Natural catastrophes (Nat Cats)
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.
The Cypriot fall out from Vassiliko
In July Cyprus saw its largest insurance loss caused by man and despite doubts as to its quality the insurance industry stood tall according to Konstantinos Dekatris.
Novae reiterates 60% loss ratio target
Novae has reported its gross written premium for the first nine months of 2011 was up 9% to £516.4m, up 9% (2010: £473.3m).
Zurich reports 'worst year since Katrina'
Zurich branded 2011 ‘the worst year since Hurricane Katrina’ as it reported a 12% slump in general insurance operating profit for the nine months so far, which was down to $1.73bn from $1.97bn last year.
Swiss Re buys $130m cat bond for Atlantic hurricane and European windstorm
Swiss Re has obtained a further $130m in protection through the Successor X catastrophe bond programme for North Atlantic hurricane and European windstorm.
Swiss Re makes $130m in natural catastrophe protection
Swiss Re has obtained a further US$ 130m in protection through the Successor X catastrophe bond programme covering North Atlantic hurricane and European windstorm.
Markel's combined ratio hits 105% due to nat cat losses
Markel Corporation’s combined ratio increased to 105% in the first nine months of 2011 due to heavy natural catastrophe losses.
Q&A: Jorge Luzzi
Jorge Luzzi, president of Ferma and corporate risk management director at Pirelli & C SpA spoke to Francesca Nyman about what risk managers want from insurers, the current economic climate and what he aim to achieve in his two year presidency.
Insurance Insight November
Insurance Insight November is now live with an article on The European Commission’s consultation on natural catastrophes; a look the challenges the life sciences sector is facing; and an interview with Jorge Luzzi, president of Ferma.
Parametrics simplify public entities insurance in nat-cat areas
Parametric trigger insurance is making it simpler to insure public entities in natural-catastrophe prone countries, says Cooper Gay’s Steve Jackson.
Cooper Gay supports parametric cover
Cooper Gay’s Latin America CEO Steve Jackson has said catastrophe insurance could be simplified in developing countries by using parametric insurance – paying out on pre-agreed triggers rather the assessing damage. ther the assessing damage.
Munich Re launches $100m cat bond
Munich Re has a $100m catastrophe bond to cover US hurricane and European windstorm risks.
Marsh joins United Nations disaster partinership
Marsh has joined the United Nations Disaster Risk Reduction Private Sector Partnership to support work aimed at enhancing national and local resilience to disaster.
Rina to reach Mexico in 36 hours
Hurricane Rina is expected to hit popular tourist destination Mexico in the next 36 hours.
Dublin suffers flooding after torrential rain
Torrential rainfall has caused widespread damage on both sides of the Irish Sea, with Dublin suffering the worst of the impact.