Natural catastrophes (Nat Cats)
Nat-cats dominate renewals with modest change on other classes
The volume of catastrophe losses in 2011 from unmodeled or inadequately modelled perils has lead reinsurers to be more forceful in their demand for greater transparency of data and look to sub limit their exposure to manageable levels, according to…
Claims from Windstorm Dagmar in Scandinavia to break $46m
According to catastrophe modeling firm AIR Worldwide, Windstorm Dagmar, which moved across Russia north of St Petersburg on Christmas Day and until the early hours of 27 December 2011, caused power outages, tree-downings, and landslides and other…
NZ quakes hit Christchurch
A string of serious earthquakes have hit the New Zealand city of Christchurch just ten months after the last quake.
Amlin purchases $150m worth of international cat cover
Amlin has revealed that it has acquired coverage for US hurricane, US earthquake and European windstorm perils of up to $150m (£95.7m) from Bermudian special purpose insurer, Tramline Re.
Rate decreases still achievable despite record nat cats, Marsh says
Global insurance rates continued to climb in most loss-affected geographies and classes of business in the fourth quarter of 2011, but rate decreases are still achievable in many lines of business, according to a report by Marsh.
Record cat losses spark two speed market, claims Marsh
Rate decreases remain possible in many lines of business despite the fact that the fourth quarter of 2011 witnessed rising global insurance rates in most loss-affected territories and classes of business.
Philippines storm: Port cities hit by Washi devastation
A tropical storm in the Philippines has killed hundreds and caused flood damage to government infrastructure and commercial properties.
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.
View from the top: Market volatility and risk – ‘Keep Calm and Carry On’
As 2011 draws to a turbulent end, minds are now focusing on how best to tackle the continued economic volatility that 2012 is sure to bring for risk managers across the world. Never has the old adage ‘Keep Calm and Carry on’ been more appropriate.
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.
2011 nat-cat insured losses reach $108bn
Total insured losses for the global insurance industry from natural catastrophes and man-made disasters reached $108bn (€83bn)in 2011 according to Swiss Re.
Willis Re comments on cat modelling guide
Willis Re has commented on the Association of British Insurers guidelines published last week around industry good practice for catastrophe modelling under Solvency II.
2011: highest cat related economic losses in history
2011 will be the year with the highest catastrophe related economic losses in history at $350bn according to preliminary estimates from Swiss Re’s Sigma team.
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.
Hardy sale: Canopius, Barbican and Aviva linked
As rumours circulate about which insurers will make an offer for Hardy Underwriting, sources have suggested Canopius, Barbican and Aviva could all be interested in the firm.
Review of the year - General insurance: Regulatory dramas
2011, a year dominated by regulatory and legislative change, could yet prove to be a landmark 12 months for the insurance industry.
RBS tackles huge rise in storm claims
RBS Insurance saw a 1000% rise in storm claims arising from the severe weather in Scotland last week.
Scotland storm: Friedhelm to produce insignificant insured losses
Windstorm Friedhelm, the storm that battered Scotland and the north of England last Thursday, will not produce significant insurance losses despite reaching some of the highest wind speeds recorded in the affected regions.
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.
Bermuda market ‘difficult but promising’
The Bermuda insurance and reinsurance market has weathered pressure on its capital base and faces a promising renewal season AM Best has said.
Guest blog: Market cycles, cost of reinsurance and the Middle East
In the course of the year, concerns over the rising cost of regulation with impending Solvency II have been heard, even by Ferma’s Peter Von Dekker, as a cost that is ultimately likely to be absorbed by consumers.
Global reinsurance capital declined by 4% in the first nine months
Global reinsurer capital declined 4% from $470bn at 31 December 2010, to $450bn at 30 September 2011, according to an Aon Benfield report.
Loss adjusters ready for Scotland storms
Loss adjuster Cunningham Lindsey is on standby to deal with the storms forecast to hit Northern England this afternoon.