ICA report highlights potential A$4bn annual savings from strengthened construction codesStrengthening Australia’s National Construction Code could reduce costs from extreme weather events by as much A$4bn ($2.53bn) a year, according to a report commissioned by the Insurance Council of Australia.
Hurricane Otis insured loss in $3bn-$6bn range: VeriskInsured losses to onshore property from Hurricane Otis are expected to fall between MXN50bn and MXN110bn (~$3bn-$6bn), according to Verisk.
Deloitte sets out recommendations for insurers following record ~A$6bn 2022 flood lossDeloitte has set out a series of recommendations for the Australian insurance industry in response to last year’s record-breaking A$6bn ($3.82bn) flood loss event in southeast Queensland and New South Wales.
AM Best warns Otis insured losses are likely to total $1.8bn-$6.5bnInsured losses from Hurricane Otis are expected to total between $1.8bn and $6.5bn, according to AM Best.
Building resilience in Asia: insurance initiatives across the regionThe Insurer examines some of the initiatives implemented across the Asia Pacific region to improve access to insurance against natural catastrophes.
Claims efficiency a key part in bridging Asia’s protection gapCrawford & Company’s Andrew Bart on the role the claims management sector can play in helping narrow the protection gap.
UK trade credit payouts up 23% in H1 2023Trade credit insurance payouts rose by 23 percent in the first six months of 2023, according to the Association of British Insurers.
Doksuri flooding leads Asia cat loss bill as claims fall in AustraliaAsia continued to see one of the largest disparities between economic and insured losses during the first nine months of 2023, with Gallagher Re estimating the region’s protection gap at 94 percent for the period.
Universal sets Idalia net loss at $45mnFlorida-based carrier Universal Insurance Holdings had $45mn in net losses from Hurricane Idalia in the third quarter, which its CEO described as “well within the company's net retention”.
Cat 5 Otis set to trigger Fonden cat bond as Aon warns of “significant industry event”Recovery and relief operations are ongoing following Hurricane Otis’ unexpected Category 5 landfall in Acapulco earlier this week, with the storm expected to trigger the Mexican government’s Fonden catastrophe bond.
Perils ups loss estimate to A$965mn for October 2022 Australia floodsLoss aggregator Perils has disclosed its fourth and final industry loss estimate for the southeast Australia flooding in October last year, increasing its estimate to A$965mn ($611.5mn).
QBE’s British Marine writes ~£3.2mn hull policy for sunk vessel VerityQBE subsidiary British Marine underwrote the hull policy for the Verity, a British cargo ship that is presumed to have sunk in the North Sea, The Insurer understands.
CCRIF makes $3.4mn payout to cover Storm Philippe lossesThe Caribbean Catastrophe Risk Insurance Facility has made two payouts totalling $3.4mn to the governments of Antigua and Barbuda and the British Virgin Islands to cover losses incurred during the 2023 Atlantic hurricane season.
Lloyd’s warns insurers of future climate claims burdenLloyd’s has warned insurers that the impact of climate change is yet to be fully realised in claims data, with executives at the Corporation calling for greater investment in catastrophe risk modelling capabilities.
The key to managing systemic risks…Thirty years ago this month, UK mutual Pool Re was established as a partnership between British property insurers and Downing Street to address the issue of limited insurance availability for terrorism cover.
Welcome to Baden-Baden 2023As we begin this year’s Baden-Baden discussions, much of the focus will again be on the mounting catastrophe bill facing the industry, with 2023 set to be another $100bn cat year.
2023 on track to become another $100bn+ loss year as record SCS bill continues to growInsured losses from natural catastrophes are expected to again top $100bn during 2023, despite the lack of large losses from this year’s Atlantic hurricane season.
Earnings perils: Redefining the risks that matterMoody’s RMS’ Rob Stevenson on why the term ‘secondary perils’ is overdue a rethink.
Generali to significantly exceed FY cat budget as 9M bill reaches €840mnGenerali is set to report a nine-month catastrophe bill of €840mn ($888mn) when it unveils its quarterly results on 17 November, the latest indicator of elevated European weather losses during the third quarter.
Aon: Global nat cat insured losses hit $88bn in first nine monthsAon has estimated global insured losses from natural disaster events at $88bn for the first nine months of the year – 17 percent higher than the 21st century average.