Industry Segments: Catastrophe Page 16 / 58
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- December 8 2023
South India floods: Insured losses could cross half-a-billion-dollar mark
Home and commercial property claims, BI losses continue to climb as the industrial hub of Chennai has yet to recover from the flooding, say local loss adjusters.
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- December 5 2023
Rising premium will boost Japan non-life insurers’ results: Fitch
The rating agency maintained a neutral outlook as carriers’ profitability remained resilient despite net insured losses from domestic nat cats stayed high in H1 FY 2023.
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- December 4 2023
Southern India braces for Cyclone Michaung
The south-eastern city of Chennai has been hit by heavy rainfall and flooding, reminiscent of a 2015 flooding that caused US$755m in insured losses.
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- December 4 2023
Hong Kong’s September extreme weather bill at US$243m: HKIA
Black rainstorm accounted for 81% of the claims, while the rest came from Typhoon Saola; 86% of gross claims incurred were property losses.
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- December 4 2023
Quarter-million Australian properties exposed to 1-in-20 year flood risk: ICA
The industry group said in a submission to a parliamentary inquiry said New South Wales, Queensland and Victoria, respectively, were the most vulnerable.
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- November 30 2023
Surge in claims volume testing APAC service capabilities
Increasing nat cat losses, rising cyber claims and inflation leave regional response infrastructure in danger of being overwhelmed, lengthening lead times significantly and driving up costs.
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- November 29 2023
Wild weather hits eastern Australia; further storms, hail and heavy rainfall expected
The Bureau of Meteorology said the downpour expected this week is going to be well in excess of a month's worth of rainfall.
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- November 29 2023
International market’s appetite for Taiwan risks waning
While domestic insurance capacity has been sapped by Covid losses, foreign carriers are shying away from writing business in the market due to historically soft markets and looming political risks.
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- November 29 2023
‘Cannot run away’ from nat cat risks, says Tokio Marine chief: report
Chief executive Satoru Komiya told the Financial Times that nat cats, not systemic cyber-attack, remains the biggest risk to the sector.
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- November 23 2023
APAC markets need to wake up to changing nat cat exposures
After a bruising 2022 and 2023 nat cat loss experience to date, there can no longer be any argument that Asia faces a new flood risk reality.
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- November 21 2023
IAG’s New Zealand flood and cyclone payouts top US$600m
The country's largest carrier has called on the government to prioritise flood resilience as the economic toll of summer of storms continues to mount.
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- November 20 2023
Japan’s big three script domestic underwriting rebound
Rate increases, absence of Covid-19, large nat cat losses and increased investment income help Tokio Marine, MS&AD and Sompo improve their earnings in the first half of FY 2023.
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- November 17 2023
Unwillingness to deploy capacity comes from too many surprises in the covers: Allianz Re’s Steimen
The (re)insurance industry needs to make sure that it understands the risks via the use of models and has to invest more into better data as economic growth in Asia keeps driving losses up.
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- November 16 2023
Rates have to catch up with losses to ease APAC’s offshore wind capacity crunch
(Re)insurers are showing no appetite even as projects pile up, especially in Taiwan, while premiums and risks remain disproportionate, industry sources say.
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- November 15 2023
Opinion: Government intervention key to addressing APAC’s insurability challenges
As insurers grapple with secondary perils, governments, especially in emerging Asia, need to look at prevention not cure.
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- November 14 2023
New Zealand fully implements doubled natural hazard cover for insured homes
EQcover provides first loss insurance for damages caused by volcanic eruptions, earthquakes, tsunamis, land slips, and hydrothermal activity, as well as some limited cover for damage to residential land from storms and floods.
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- November 13 2023
Tokio Marine floats disaster prevention and mitigation services firm
Led by Masashi Namatame as president, Tokio Marine Resilience will support customers and local communities by paying claims as well as address the causes of losses such as flooding, landslides, earthquakes, and tsunamis
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- November 13 2023
IAG joins Australian cyclone reinsurance pool
The carrier's brands will pass on savings from the pool to new customer policies and renewals for home, commercial property, residential strata and landlord policies.
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- November 10 2023
Prepare to deal with US$200bn annual cat losses: Verisk
Flood remains the most tangible gap when it comes to modelling and quantifying risk as catastrophes across APAC are becoming more extreme.
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- November 7 2023
WTW launches climate risk centre in Singapore
The new centre, providing climate risk quantification and management capabilities in the region, is led by Christopher Au and is planning to hire 15 climate specialists to support APAC clients.
