Natural catastrophes (Nat Cats)
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.
China’s P&C growth behind average
Reinsurance broker Aon Benfield says China’s property and casualty insurance growth has been too slow.
Hurricane season to cost $5bn
It is estimated that the 2011 Atlantic hurricane season will cost in the region of U$5bn, according to Risk Management Solutions.
Emerging markets look set to grow in 2012
Despite growth slowing in 2011 emerging markets will remain “reliable growth engines” in the global insurance markets in 2012, according to reinsurer Swiss Re.
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.
HBL lowers offer for cat-hit Omega
Omega bidder Haverford has confirmed that it has cut its offer for 25% of the troubled Lloyd’s business to 74p per share.
Review of the year - Loss adjusting: Ups and downs
2011 was another rollercoaster ride in the loss adjusting sector, with claims surges, criticism from insurers, struggles with recruitment, and mergers and acquisitions.
Montpelier: Reinsurance rates likely to rise
The reinsurance industry has suffered an “unusually high frequency” of international catastrophes and rates could rise by 10% next year, according to Montpelier boss Tim Aman.
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.
View from the top: The challenge to keep it cold
Global warming presents unique challenges for the industry, says David Weymouth.
EU and FEMA agree on risk reduction and disaster response
The European Union and the US Federal Emergency Management Agency have signed an agreement to cooperate on disaster management and emergency response.
Hotter, wetter and windier weather poses a threat to insurers
The Inter-governmental panel on climate change has identified rising temperatures, heavier rain and stronger winds as threats to insurers.
Keeping pace with the evolution of risk
In the last 18 months, risk managers have faced a complex set of challenges.
Kiln reports 2009 is on track, but 2010 outlook is bleak
Kiln has revealed its 2009 year of account is on track to deliver ‘excellent’ returns, but the unprecedented level of catastrophe activity and reduced investment income has left its 2010 year of account depressed.
Japanese quake and Thai floods create double BI blow
Insurers covering Japanese earthquake losses are facing unexpected increases in business interruption claims from manufacturers who moved production and sourcing of supplies to Thailand, according to law firm Reynolds Porter Chamberlain.
Beazley forecasts profit despite cat losses
Specialist insurer Beazley still expects “to deliver an underwriting profit in 2011” despite catastrophe losses.
France and Italy assess flood damage
Torrential rains have caused widespread flooding in France and Italy during the first week of November after a low pressure system that developed over the Mediterranean Sea moved northwards, bringing high levels of precipitation.
European floods defy categorisation
Catastrophe modelling firm AIR Worldwide has said the storm that caused flooding in France and Italy earlier this month has led to 36 municipalities in France categorising it as a natural disaster.
AM Best warns of Thai floods hitting BI
AM Best has warned that Thailand’s ongoing flood disaster will trigger significant commercial and business interruption losses to manufacturing and supply chains in global markets.
Aon Benfield unveils updated UK terrorism catastrophe model
Aon Benfield has updated its UK terrorism catastrophe model to simulate attacks on more than 2000 potential targets, including places of worship, financial centres, infrastructure, government and military locations.
Hardy reports COR of 111%
Hardy Underwriting said in its Q3 results gross written premiums for the syndicate had increased by 8.5% year on year.
Catlin: cat losses demand change
Catlin has called on its aggregate reinsurance after catastrophe losses from the Thai floods hit $670m.