Natural catastrophes (Nat Cats)
Nat-cat losses cause mining capacity withdrawal
The capacity available to mining property damage & business interruption insurance programmes has reduced by 30% in the last year, according to a report by broker Willis Group.
The supply chain disappointment
Recent natural catastrophes have highlighted the need to insure supply chain risks, however, risk managers have said they want better products. Jane Bernstein finds out what more the insurance industry can do.
Markel International combined ratio up 21% due to nat cats
Markel International reported a combined ratio of 116% for 2011, up 21% from 2010.
Reduced capacity in Asia will not affect all business lines
Despite catastrophe losses leading to reduced capacity in the Asia Pacific region, competitive rates are still possible on some lines, according to broker Marsh.
Munich Re reports €0.71bn profit despite major losses
Munich Re reported a profit of €0.71bn for 2011, despite major losses and against the backdrop of the Eurozone crisis.
Markel reports investment and GWP growth counters catastrophe claims
Markel International saw gross written premiums rise 16% to $825m for 2011 ($709m) but a combined ratio of 116% (95%) included $123m, or 18 points, from natural catastrophes compared with $17m, or 3 points, in 2010.
Munich Re profits down 70%, GWP up 9%
Exceptional major losses and “burdens from the financial crisis” slashed Munich Re’s profit last year by more than 70% to €0.71bn from €2.43bn in 2010. This was despite gross written premiums being up by almost 9% to €49.6bn (€45.5bn).
Lancashire increases Japan quake loss estimate by 56%
Lancashire Holdings has increased its estimated exposure to the Tohoku earthquake by $42.2m, or 56%, to a net loss estimate of $117.3m (£74.8m).
View from the top: Setting realistic expectations for 2012
Well 2011 certainly was a challenging year for the global insurance sector. The natural catastrophes in Australia, New Zealand, Thailand and Japan caused massive claims.
Zurich's 2011 cat losses may trigger aggregate reinsurance
Zurich Financial Services expects the impact of the floods in Thailand and the increased cost of the earthquakes in New Zealand in the fourth quarter of 2011 to range between $200 and $250m (€189.9m).
Renaissance Re adds $45m Thai losses
Renaissance Re estimates the flooding in Thailand will cost it $45m (£29m) from its fourth quarter 2011 results but it said revisions of the New Zealand earthquake and the Tohoku earthquake losses are not expected to be significant.
Zurich’s Thai flood and NZ quake losses trigger aggregate reinsurance
Zurich has said it expects the impact of the floods in Thailand and the increased cost of the earthquakes in New Zealand in the fourth quarter 2011 to range between $200m - $250m (£160m).
EC insurance unit head explores further regulation for claims activities
More than a decade after the idea of regulating loss adjusters and other claims-related service providers was first mooted, a new European Commission proposal could see the plan resurrected, Post has learnt.
Marine hull insurers await rating impact in wake of cruise ship sinking
The Costa Concordia cruise ship disaster has been called the largest insurance loss in maritime history with some suggesting it could be “bigger than the Titanic”.
View from the top: A case of déjà vu in the market
The current economic situation means now is the right time to generate rate rises, says Toby Esser.
Reinsurance - January renewals: Toughen up
Despite the catastrophes of 2011, the predicted — and much needed — January renewal rate hardening has failed to materialise.
Spotlight on environment: Extreme measures
Extreme weather events can have enormous economic costs, with huge uncertainty surrounding them. So how can this uncertainty be communicated in a meaningful way to decision makers?
Spotlight on environment: Providing protection
With climate change increasing the likelihood of natural disasters, insurers must influence the debate on how businesses and governments manage risks such as supply chain failure.
Tough conditions for EMEA commercial markets, Marsh warns
Insurance rates for businesses with exposure to natural catastrophe and supply chain risks are expected to keep increasing in 2012 across Europe, the Middle East and Africa, according to a report published today by Marsh.
HCC: Thai flooding cost $10m in Q4
HCC Insurance Holdings has revealed fourth quarter Thailand flooding catastrophe loss estimates of $10m (£6.4m), taking the year’s losses to $117m.
QBE ratings unchanged despite cat losses
AM Best has left the ratings of QBE unchanged despite the company almost halving its forecast profit after tax because of catastrophe losses.
Reinsurers reluctant to cover Thai cat fund
Global reinsurers may be reluctant to cover the recently announced Thai catastrophe fund if asked to by the nation’s government, according to market analysts.
Fairfax takes 25% Thai Re stake
Financial services company Fairfax is to acquire approximately 25% of the issued and outstanding shares of Thai Re in a deal worth approximately $70m.
News analysis: Insurers and reinsurers must start to focus on emerging ‘peak’ risks
Natural catastrophes: Will previous ‘cold spots’ be targeted by insurers and reinsurers?