Industry Segments: Catastrophe Page 1 / 53
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- January 17 2025
Eastern Australia battered by deadly storms, tennis ball-sized hail
One person dies as severe thunderstorms, heavy rain, strong winds, flash floods and giant hailstones hit parts of Queensland and New South Wales.
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- January 16 2025
California fire losses for Japan’s big 3, Korea’s DB Insurance likely to top US$600m
Tokio Marine Holdings, MS&AD Insurance Group and Sompo Holdings could see claims of up to US$575m, according to media reports, while DB Insurance has estimated US$41m.
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- January 15 2025
BI ‘most significant risk’ for Asian firms in 2025: Allianz Risk Barometer
Business interruption is the main risk in China and Hong Kong, Malaysia, Singapore, and South Korea, while cyber incidents top risk in India for the eighth consecutive year.
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- January 14 2025
India’s non-life insurance premiums to grow 7.3% in 2025: Swiss Re
Global reinsurer projects India’s insurance market will be the G20’s fastest growing over the next five years.
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- January 14 2025
Tibet earthquake compensation payments, pre-payments near US$5m
China's insurance industry has paid full compensation to the 126 victims of last week's deadly earthquake.
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- January 9 2025
Tibet earthquake payments top US$60,000 from Chinese insurers
- Earthquake
- China
- China Continent P&C
- China Pacific Insurance P&C
- China Re
- China Taiping
- PICC Property and Casualty
- Ping An
- Sunshine Insurance
88 reports, with a total of 20 claims, have been made to insurers, including PICC, China Continent, China Taiping and Sunshine.
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- January 9 2025
2024 third costliest year on record with US$140bn insured losses: Munich Re
Japan earthquake, Typhoon Yagi and China floods were the largest events in Asia, aggregating to US$4.5bn in insured losses.
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- January 2 2025
2024 ‘the year of the floods’, Cresta says, as 8 cat events top US$1bn
Noto earthquake in Japan in January last year only event in Asia to meet US$1bn threshold, according to the industry loss data provider.
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- January 2 2025
‘Milestone’ as Australia’s mandated cyclone reinsurance pool hits full participation
Likes of AIG Australia, Allianz Australia Insurance, Auto & General Insurance Company and Chubb Insurance Australia have joined, Australian Reinsurance Pool Corporation says.
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- December 20 2024
Final Australia Christmas storms losses top US$1bn: Perils
Acute storms hit states of Victoria, New South Wales and Queensland in December 2023, with property accounting for 89% of the total industry loss.
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- December 18 2024
Claims from Japan’s Typhoon Shanshan surge to US$331m
General Insurance Association of Japan says 89,639 claims made from the typhoon that hit earlier this year.
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- December 18 2024
Hemant Nagpal to lead Gallagher Re Asia Pacific analytics team
Reinsurance broker also appoints Darren Murch as deputy head of analytics for the region.
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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.