Industry Segments: Catastrophe Page 3 / 58
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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 5 2024
Malaysia’s floods trigger surge in home and commercial property claims
The event has also led to significant agricultural and infrastructure losses estimated at US$224m and affected hundreds of thousands of households.
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- December 5 2024
Australia braces for above-average rainfall in December: BOM
The impact of the storms could be catastrophic, with the risk of fallen power lines, flash flooding, damaging winds and falling trees, says Bureau of Meteorology.
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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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- December 2 2024
Thermal runaway, manufacturing defects the most overlooked risks for lithium-ion batteries: QBE
Businesses should work with relevant stakeholders to mitigate disruption risks through robust supply chain management and compliance strategies, the carrier said in the latest report.
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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 18 2024
Modellers step up efforts on flood models amid rising secondary peril risk in APAC
Verisk and Moody’s RMS indicate they are listening to the concerns of the market and have laid out plans to “close the gap”.
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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
India’s Shriram General Insurance plans to list in 2-3 years: report
The firm is also planning to re-enter the crop insurance market, seven years after it exited the business, and intends to reduce reliance on motor line.
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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.
