Industry Segments: Catastrophe Page 15 / 52
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- June 21 2023
‘Surprise’ losses put pressure on pricing for New Zealand renewals
Cedents and reinsurers alike are seeking to come to terms with a shifting threat landscape, especially where cat-exposures are concerned.
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- June 20 2023
Indian insurers count cost of ‘widespread’ Cyclone Biparjoy damage
IAN understands there is damage to property and goods at industrial zones, processing plants and ports, as IRDAI urges carriers to 'fast-track' smaller claims.
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- June 15 2023
Fewer cyclones to make landfall in China, Korea, Taiwan and Vietnam in 2023: Guy Carpenter
The Philippines is set see a 'near normal' number make landfall as the weather shifts from La Niña to El Niño conditions.
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- June 15 2023
IAG hikes rates substantially in New Zealand and Australia
The carrier said price rises of up to 30% were a result of unprecedented nat cats, claims' inflation and reinsurance costs.
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- June 14 2023
‘Very severe’ Cyclone Biparjoy to hit India, Pakistan
The powerful storm is intensifying and has triggered large-scale evacuations and shuttered oil and container ports.
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- June 12 2023
China hailstorm losses reach US$28m: report
Extreme weather events continue in the country with cumulative rainfall in the southern city of Beihai city reaching a record-breaking level.
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- June 8 2023
Looming El Niño raises risk of secondary perils across APAC
Carriers look to innovate as countries across the region fear dry conditions, drought, forest fires and flash floods with (re)insurers on high alert.
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- June 8 2023
QBE joins New Zealand EQC to expand cat insurance programme
The carrier will be the ninth insurer to partner with the earthquake commission when it starts on July 3.
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- June 7 2023
ICA unveils 187 Disaster Ready Fund projects for disbursement
The Australian industry association says the US$267m resilience investment for items such as flood levee design and improved hazard data and mapping marks a new era and will help reduce premium pricing.
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- June 7 2023
Asian carriers on the hook from ‘hundreds of millions’ of Guam typhoon claims
Tokio Marine, MS&AD, DB and Chung Kuo among hit as Typhoon Mawar caused extensive property damage, but high deductibles could help keep losses down.
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- June 1 2023
New Zealand to buy 700 homes unfit for rebuilding after severe storms
The policy will cost around US$600m with details to be worked out with insurers. NZ will also co-fund the protection of 10,000 other properties.
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- June 1 2023
Opinion: Florida’s return to orderly renewals a welcome sign for APAC
Prospects of 30-40% rate hikes tempt reinsurers back to a normalised attitude towards the assumption of nat cat risk as 1.6 draws to a close.
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- June 1 2023
Typhoon Mawar threatens Japan after slamming Guam
The storm, which is skirting the Philippines and Taiwan and heading to the Okinawa Islands, is one of the most powerful on record for May.
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- May 29 2023
ICA declares New South Wales hailstorm as significant event
Insurers have received 7,552 claims relating to the hailstorm with about 80% of those damage for motor vehicles as of the first half of May 29.
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- May 26 2023
Tower falls to US$3m first half loss as cat costs bite, COR at 105.3%
The Kiwi carrier settles 30% claims for Auckland floods and cyclone Gabrielle with large event losses rising 90% year-on-year to US$20m.
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- May 26 2023
Japan, Korean insurers brace for claims from ‘US$1bn’ Typhoon Mawar in Guam
There are 11 international hotels on the island which have BI cover. Crawford is sending 40 adjusters from Asia.
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- May 24 2023
Tower places additional US$63m reinstatement cover
With this reinstatement, the Kiwi carrier will ensure protection for a significant fourth catastrophe event within its current financial year.
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- May 17 2023
Cyclone Gabrielle losses climb to US$1.2bn: Perils
New Zealand has experienced nearly US$2.3bn of insured losses this year from two events, the loss data aggregator said.
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- May 17 2023
Aon launches climate hub in Singapore
The company will increase its headcount in its Centre for Innovation and Analytics (ACIA) in Singapore from the existing 180 employees to over 350.
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- May 15 2023
New Zealand announces US$720m cyclone, flood recovery package
The budget will go towards rebuilding roads, rail, schools and flood protection.
