Saturday, September 23, 2017

Catastrophe

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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Hurricane Harvey highlights insurance protection gap

Hurricane Harvey highlights insurance protection gap

A significant proportion of the unprecedented flood losses generated by the hurricane will be uninsured.

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Hurricane Irma could cost up to US$65bn

Hurricane Irma could cost up to US$65bn

The extent of destruction and economic impact will not be fully known for some time.

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GC Securities and Marsh launch ILS platform

GC Securities and Marsh launch ILS platform

The JV standardises the placement process for collateralised reinsurance and private catastrophe bond deals.

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Reinsurance industry braces for Harvey impact

Reinsurance industry braces for Harvey impact

Will the storm, the first major hurricane to make landfall in the US since 2005, bring an end to the soft reinsurance market?

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Willis Towers Watson hires P&C consulting head for S Asia

Willis Towers Watson hires P&C consulting head for S Asia

David Maneval will be responsible for developing the non-life insurance consulting practice across Singapore, Thailand, Indonesia, Malaysia and Vietnam.

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Japan insurers review regional risks

Japan insurers review regional risks

Leading nonlife insurers are re-evaluating damage risks to improve their premium pricing.

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JLT and Munich Re launch Philippines parametric product

JLT and Munich Re launch Philippines parametric product

The two companies will jointly develop and offer an insurance solution to cover typhoon risks.

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Insured losses from global disasters slump

Insured losses from global disasters slump

First-half losses were down to US$23bn from US$36bn a year earlier, according to Swiss Re research.

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Philippines tests parametric scheme for disaster-prone provinces

Philippines tests parametric scheme for disaster-prone provinces

The government has allocated US$20m to a pilot project that will offer quick-disbursing payouts based on a catastrophe model.

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Asia suffers US$10bn catastrophe losses in six weeks

Asia suffers US$10bn catastrophe losses in six weeks

The losses were recorded in July alone due to severe flooding, a catastrophe report from Aon says.

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New products needed to close protection gap, says MAS

New products needed to close protection gap, says MAS

New ideas are required to reduce the financial impact of natural disasters in Asia, says Singapore regulator.

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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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SUMMER 2017

House of cards

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