Natural catastrophes (Nat Cats)
Benign cat year and subrogation help Hiscox’s profits soar
Hiscox UK’s chief executive Bronek Masojada has attributed the insurer’s record £34m profit before tax to an absence of natural catastrophes.
A quarter of global economic losses in H1 covered by insurers
Around 24% of global economic losses of $85bn during the first half of 2013 were covered by insurance, according to Aon Benfield’s Impact Forecasting centre.
Aon analysis shows 24% of H1 losses covered by insurance
The $20bn (£13bn) total of insured losses for the first six months of the year was approximately 20% below the 10-year average of $25bn (£16.3bn), according to Aon Benfield’s Impact Forecasting centre.
$20bn of natural disaster insured losses in first half of 2013
Global natural disaster losses during the first half of 2013 on both an economic and insured basis were each below the recent 10-year (2003-2012) averages according to Impact Forecasting.
AIR appoints COO
Catastrophe modeling firm AIR Worldwide has appointed Bill Churney to the position of chief operating officer.
Willis says cat bond market needs to expand
If total alternative reinsurance solutions like catastrophe bonds are to continue to grow, a wider range of perils should be considered according to Willis Capital Markets & Advisory.
Cat bond market must expand: Willis
If total alternative reinsurance solutions like catastrophe bonds are to continue to grow, a wider range of perils should be considered according to Willis Capital Markets & Advisory.
Lloyd's earns postive ratings outlook after coping with record cat activity
A.M. Best has revised Lloyd’s outlook to positive from stable and affirmed the financial strength rating of ‘A’ (excellent) and issuer credit ratings of ‘A+’.
Earthquake in New Zealand causes minor damage
A 6.5 magnitude earthquake struck New Zealand on Monday morning shaking buildings including the Parliament building in Wellington.
Strong earthquake hits China's Gansu province
A magnitude 6.6 earthquake has struck near the town of Dingxi in Gansu province on Monday morning killing at least 75 people with over 400 injured.
Aspen puts Q2 cat losses at £39m
Bermudian insurer Aspen has announced an initial loss estimate of $59m (£38.8m) for the second quarter of 2012.
Tailored approach is essential to European disaster management
Insurance Europe has warned there is no “one-size-fits-all” solution to the insurance required for natural and man-made disasters in Europe and called for insurance cover to be tailored to the different type of risks and their locations.
China government catastrophe guarantee 'needed urgently', says Munich Re
He Hua, a catastrophe consultant for Munich Re in China, has called for the industry to put more pressure on the government to introduce a public private partnership to help guarantee the payments of catastrophe claims, especially for large earthquakes.
Typhoon Soulik causes havoc in China
Almost 300 people are missing after heavy rains and wind in mainland China.
Heavy rains cause flooding and mudslides in China
Days of heavy rain across the mountainous Yunnan and Sichuan provinces of southwestern China have caused widespread flooding and triggered landslides.
Oriental Insurance to lead flood-claims assessment in India
Oriental Insurance is thought to be assessing the claims arising from the devastating floods in Uttarakhand, on behalf of all four PSU general insurers, according to an industry source.
Low-levels of insurance could belie true cost of North-India flooding disaster
Uttarakhand now faces the challenge of settling the large number of claims likely to be filed in the wake of the devastating floods.
Sumatran earthquake unlikely to see significant insured losses
AIR Worldwide is not expecting significant insured losses following Tuesday’s magnitude 6.1 earthquake in Sumatra.
Munich Re transfers Australian cyclone risk to capital markets
Munich Re transfers US hurricane and Australian cyclone risks to the capital markets
Relocation: The ex-pat factor
Following the news Allianz Insurance chief executive Andrew Torrance is moving to the US, Post quizzed senior British insurance professionals who have moved overseas on what he can expect.
Fire service tackles huge blaze at West Midlands plant
Firefighters are tackling one of the largest fires ever seen in the West Midland after 100,000 tonnes of plastic caught fire at a recycling plant in Smethwick.
Willis Re encouraged by Flood Re government liability and excesses pledge
Proposed pool will not impose a significant administrative burden on insurance businesses nor undermine the commercial environment according to Willis Re.
Deloitte and PwC welcome flood decision
Deloitte and PwC agree today’s agreement will benefit households at a high risk of flooding.
Groupama sees thousands of flood claims as France declared natural disaster zone
Groupama has received around 16 500 flood claims following devastating floods in southwest France.