Wednesday, January 17, 2018

Catastrophe

AIR Worldwide partners with PICC Re

AIR Worldwide partners with PICC Re

The Chinese reinsurance arm of PICC has already received regulatory approval for the partnership.

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Philippines to probe GSIS reinsurance contracts

Philippines to probe GSIS reinsurance contracts

An inquiry into the Government Service Institution System highlights the challenges faced in emerging markets.

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Vietnam suffers rare US$1bn loss after Typhoon Damrey

Vietnam suffers rare US$1bn loss after Typhoon Damrey

This year marks the first time since 1993 that Vietnam has had a season with a Cat 2 and 3 typhoon landfall.

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Non-life, reinsurance prices forecast to go up

Non-life, reinsurance prices forecast to go up

The string of large natural catastrophes this year could lead to rate hardening next year and in 2019, says a new report.

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Korean insurers ask for government help on earthquake risk

Korean insurers ask for government help on earthquake risk

Insurers say earthquake policies will not be profitable unless the government shares a bigger financial burden.

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Disaster coverage could become too expensive

Disaster coverage could become too expensive

The industry needs to find solutions if it wants to adapt to the threat of climate change, according to Munich Re.

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AIG posts US$1.74bn loss

AIG posts US$1.74bn loss

The third-quarter loss was caused by one of the markets single biggest hits from hurricanes.

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Global extreme weather losses reach US$129bn for 2016

Global extreme weather losses reach US$129bn for 2016

Economic losses will continue to increase due to droughts, storms and floods caused by climate change.

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UN warns of more destructive disasters in Asia

UN warns of more destructive disasters in Asia

The warning comes from the UN’s Economic and Social Commission for Asia and the Pacific.

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AIG sees third-quarter cat losses of US$3bn

AIG sees third-quarter cat losses of US$3bn

The figure includes US$1 billion each from hurricanes Harvey and Irma, and up to US$700 million from Maria.

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Big losses expected from recent hurricanes

Big losses expected from recent hurricanes

The global insurance industry may face losses of up to US$100bn from hurricanes Harvey, Irma and Maria.

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QBE says 2017 could be costliest in history

QBE says 2017 could be costliest in history

The Australian insurer expects its earnings to be dented by rising claims from this year’s disasters.

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Major insurers join blockchain insurance initiative

Major insurers join blockchain insurance initiative

Twenty-three insurance groups have joined the Blockchain Insurance Industry Initiative (B3i).

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Lloyd’s expects to post a net loss for 2017

Lloyd’s expects to post a net loss for 2017

Hurricanes in the US, plus the Mexican earthquake and floods and typhoons in Asia have taken their toll.

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Reinsurers suffering from rush of natural disasters

Reinsurers suffering from rush of natural disasters

Global reinsurers are starting to feel the effects of the recent frequency of hurricanes and earthquakes.

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Macau insurers peg typhoon losses at US$362.5m

Macau insurers peg typhoon losses at US$362.5m

Typhoon Hato, which struck the casino city in August, caused economic losses of US$1.4bn.

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Eastern exposure

Eastern exposure

Climate change and the growth of coastal megacities is exposing Asia to increasing risk from windstorms.

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Irma’s insured losses revised down

Irma’s insured losses revised down

From estimates up to US$60bn, forecast insured losses have been revised down to US$20bn-US$40bn.

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