Industry Segments: Catastrophe Page 18 / 52
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- March 10 2023
Hannover Re’s 2022 APAC P&C combined ratio surges to 126.1%
The German reinsurer was hit by floods in Australia and Malaysia, typhoons in Japan and South Korea and Covid losses in Taiwan and Thailand.
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- March 8 2023
PIAM issues climate change warning amid serious Johor flooding
As severe flooding moves beyond the monsoon season, there is demand for a government-supported flood scheme through a public-private partnership.
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- March 6 2023
Auckland flood claims cross NZ$1bn: ICNZ
Insurers have received 48,000 claims from the North Island floods, while Cyclone Gabrielle claims lodged have reached 30,000.
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- March 6 2023
Tower places reinsurance reinstatement cover
Tower said it now maintains sufficient protection for two additional catastrophe events in FY 2023 following the Auckland flooding and Cyclone Gabrielle.
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- March 3 2023
Swiss Re, Aon team up for parametric earthquake cover for Nepal hydropower project
This is the first time that the IFC and other developmental agencies have agreed to finance a construction project backed by parametric insurance.
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- February 28 2023
Tower’s reinstatement talks in progress for two more nat cat events
While the Auckland floods cost will be covered by reinsurance, Gabrielle claims are also likely to trigger the Kiwi carrier's cat reinsurance cover with an excess of US$7.3m.
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- February 27 2023
Philippine regulator’s cat rate hike legally vulnerable: report
The Anti-Red Tape Authority has pointed out that the now-deferred insurance premium increase did not go through a mandatory regulatory impact assessment.
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- February 27 2023
Flooding bill from Queensland, NSW hits US$3.9bn one year on: ICA
The dramatic summer 2022 flooding event was the costliest insurance event in Australia's history.
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- February 24 2023
Weak earnings season ahead for Australia’s insurers: S&P Global
Solid capital buffers and ability to increase premium rates are helping to offset rising cost of claims.
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- February 22 2023
Enstar Group in LPT deal with RACQ for 80% of motor liabilities up to accident year 2021
Under the reinsurance deal RACQ will cede net reserves of approximately US$264m.
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- February 22 2023
Cyclone Gabrielle claims ramp up pressure on New Zealand’s carriers
Insurers are being hit by inflation, rising reinsurance costs and unprecedented weather, including the country's largest event since the Christchurch earthquake.
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- February 17 2023
Tower ups large event allowance by 33%, expects Gabrielle to trigger reinsurance
The storm is the second event in weeks set to breach the insurer's cat excess of US$7.4m leading to Tower to downgrade its profit guidance.
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- February 16 2023
Insured losses from Cyclone Gabrielle, Auckland floods to exceed 2022 nat cat total: ICNZ
IAG New Zealand has already received 2,300 claims connected with the cyclone, mainly from Auckland, Northland, Waikato and the Bay of Plenty.
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- February 16 2023
Allianz sees claims from cyclone pool after Gabrielle hit Norfolk Island
The storm caused minor damage to the external territory before it slammed New Zealand.
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- February 15 2023
Covid, nat cat woes continue at Japan’s ‘big three’
Net profits at Tokio Marine fell 27.4%, with Sompo Holdings declining 79.5% and MS&AD dropping 57% for the first nine months of FY 2022.
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- February 14 2023
First claims lodged as Cyclone Gabrielle wreaks havoc
New Zealand has declared a state of emergency as the cyclone hits homes, roads, vehicles, air traffic and the power grid.
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- February 14 2023
IAG, Suncorp and Tower receive over 37,000 claims from Auckland floods
IAG has seen over 21,000 claims, Suncorp more than 11,500 and Tower over 4,800, from the event which started January 27.
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- February 14 2023
Asia flood losses to worsen amid data deficit
(Re)insurers are feeling the heat from record rainfall events and fast-evolving climate risk scenarios.
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- February 13 2023
IAG’s H1 2023 combined ratio increases to 93.7%
Group GWP grew 7.5% on rate increases but underwriting profit was down 10% year-on-year.
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- February 13 2023
Powerful Cyclone Gabrielle hits New Zealand
The strongest storm in decades is causing widespread damage to North Island, which is recovering from recent flooding that is expected to cost insurers and reinsurers over US$600m.
