Property catastrophe

Economic impact from Storm Ciarán to total “hundreds of millions” of euros

Economic losses from Storm Ciarán are expected to total “hundreds of millions” of euros, according to Aon.

APCIA: Competitive markets actuarially pricing risk will increase insurance availability

The answer to the growing insurance availability crisis, particularly in property and auto, is to allow competitive private markets to actuarially price risk according to expected loss costs, the American Property Casualty Insurance Association has told the House Financial Services Committee’s Subcommittee on Housing and Insurance.

Aspen hires Mardon as global head of property cat re and Bermuda CUO

Aspen Insurance Holdings has appointed Tim Mardon as global head of property cat reinsurance, as well as chief underwriting officer of Aspen Bermuda.

Insurers brace for further UK storm losses as Ciarán takes hold

The UK and the Channel Islands have been hit by Storm Ciarán over Wednesday night and through Thursday, with heavy rain and strong winds leading the Met Office to issue amber and yellow national severe weather warnings.

IDF planning phase two of disaster risk reduction with industry support

The Insurance Development Forum has announced the completion of the first phase of its programme for anticipatory action and disaster risk reduction across seven climate-vulnerable nations, supported by the funding of seven (re)insurance companies.

UN looks to grow parametric cover for disaster risk financing in Fiji

The UN Capital Development Fund (UNCDF) has partnered with the Fijian government to launch a project to scale its climate and disaster risk financing framework and parametric insurance offering in Fiji.

Climate inaction in Caribbean will see loss costs rise over 10% by 2050

Caribbean island nations will face loss cost increases of more than 10 percent by 2050 if the insurance industry does not step up to provide affordable coverage and adaptation measures, a new report by Moody’s RMS has warned.

Ariel Re: Euro property cat rates must move higher to make expansion tenable

Ariel Re has the capacity to grow in Europe, but more rate is needed in property catastrophe reinsurance across the board before the continent becomes an attractive region for further expansion, according to Tom Orton, assistant vice president of property reinsurance.

Eckl: Asia is one of Munich Re’s largest growth areas

Munich Re’s Asia Pacific CEO Roland Eckl has underlined the reinsurer’s commitment to Asia’s catastrophe markets ahead of the 1.1 renewals but has reiterated that pricing must adequately reflect the risk.

ICA report highlights potential A$4bn annual savings from strengthened construction codes

Strengthening 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.

Griffin Highline-backed reciprocal Orange launches with Florida entry

TWIA reinsurance costs to rise in 2024 with additional limit and hard market

A significant increase in exposure and continued hard reinsurance market conditions will result in higher reinsurance costs for the Texas Windstorm Insurance Association as it upsizes its risk transfer in 2024.

Hurricane Otis insured loss in $3bn-$6bn range: Verisk

Insured 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 loss

Deloitte 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-$6.5bn

Insured 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 region

The Insurer examines some of the initiatives implemented across the Asia Pacific region to improve access to insurance against natural catastrophes.

Early consensus around low single-digit rate increases as market steps up sovereign risk focus

Early projections suggest 1.1 property cat renewals across the majority of Asia Pacific markets will likely see risk-adjusted rate increases in the low single-digit range, amid expectations that most of the “heavy lifting” has been done at 2023 renewals.

Doksuri flooding leads Asia cat loss bill as claims fall in Australia

Asia 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.

Growing importance of sustainable cat capacity for Japanese typhoon risks

Perils’ Darryl Pidcock discusses the importance of sustainable cat capacity for the Japanese insurance market,

Gallagher Re: Hurricane Otis to be among largest Mexico industry losses ever

Gallagher Re said Friday that the Category 5 Hurricane Otis that hit Acapulco earlier this week is likely to generate more than $10bn in economic damages and could become one of the biggest Mexico industry loss events in history.

Region

Topics

Events & Conferences

Content Types