Insurers sue LNG company to force $189mn Harvey claim arbitration
A group of insurers are suing liquid natural gas manufacturer Freeport LNG Development and its contractors to try to force arbitration over a $189mn claim relating to 2017’s Hurricane Harvey.
GIC and Munich Re team up on post-cat damage assessment analytics
Industry consortium the Geospatial Intelligence Center (GIC) has partnered with Munich Re to provide its insurer members with access to automated damage classification analytics that can be utilized following major catastrophes.
MGM sues Zurich for breach of contract over Las Vegas shooting
MGM Resorts has sued Zurich American Insurance, claiming the insurer has not paid reasonable defence costs “in the many millions of dollars” related to the 2017 Las Vegas shooting.
Insurers poised to pick up PG&E $1bn fire settlement bill
San Francisco-based utility giant PG&E has reached a settlement with local government agencies worth $1bn, after its equipment caused the deadliest blaze in California’s history last November.
Axa XL among insurers facing loss from Girard Point refinery fire
The under-pressure downstream energy market could face substantial losses as a result of a massive fire and a series of explosions at Philadelphia Energy Solutions’ (PES) crude oil refinery in Philadelphia, The Insurer can reveal.
Peru earthquake triggers $60mn World Bank cat bond pay out
Last month’s earthquake in Peru has triggered a 30 percent pay out on a $200mn catastrophe bond that was part of the World Bank’s large $1.36bn Pacific Alliance placement, sources have confirmed.
Potential BI losses from a UK cyber attack could reach $3.25bn
An analysis by cyber risk modelling company Kovrr has estimated insured business interruption losses from a UK cyber catastrophe could reach $3.25bn, comparable to the risk of a flood catastrophe covered by property insurance.
Perils increases Sydney loss estimate to $529mn
Loss aggregation firm Perils has increased its property loss estimate for the December 2018 Sydney hailstorms to AUS$766mn ($529mn).
Jefferies raises Beazley 2019 growth forecast by 10% on back of GWP uptick
Equity analysts Jefferies has raised its 2019 growth forecast for blue chip insurer Beazley from 5 to 10 percent, prompted by an uptick of 16 percent in gross written premiums in the first quarter.
Gard on hook for Gulf of Oman tanker incident
The crude oil tanker Front Altair which is currently ablaze in the Gulf of Oman is a member of P&I club Gard, The Insurer can reveal.
AM Best downgrades California Casualty credit ratings
AM Best has downgraded the long-term issuer credit ratings of California Casualty from “bbb+” to “bbb” and changed the outlook on its financial strength ratings from stable to negative as it pointed to a material decline in its capital base from sub-optimal underwriting and operating results.
IG likely to swerve recent P&I losses
The International Group is expected to avoid two significant losses that have hit the protection and indemnity (P&I) marine market in recent weeks, The Insurer can reveal.
Perils ups Dragi-Eberhard losses to Eur798mn
Loss aggregation firm Perils has pegged property damage losses from extratropical cyclone Dragi-Eberhard at Eur798mn ($899mn).
Insurers face another $10bn+ US convective storm year as May losses mount
Last month included the most May US tornadoes since 2015 as well as Tropical Cyclone Fani causing Indian insurers $500mn of losses, Aon’s Impact Forecasting has revealed in its May recap report.
Kansai Airports recoups $57mn of Jebi-related losses in 2018
Kansai Airports, which manages three airspaces in Japan’s Osaka area, has recovered 6.2bn yen ($57.3mn) from its disaster insurance program for losses relating to Typhoon Jebi.
Integrand’s regulatory supervision spurs AM Best non-rating designation
AM Best has removed Puerto Rico insurer Integrand Assurance Company from under review with negative implications and changed the financial strength rating to a non-rating designation of E (Under Regulatory Supervision) from C++ (Marginal).
Norsk Hydro cyber attack financial impact could reach $70mn
Norsk Hydro has revealed the financial impact of March’s cyber attack on the Norwegian aluminium company could reach as high as $70mn, and it has not yet received any compensation on its AIG-led cyber policy.
Markel CatCo increases 2017 and 2018 reserves
Markel CatCo is to increase the loss reserves held by its listed reinsurance fund for Typhoon Jebi, Hurricane Michael, as well as 2017 catastrophes, following the receipt of cedant loss reports in the past 15 days.