Flooding
Ferma members voice concerns over supply chain management
Commercial insurance buyers generally want better insurance products to cover their supply chain risks, a simple survey by Ferma has confirmed.
Labauan Re warned over rated action due to Thai flood losses
AM Best has placed under review with negative implications and affirmed the financial strength rating of A- (Excellent) and issuer credit ratings of “a-” of Labuan Reinsurance.
Insurers call for "serious" government action on flood risk plan
The Association of British Insurers and its members have called on government to “seriously consider” subsidised flood insurance for policyholders in high risk areas, replacing the Statement of Principles, which expires in 2013.
Thai floods: Crawford predicts claims disputes
Insurers could be lumbered with subrogation costs, reinstatement and difficulties calculating contingency business interruption claims from the Thailand floods.
Scor expects €140m in Thai flood losses
French reinsurer Scor estimates its losses from the floods in Thailand at €140m net of retrocession and before tax.
Partner Re to take $88m charge from Tohoku quake
PartnerRe is set to record a charge of approximately $88m (€67.2m) to reserve the full limit of its Tohoku Earthquake exposure related to its largest Japanese cedant.
Perils updates windstorm exposure data for 11 European countries
Perils, the independent organisation that provide industry-wide catastrophe insurance data, has updated the windstorm exposure data for 11 European countries.
Data collator to compile flood information after UK insurer requests
European insurer-backed catastrophe data collator Perils is to start compiling information on floods from January next year in response to demands from UK insurers.
Japanese non-life sector stable, Fitch says
The outlook for the Japanese non-life insurance industry is stable, underpinned by a recovery in the core automobile business line, according to a new Fitch report.
GAB Robins ready for Bawbag damage
George Bentley, client services director of loss adjuster GAB Robins, has doubled the number of adjusters available on call to handle severe weather this week and is proposing to open its offices for longer hours, if needed.
Munich Re puts €500m on Thai floods
Munich Re has estimated that the Thai floods will cost it €500m net before tax, but warned the figure could be higher.
Editor's comment: Impacting the market
Market-turning they may not be but market-impacting they evidently are. Revised loss estimates for the 1500 industrial units hit by the Thai floods have reached $20bn.
News analysis: Escalating loss estimates in Thailand begin to trigger market fallout
It was the worst flooding Thailand had seen for 50 years and, during its four-month spell, more than 600 people died and 77 provinces were submerged in water.
Review of the year - Lloyd's & London Market: The costliest year ever?
The first half of 2011 saw an unprecedented number of catastrophic events, so how has Lloyd’s and the London market coped?
French floods to cost insurers €800m
The November floods in 16 regions of France look set to cost insurers €800m according to a new report.
$600m of Thai flood losses fall to Swiss Re
Swiss Re estimates its claims costs from severe flooding in Thailand will be $600m of the $11bn total losses.
News analysis: Escalating loss estimates in Thailand begin to trigger market fallout
It was the worst flooding Thailand had seen for 50 years and, during its four-month spell, more than 600 people died and 77 provinces were submerged in water.
Swiss Re estimates Thai losses at $600m
Swiss Re estimates its claims costs from the flooding of 1500 industrial units in Thailand to be $600m, net of retrocession and before tax.
Japan to set up Asian nat cat insurance plan
Japan is planning to establish a large-scale insurance system encompassing the Asia-Pacific region to cover developing countries hit by devastating earthquakes, typhoons and other disasters.
Thai floods lead Singapore Lloyd's Syndicate to close to new business
Singapore-based Lloyd’s Syndicate 1965 will no longer be accepting new business following the Thai floods.
Buyers queue up for Thai flood-hit Hardy
Hardy Underwriting has said it has had several preliminary expressions of interest in its business after putting itself up for sale following catastrophe losses from the Thai floods.
Nat-cats force Argenta's syndicate to close door to new business
Singapore-based Lloyd’s syndicate 1965 will no longer be accepting new business blaming this year’s catastrophes including the recent Thailand floods.
AIR joins with Intermap for European cat modelling
AIR Worldwide has entered into an agreement with Intermap for it to provide high-resolution elevation data to be used in the development of new catastrophe models for select European countries.
Thai flood supply chain losses could reach $20bn
The majority of insurance losses from the Thai floods will come from manufacturing and supply chains and could reach $20bn according to AM best.