Saturday, July 22, 2017

Catastrophe

Global losses from disasters down in 2017

Global losses from disasters down in 2017

Economic losses were 56% lower than the 10-year average during the first half of the year.

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Reinsurance softening accelerates

Reinsurance softening accelerates

Despite predictions that pricing would start to bottom out this year, the opposite is actually happening.

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Chinese counties to offer agri disaster insurance

Chinese counties to offer agri disaster insurance

The scheme is aimed at 200 pilot counties that are primarily engaged in planting rice, wheat and corn.

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Quake insurance system pushed in China

Quake insurance system pushed in China

The system is being crafted to reduce the fiscal burden of the government from earthquakes.

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Insured losses from disasters hit four-year high

The amount of insured losses from disasters increased by US$38 billion in 2016, says Swiss Re.

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ADB to expand disaster support for Philippines via insurance

ADB to expand disaster support for Philippines via insurance

The Asian Development Bank is exploring disaster insurance options for one of the countries most vulnerable to natural disasters.

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Insurance initiatives among Apec agenda in Vietnam

Insurance initiatives among Apec agenda in Vietnam

Representatives from 21 economies acknowledged that Asia is among the areas most vulnerable to natural disasters.

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Malaysian insurers ready payments for flood losses

Malaysian insurers ready payments for flood losses

The country’s insurers are prepared to meet claims as seasonal flooding has displaced thousands of people.

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Cost of global natural disasters highest since 2012

Cost of global natural disasters highest since 2012

Last year’s costs were led by earthquakes in Japan, floods in China and wind storms in the Atlantic.

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IAG keeps catastrophe reinsurance at US$7bn

IAG keeps catastrophe reinsurance at US$7bn

Even after the reduction of its commercial portfolio, the Australian insurer has maintained coverage levels.

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Indian insurers may raise premiums in cyclone-prone areas

Indian insurers may raise premiums in cyclone-prone areas

Insurers are considering raising premiums for properties located in low-lying areas on India’s east coast.

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2016 disasters cost US$158bn, says Swiss Re

Insured losses rose by 30%, but covered less than a third of the costs incurred from catastrophes.

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Insurers failing on climate risk

Insurers failing on climate risk

The sluggish response toward climate risk has left an annual US$100 billion gap of uninsured losses.

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Japan’s quake cover remains low

Japan’s quake cover remains low

Penetration rates remain surprisingly low despite being one of the most seismically active countries in the world.

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XL Catlin launches emergency security, disaster solution

XL Catlin launches emergency security, disaster solution

The solution is tailored for businesses in Asia and is underwritten out of HK, Singapore, London and Guernsey.

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Future disasters to cost Vietnam $6.7b

Future disasters to cost Vietnam $6.7b

About 60% of the country’s land and 71% of its population are at risk of typhoons, tornadoes and floods.

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More cover needed to offset extreme weather losses

More cover needed to offset extreme weather losses

Massive global losses from extreme weather highlight the need to expand protection, says World Bank study.

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Australia pushes for regional calamity risk cover

Australia pushes for regional calamity risk cover

The country is identifying areas where it may be able to encourage affordable disaster risk insurance.

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Alexander Howell, Swiss Re Corporate Solutions

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SUMMER 2017

House of cards

From supply chains to cyber, we discuss emerging risks with a roundtable of Singapore risk managers