Major loss
London Market insurers take fall after Harvey, no sign of ratings rise
Hurricane Harvey’s deluge of wind and rain across Houston and the Texas Gulf Coast hurt the shares of London Market property and casualty insurers on Tuesday as analysts peg insured losses as high as $20bn (£15.5bn).
Harvey expected to be major hurricane as it approaches Texas landfall
Inland flooding, hurricane winds, and life-threatening storm surge poses a severe risk from Hurricane Harvey, according to catastrophe modelling firm AIR Worldwide.
Majority of risk managers unprepared for major claim
Under half of risk managers are prepared for a major claim, a survey has revealed.
Umbria Italy quake loss up 64% to €108m
Estimated insurance industry losses from the earthquake that struck Italy in August last year has been increased by 64% to €108m (£99.4m), according to Perils.
Ageas UK injects £24m into Retail business after Kwik Fit loss
Ageas UK has been forced to inject £24m into its Retail broking division to patch up an £18m dent left in the unit’s finances following the closure of Kwik Fit Insurance services.
Insurance could cut natural disaster bill for developing nations by $11bn, says RMS
New types of insurance could cut the costs of natural disasters for poorer countries and reduce the amount of humanitarian aid needed, according to a new report.
Cunningham Lindsey names UK operations directors
Global loss adjuster Cunningham Lindsey has appointed two UK operations directors, Stephen Kerr and Scott Cameron in the South and North of the UK respectively.
Lloyd's unveils recovery plans for market-turning event
Lloyd’s of London has outlined plans to enhance and speed up recovery in the aftermath of a market turning event, an insurable loss so significant it results in a rapid upturn in pricing.
Extreme cyber attack could cost as much as Superstorm Sandy, says Lloyd’s
A major global cyber attack could trigger $53bn of economic losses, the equivalent 2012’s Superstorm Sandy, according to a report from Lloyd’s.
Crawford's Benedict Burke named Insurance Personality of the Year at 2017 BIA
A “seasoned campaigner,” Crawford & Company’s chief client officer Benedict Burke was handed the Insurance Personality of the Year prize at the British Insurance Awards last night for a sterling 18 months which has seen him make a mark on a number of…
Revealed: 2017 British Insurance Awards winners
RSA scooped a trio of awards last night at the British Insurance Awards, winning in the claims initiative, major loss and young achiever categories.
RSA's Neil Strickland on how technology can help risk management at large firms' smaller sites
For customers that operate across multiple sites of varying size and complexity, Neil Strickland, director for global consulting at RSA, says the application of new technology is addressing the challenge of how to provide cost-effective risk management…
We need to talk about fire claims
With concerns growing about the coordination of the many parties involved in investigating major fire claims, a roundtable recently brought together insurers, adjusters, forensic investigators and fire service chiefs. As they discussed the many…
Swiss Re estimates Debbie claims at $350m
Swiss Re has estimated its claims burden from Cyclone Debbie in Australia at around $350m (£278m).
British Insurance Awards: 2017 shortlist revealed
Today we reveal the companies that will be in the running for the 23rd British Insurance Awards at the Royal Albert Hall.
Nat cat losses cost insurers over $2bn in March alone, says Aon
Global natural disaster events could impact insurers with a $2bn (£1.6bn) hit over March, according to impact forecasting from Aon Benfield.
Lloyd’s sees underwriting hit following £2.1bn major losses
Lloyd’s has seen underwriting profits slip on the back of major claims of £2.1bn last year.
Global insured disaster losses hit $54bn in 2016: Swiss Re
Natural catastrophes and man-made disasters in 2016 resulted in insured losses of $54bn (£43bn), an increase of 46%, according to Swiss Re's latest Sigma study.
Insured nat cat losses total $39.5bn in 2016 says Willis Re
Global insured natural catastrophe losses totalled $39.5bn (£31.3bn) in 2016, the highest market losses since 2012’s $60bn, according to Willis Re.
US weather losses exceed $1bn in January
Losses caused by severe weather outbreaks in the United States have exceeded $1bn (£800m) in January, according to the latest Aon catastrophe report.
Munich Re sees profits slip owing to major losses
Munich Re has seen full year profits decline by 16% owing to storm and earthquake claims in the last quarter.
Market must prepare for major loss event, says Hiscox chairman
The London market must be prepared for a major loss event according to Robert Childs, chairman of Hiscox.
London market has 'resilience to survive $200bn loss event'
The London market has sufficient resilience to withstand a $200bn (£160bn) loss caused by two major events over a two week period, according to a stress test conducted by an industry steering group.