Wednesday, May 23, 2018

Catastrophe

Global commercial insurance prices rising

Global commercial insurance prices rising

However, insurance pricing in Asia continues to decline, and at an increased pace, according to Marsh.

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Philippines open to joining Asean catastrophe pool

Philippines open to joining Asean catastrophe pool

The country is particularly vulnerable to natural disasters and stands to benefit from regional risk pooling.

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Philippines insurers told to lead ‘fourth industrial revolution’

Philippines insurers told to lead ‘fourth industrial revolution’

The country’s finance secretary urged the industry to rethink how it does things and how it makes products.

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Malaysian Re licences AIR catastrophe modelling platform

Malaysian Re licences AIR catastrophe modelling platform

The company is deploying the solution to support its reinsurance operations for a broad range of risk management solutions.

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Asean discussing catastrophe risk pool

Asean discussing catastrophe risk pool

The facility will initially focus on Cambodia, Laos and Myanmar, but could expand to other countries.

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Japan to partner with SEA nations on disaster insurance

Japan to partner with SEA nations on disaster insurance

The South-East Asia Disaster Risk Insurance Facility will make recovery funds immediately available.

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Catastrophe losses will hit US$160bn a year in Asia by 2030

Catastrophe losses will hit US$160bn a year in Asia by 2030

Losses arising from natural disasters in the region are increasing, but only 8% are covered by insurance.

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Losses reach US$144bn from catastrophes in 2017

Losses reach US$144bn from catastrophes in 2017

The figure is the highest recorded in a single year and double the losses of 2016, the second-highest on record.

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Japan cat pricing unmoved

Japan cat pricing unmoved

Last year’s huge nat-cat losses in the US do not appear to be pushing prices up in Asia.

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QBE posts US$1.25bn net loss for 2017

QBE posts US$1.25bn net loss for 2017

The losses are attributed to claims from natural disasters and underperforming businesses in emerging markets.

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Cat bond market hit record US$11bn issuance in 2017

Cat bond market hit record US$11bn issuance in 2017

In total, 35 catastrophe bonds were issued by 31 different sponsors in the insurance-linked securities sector.

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2017 was costliest year on record for weather disasters

2017 was costliest year on record for weather disasters

There were 330 natural catastrophes in 2017, 97% of which were caused by weather disasters.

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QBE expects to book $1.2bn in losses

QBE expects to book $1.2bn in losses

Huge wildfires in California, storms in Australia and Hurricane Maria contributed to unprecedented costs.

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ClimateWise appoints Aon Benfield exec as chair

ClimateWise appoints Aon Benfield exec as chair

Dominic Christian, executive chairman of Aon Benfield International, takes over from Aviva’s Maurice Tulloch.

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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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Shoaib Hussain, Milliman

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SPRING 2018

Cat pricing unmoved