffers $8bn economic losses from July floods
Aon Benfield has estimated that the floods in China during July caused economic losses of $8.3bn.
EA reduces flood alerts despite weekend of heavy rain
The Environment Agency has halved the number of UK flood alerts this morning after a weekend of heavy rain led to flooding and disruption in parts of south-west England and the Scottish borders.