Natural catastrophes (Nat Cats)
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.
Ireland and SW UK hit by flooding
Catastrophe modelling firm AIR Worldwide reports that torrential rainfall has caused widespread disruption and damage on both sides of the Irish Sea, with the Dublin area has been the hardest hit.
Editor's comment: Maelstroms on multiple fronts
This week has seen maelstroms on multiple fronts. As the devastation and mass fatalities caused by the Turkish earthquake continue to dominate news headlines, the insurance industry is bracing itself for a different bout of turmoil prompted by another…
Thai flood losses set to escalate - Insurance News Now
Post reporter Callum Brodie outlines this week's major general insurance stories including feelings of a “whiff of Katrina” among loss adjusters about the Thailand floods that have already inundated two industrial estates in Bangkok - affecting…
Wide ranging losses predicted following Turkish quake
Insured losses from the magnitude-7.2 earthquake in eastern Turkey could be anywhere between $55m and $170m, according to catastrophe modeling firm Air Worldwide.
Turkish Catastrophe Insurance Pool only covers 7% of homes in earthquake zone
The Turkish Catastrophe Insurance Pool has low penetration in the Van region, which was hit by an earthquake this weekend, according to RMS.
Turkey quake to cost as much as $200m
Catastrophe risk modelling firm Equecat has said the insured loss estimate for the 7.2 magnitude earthquake in eastern Turkey is in the range of $100m to $200m.
Turkey earthquake was 7.2 magnitude
Damage reports are still emerging after a magnitude 7.2 earthquake struck eastern Turkey on Sunday.
France and Japan largest purchasers of cat reinsurance
France and Japan are the largest purchasers of excess of loss per event treaties according to a new report by Aon Benfield.
Flood effects aggravated by insufficient investment in preventative measures
Although floods occur more frequently than any other natural disaster worldwide, the risk they pose is often aggravated by human activity, according to a report by Allianz.
In series - Lloyd's & London Market: An eye on the future
Lloyd’s and the London market has a fantastic reputation and its inherent creativity and principle of continuous self-improvement should be feared by its competitors.
AIR estimates Hurricane Jova losses
Catastrophe modelling firm AIR Worldwide says category 2 Hurricane Jova will have caused less than $52m of damage as it hit a sparsely populated stretch of Mexico’s Pacific coast.
XL estimates cat losses of up to $120m
Insurer XL has estimated its catastrophe losses for Q3 at between $90m (£57.2m) and $120m.
Sagicor withdrawal forced by First Central losses
Lloyd’s insurer Sagicor’s decision to quit both property treaty reinsurance and casualty treaty reinsurance was forced by huge losses incurred through its tie-up with Gibraltar-based motor insurer start-up First Central, Post understands.
View from the top: Model for the future
Changing catastrophe models will continue to demand, not replace, underwriting expertise, says Matthias Horntrich, chief underwriting officer, international property, XL.
Japan - Post-earthquake: Aftershocks of the earthquake
New insurance legislation in Japan is set to be extensively tested six months after the devastating earthquake and tsunami that hit the country.
New Zealand faces mass withdrawal as earthquake claims stack up
Insurers and reinsurers could stop providing earthquake cover in New Zealand altogether, forcing its government to handle claims.
BIS 2011: Industry must up government lobbying or risk unsustainable losses
Stronger engagement with national governments is essential to overcome the current insufficient focus on natural disaster mitigation and to push through long-term reforms that will help reduce total event cost.