Industry Segments: Catastrophe Page 1 / 52
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- December 10 2024
Asian carriers must expand on renewables as climate losses exceed fossil fuels GWP
Insurers should use their influence on the traditional energy sector that only contributes 2% of the total premium to protect the remaining 98% of their business, say climate activists.
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- December 6 2024
Vietnam’s Petrolimex Insurance could see volatility ahead over Yagi losses: AM Best
AM Best has affirmed an insurer rating of B++ (good) with a stable outlook to PJICO.
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- December 5 2024
New Zealand’s Southern Response to slash headcount as Canterbury earthquake claims grant nears end: reports
The roles would be reduced by at least 15 personnel to about eight or nine by June 2025 when the Crown package, which has already settled 9,019 claims or about 96% of the eligible applicants, is expected to be wound up.
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- December 5 2024
Nat cat insured losses to cross US$135bn in 2024: Swiss Re
For the fifth consecutive year, insured losses from natural catastrophes broke the US$100bn mark, Swiss Re Institute data shows.
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- December 4 2024
Despite challenges, Asia Pacific non-life insurers to benefit from rate hikes, costs control: Fitch
The rating agency has assigned a neutral outlook for the Asia Pacific insurance sector.
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- December 3 2024
The industry has to be nimble in dealing with climate risks: Swiss Re’s Lubomir Varbanov
The key challenge and opportunity for the market is the need for multilateral development banks to adapt to evolving risks, particularly those related to climate change.
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- December 2 2024
Yagi third costliest typhoon in Asia with US$1bn insured loss: Munich Re
Early estimates of the overall losses from the typhoon season are thought to be around US$22bn, with insured losses of US$2bn, the reinsurer said.
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- November 28 2024
Typhoon Yagi losses set to reshape Vietnamese (re)insurance market
With insured losses likely to add up to a decade’s industry profit, the market could see rates and retentions increase and accelerate the shift to XoL structures.
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- November 27 2024
Stress testing key to carriers’ 2025 risk assessment strategies
Regulators will no doubt be looking to test insurers and demand greater transparency on the impacts that various major and often interconnected scenarios will have, AM Best senior directors tell IAN.
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- November 21 2024
Emerging Asia may benefit from US tariffs as China suffers: Swiss Re’s Haegeli
Tariffs, taxes, and a decrease in trade could be a tipping point for the wider industry as there are many uncertainties around future US presidential decisions, said the reinsurer's group chief economist.
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- November 20 2024
Rokstone launches global multi-peril parametric offering with US$10m facility
The MGA has partnered with NormanMax Lloyd’s Syndicate 3939 to launch to cover earthquake, hurricane, tropical cyclone and typhoon risks, with further perils including floods set to be added next year.
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- November 18 2024
PCRIC secures US$2.6m grant from Global Shield Solutions Platform
The funding from the climate change-focused multi-donor grant facility will be used to support product, development, research, education and eventually, scholarships.
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- November 11 2024
NZ non-life segment growth to remain robust even as carriers adjust rates: AM Best
In its latest report on the segment, the rating agency has maintained a stable outlook citing solid premium growth supported by rate adjustments.
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- November 7 2024
PCRIC, WTW renew Pacific islands reinsurance portfolio
The Pacific Islands captive has developed new policy designs with the support from WTW’s disaster risk finance and alternative risk transfer teams.
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- November 7 2024
Hurricane Milton, German floods to drive rates up: Peak Re’s Nowakowski
Civil commotion and political instability are additional factors that reinsurers must consider, said the chief underwriting officer.
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- November 7 2024
APAC reinsurers face profitability, diversification, and risk management challenges: S&P Global
Wenwen Chen, director at S&P Global discusses key factors influencing the profitability of APAC reinsurers and the impact of retrocession costs.
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- November 7 2024
Growing demand for comprehensive loss data as natural disasters increase: Perils
As insurance penetration grows, there is a need to better understand the insured exposures and vulnerabilities in these regions, says Perils’ Darryl Pidcock.
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- November 5 2024
New Zealand central bank warns of premium hikes for high-risk properties: reports
For vulnerable properties, flood risk premiums are becoming more common as the trend towards risk-based pricing continues, RBNZ noted.
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- November 5 2024
Queensland and NSW most vulnerable going forward for natural disasters: CGU Insurance
Currently there are 1.2 million properties at risk of flooding in Australia, while 230,000 properties face a 1-in-20 risk of flooding each year, the insurer said.
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- November 4 2024
Rate erosion in non-property classes likely over increased competition: Markel
Pent-up interest across some new markets for access to business in Asia Pacific likely to dominate and drive longer-term growth, says Markel’s Kevin Leung.
