Natural catastrophes (Nat Cats)
Quake sends insurers back to square one
Insurers' efforts in settling claims from the September earthquake in Canterbury, New Zealand are "back to square one" after this week's 6.3 magnitude earthquake, according to the chief executive of Cunningham Lindsey New Zealand.
Post Magazine – 24 February 2011
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
No-claims household insurance discount considered by Axa – Insurance News Now – 24 February 2011
Post reporter Amy Ellis outlines this week’s major general insurance stories including how Axa is considering awarding no-claims discounts to household insurance customers to encourage them to take more responsibility for preventing weather-related…
Air Worldwide: Second NZ quake “more damaging”
The earthquake which struck New Zealand yesterday has caused more damage than the quake which hit the country in September, catastrophe modelling firm Air Worldwide has claimed.
AIR predicts NZ quake losses of up to $8bn
AIR Worldwide has estimated that industry insured losses from the magnitude 6.1 earthquake that struck New Zealand’s South Island near Christchurch on 22 February (UK time) will be between NZD$5bn ($3.5bn USD) and NZD$11.5bn ($8bn USD).
Aon Benfield: 712 000 people exposed to NZ earthquake tremors
Aon Benfield has estimated that the magnitude 6.3 earthquake in Christchurch, New Zealand, could have been felt by close to 710 000 people in the country.
Major earthquake hits Christchurch
A major earthquake of magnitude 6.3 occurred near Christchurch, New Zealand on 22 February at 12:51pm local time (11:51pm on Monday 21 February 21 GMT).
Aon Benfield calls for wider adaptation of internal SII models
Aon Benfield is calling for a simplified internal model approval process for natural catastrophe risk that would encourage insurers to better quantify these exposures under Solvency II.
Aon Benfield calls for wider adaptation of internal SII models
Aon Benfield is calling for a simplified internal model approval process for natural catastrophe risk that would encourage insurers to better quantify these exposures under Solvency II.
Post Europe: After the Cancun climate summit: Will global action follow?
At the recent United Nations’ climate conference in Cancun, nations came together to discuss environmental plans. David Bresch explains what happened in Cancun and what the new consensus means for the insurance industry.
Swiss Re reports strong results despite catastrophes
Swiss Re has recorded a full year net income of USD 863m in 2010, a 74% increase on the USD 496m the reinsurer reported in 2009.
Swiss Re reports strong results despite catastrophes
Swiss Re has recorded a full year net income of USD 863m in 2010, a 74% increase on the USD 496m the reinsurer reported in 2009.
Claims Club news: Extra capacity demands place pressure on loss adjusters
The big freeze over the winter of 2010/2011 is the latest event to raise the issue of how loss adjusters and other service providers find extra capacity to meet insurer and policyholder demands.
In series - Georgraphy & Solvency II: A new way of looking
A better understanding and quantification of risk portfolios will be provided by Solvency II. Sam Barrett assesses the benefits and potential pitfalls.
Markel plays down losses from antipodean disasters
Markel International does not expect its future profits to be badly affected by the New Zealand earthquake and recent Queensland flooding, after previous catastrophe events added six points or $33m (£20.5m) to its 2010 full-year combined ratio.
Aon Benfield: Australian floods could cost $20bn
Aon Benfield has released its monthly Cat Recap report, predicting that devastating floods in Australia could impact insurers to the tune of $20bn US dollars.
In series - Geography & Solvency II: Advice on getting data right
For the majority of insurers and to a certain extent brokers, data quality has consistently been an issue with reasons ranging from the ongoing problems of legacy systems to basic human error, as Sarah Adams explains.
Public sector cuts: Risk management savings - a false economy?
The squeeze on public sector spending is about to get tighter. Jakki May examines the ways in which its employees, brokers and underwriters need to get the best out of insurance, without compromising quality.
In series - Geography & Solvency II: Accurate data is key to Solvency II requirements
The need for more accurate data and improved infrastructure is occupying insurers' Solvency II teams. However, Sam Barrett finds that UK firms are well prepared when it comes to accuracy of information.
Hannover Re "satisfied" with reinsurance renewals
Hannover Re has said it is “satisfied” with the outcome of the 1 January treaty renewals in non-life reinsurance.
Hannover Re "satisfied" with reinsurance renewals
Hannover Re has said it is “satisfied” with the outcome of the 1 January treaty renewals in non-life reinsurance.
Natural catastrophes: A model example of assessing earthquake exposure
Earthquake costs are rising steadily. Jane Bernstein examines insurers' current use of modelling, recent event responses and solution sustainability.
$50bn loss needed for reinsurance rates to rise, Flagstone Re chief warns
Reinsurance renewal pricing was down by eight per cent in the US, according to Gary Prestia, Flagstone Re’s chief underwriting officer for North America.
Cat bond market set for expansion
The market for catastrophe bonds grew in 2010 and will continue to expand this year, according to Munich Re.