Flooding
Flood-ravaged Queensland braces for cyclone Yasi
Queensland Australia is bracing itself for Yasi. According to catastrophe modelling firm AIR Worldwide, the cyclone was about 1630 kilometers east northeast of Mackay and moving west at 30km as of the Australia’s Bureau of Meteorology 11:00 EST advisory.
Australian floods expected to cost A$4-A$6bn
Espirito Santo Investment Bank has said the Australian floods will amount to at least two events, and given the mounting political pressure on the local primary insurers the burden for the local primaries is likely to be much more punishing than the…
RSA expects 2010 profit to be at least £600m despite 2.4pt COR weather hit
RSA expects to show net written premium growth of 11% to £7.46bn, a COR of between 96.5% and 97.0% and an operating profit of between £600m and £630m in its 2010 full year results.
Suncorp claims hit 10 000
Suncorp expects to have eroded between A$220m (£137m) and A$240m of retained costs under its aggregate reinsurance programme as a result of the Australian floods, as well as other natural hazard events during 2010.
Postscript - 15 years ago: East coast floods see death toll rise
Looking back through Post’s back catalogue paints a unique picture of more than 150 years of insurance news, as this highlight from 15 years ago reveals.
RSA joins forces with WWF to call for sustainable drainage
RSA has called for an increase in sustainable urban drainage systems to combat the growing effects of climate change.
Damage management - Winter freeze: Preparing for problems in the frozen pipeline
With property claims surging due to the recent cold snap, Rachel Gordon looks into the specific challenges thrown up by freezing conditions for those tasked with managing the damage.
Direct Line unveils mobile flood support vehicle
Direct Line has launched a new flood support vehicle – incorporating an office and meeting space, developed to help policyholders affected by extreme weather.
Flash Flooding in Brazil causes devastation
Torrential rain has brought flash flooding and mudslides to the Brazilian state of Rio de Janerio, resulting in damage to property and infrastructure and the deaths of at least 450 people.
London market will be impacted by Australian floods
Neil Coulson, partner at accountancy firm, Littlejohn, has said he expects Australia to be fairly well insured, so it will generate insurance losses which will be higher in a city than in rural areas.
Post in print: 13 January 2011
News editor Mairi MacDonald outlines the main news from this week's issue of Post.
Winter freeze claims tipped to top £3bn
Insurance claims caused by burst pipes this winter are likely to outstrip the £3bn loss arising from the 2007 UK floods after short-staffed insurers were unable to deal with claims efficiently, according to the managing director of the National Flood…
Uncertainty over Australia flood losses
The scale of the flood losses in Australia remains uncertain, following further devastation from flash floods in the city of Toowoomba.
Fitch warns Australian flood losses could "escalate substantially"
Fitch Ratings believes most of Australia's major non-life insurance companies have "reasonable protection" against the floods in Queensland and Northern New South Wales through catastrophe reinsurance.
Australian insurers keep well above water despite floods
Moody’s weekly credit outlook has said that despite the negative impact of the flood on Australian insurers’ profits, it is not a material credit event.
Postscript – 50 years ago: Insurers face fresh flood claims
Looking through Post’s back catalogue paints a unique picture of more than 150 years of insurance news, as this highlight from 50 years ago reveals.
Queensland flood costs to exceed A$1bn
Floods in Queensland, already affecting an area the size of France and Germany, have been declared as the worst in the state's history by government officials.
Munich Re: 2010 sixth worst for insured losses since 1980
Several major catastrophes in 2010 resulted in substantial losses and an exceptionally high number of fatalities, according to Munich Re.
Exclusive gender and risk assessment content now available on Post Europe
Post Europe’s last 2010 weekly update is now live with a look at the European Court of Justice’s decision on using gender as a risk factor will have on the insurance market, and a View from the Top that examines the importance of geographical data in…
Post Europe: The importance of geography
Geographical risk assessment has come on in leaps and bounds over the past 10 years. Insurers now have access to data across Europe that gives them the ability to pinpoint the locations of their insured risks better than ever before.
Conservative Party: no estimate exists for properties at risk of flooding
The Parliamentary Under Secretary of State (Natural Environment and Fisheries), Environment, Food and Rural Affairs has admitted that no figure exists as to how many properties are at risk if the insurance industry withdraws from the statement of…
Government urged to take flood action
A group of MPs have told the government that more must be done to protect properties that are under threat from flooding.
Earthquakes top reinsurance losses in 2010 according to Guy Carpenter
The earthquakes that devastated parts of Chile and New Zealand were the largest source of losses in 2010, costing the reinsurance industry $8bn (£5.07bn) and $4bn respectively, according to a new report by Guy Carpenter & Company.
China floods to have “limited impact” on insurers
The worst floods witnessed in China for more than a decade are unlikely to have a significant impact on the insurance industry, Guy Carpenter has claimed.