Natural catastrophes (Nat Cats)
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.
In series - Lloyd's & London Market: Technological challenges
After a slow start, Lloyd’s and the London market are embracing technological developments to drive down cost, time and errors. But is its embrace of new mediums firm and fast enough?
NZ faces mass withdrawal as earthquake claims stack up – Insurance News Now
Post reporter Callum Brodie outlines this week's major general insurance stories including the possibility that insurers and reinsurers could stop providing earthquake cover in New Zealand altogether, forcing its government to handle claims.
Zurich stops writing NZ earthquake cover
Zurich New Zealand will no longer write any new earthquake cover following the catastrophes in Canterbury and Christchurch in February.
Insurers “competitive but cautious” at Q3 renewals, according to Marsh
Despite significant insurance losses in the first half of the year, insurers remain “competitive but cautious”, according to global broker Marsh.
Marsh report points to 'stable rate environment'
Insurers have remained competitive but cautious despite suffering significant catastrophe losses in the first half of the year, according to a Marsh study.
International geocoding in insurance: The challenges and opportunities
Use of geocoding is common in insurers and has been for some time but Tim Spencer asks if insurers really understand the data they have at their fingertips and are making the best use of it.
Ecclesiastical stops NZ quake cover
Ecclesiastical is to cease writing earthquake cover in New Zealand following the devastating series of earthquakes in Christchurch which contributed to the insurer’s biggest ever losses.
Editor's comment: Out of our hands?
With the bullish comments made by even the most cat-exposed insurers still echoing in our ears, declaring the global insurance market resilient in the face of one of the costliest years ever, the storm clouds are now gathering on multiple fronts from…
Lloyd’s places syndicates under financial scrutiny
Lloyd’s has begun an intense examination of syndicates’ 2012 business plans, in a bid to weed out unprofitable underwriting risk.
View from the top: Time for action
Insurers must fight to protect their fundamental purpose faced with the threat of external interventions, says Barry Smith, CEO, Ageas UK.
Atmospheric tanks: The big bang theory
The UK has recently seen a number of explosions involving atmospheric tanks, with major incidents at Buncefield and Pembroke. What caused the explosions and how can the risks be reduced?
Japan typhoon causing "minimal" damage
AIR Worldwide has estimated insured losses from Typhoon Roke are between $150m and $600m.
American broker blames barriers to entry for lack of interest in London
Reinsurance broker Tiger Risk Partners UK has claimed to be the first US-owned broker to set up a London office since 2003, blaming the lack of interest on the UK’s “significant barriers to entry”.
Lloyd's to only take on "inherently profitable" business plans
Lloyd’s has denied coming down harder on underwriters to write reasonably priced risks but admitted it will be more difficult to convince the market of profitable business plans.
Lloyd’s announces £697m interim loss
Lloyd’s made an interim loss before tax of £697m for the six-month period ending 30 June 2011, in what is already likely to be the second most expensive year ever for insurers.