Industry Segments: Catastrophe Page 4 / 52
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- August 30 2024
Losses from Australia’s costliest nat cat since 2023 rise to US$946m: ICA
Incurred losses for Christmas and New Year storms have increased from the previous estimate of US$905m, according to the latest data from the Insurance Council of Australia (ICA).
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- August 29 2024
Typhoon Shanshan makes landfall in southern Japan as auto plants shut down
The typhoon landed in Kagoshima prefecture, leading to the shutting down of plants by Toyota and Nissan, cancellation of hundreds of flights and suspension of high-speed train services.
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- August 22 2024
Climate change exposes banks to ‘silent’ risks as insurance gets more unaffordable: Aon
Banks can leverage on tools and datasets that insurers have been using for pricing climate risks. Alternative risk transfer tool such as parametrics can also provide additional protection, the broker said.
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- August 21 2024
NFRA seeks to improve nat cat response through new insurance assessment system
The assessment system is intended to improve the country’s response mechanism based on different grading of natural catastrophes, according to the P&C insurance supervision chief.
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- August 21 2024
HDI Global targets bigger market share in Asia, further regional ANZ expansion in H2 2024
The industrial lines specialist reported strong growth across its Australia and Singapore branches driven by a growth in new business and inflation-related price adjustments in the first half of the year.
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- August 19 2024
Insured losses in 2023-24 flat at US$1.5bn, but number of claims lodged jumped 73%: ICA
The costliest event was the Christmas and New Year storms that hit Queensland, New South Wales and Victoria in December 2023 which caused US$900m in insured losses and nearly 100,000 claims.
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- August 19 2024
Billion-dollar losses from hail and wildfire put pressure on East Asian carriers
With Japan's Hyogo hail-related insured losses pegged at US$1bn and economic losses from Siberian wildfires estimated at US$84bn, regional underwriters are forced to reassess their exposures to secondary perils.
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- August 16 2024
Nat cat risk pool, parametrics can improve China’s climate resilience: Ping An Insurance
In a jointly-issued report, China's second P&C insurer has put forward a range of recommendations on how authorities can work with the sector to mitigate disaster risks.
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- August 15 2024
‘Impact insurers’ run into capacity, distribution hurdles in Asia
Public partnerships, people-centric design and tech solutions are needed for parametrics to be a part of the region’s relief capital mix and to close the protection gap.
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- August 8 2024
Nepal’s Air Dynasty helicopter crash leads to US$1.4m total loss
The chopper was insured with Sagarmatha Lumbini Insurance, which already had four helicopter losses in the country in 2023, and Nepal Reinsurance is the reinsurer involved in the latest crash, IAN understands.
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- August 8 2024
Cyber wordings, limits set to tighten as CrowdStrike points to ambiguity in cover
The industry needs to address accumulation risks, data gaps and further threats from large-scale events that are becoming more frequent.
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- August 1 2024
Kiwi insurers settle 96% of US$2.3bn in claims from Cyclone Gabrielle and Auckland flooding: ICNZ
As of June 1, carriers have settled 112,746, of 118,037 claims valued and have so far paid out US$1.85bn (82%) for both events, with residential house claims at 96%, while contents and motor were 99% and 98% fully settled, respectively.
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- July 31 2024
APAC and Africa account for 33% of US$120bn global nat cat losses: Munich Re
The costliest natural disaster in the first half of the year is the Noto earthquake in Japan that amounted to an estimated US$10bn in losses.
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- July 29 2024
Typhoon Gaemi triggers flooding and landslide in mainland China, leads to US$50m agri losses in Taiwan
Hundreds of thousands of people have been evacuated in multiple provinces of China with hundreds of chemical and mining companies suspending operations and train services stopped.
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- July 26 2024
Typhoon Gaemi to make landfall in mainland China after hitting Taiwan and the Philippines
The storm, which landed near the city of Hualien that faced losses from an earthquake earlier this year, is believed to be the most powerful storm to hit Taiwan in eight years.
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- July 25 2024
Nepal air crash: 99.7% of estimated US$3m loss ceded out to foreign reinsurers
The hull and liability cover were provided by a Nepalese carrier Prabhu Insurance and reinsured with a London-based carrier through facultative cover, IAN understands.
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- July 22 2024
BI claims in focus as carriers assess losses amid global tech outage
The event could impact other lines beyond cyber including tech errors and omissions, D&O, and insurers may see liability and supply chain disruption claims.
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- July 19 2024
Global tech outage could see claims snowball but insurers ‘wait-and-watch’
The impact on the industry will depend on the “waiting period” , however, there could be long-term BI and other complex claims.
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- July 19 2024
Noto earthquake, China floods among costliest H1 2024 economic loss events: Aon
The Noto earthquake remained the costliest event of the year to date in terms of total economic losses with more than U$17bn in direct damage, according to the broker's new cat recap report for the first six months of the year.
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- July 18 2024
Market dynamics positive despite geopolitical, climate risks headwinds
Severe weather events, projected to rise by 5-7% every year, geopolitical unrest, and supply chain disruption are the main systemic perils that put pressure on the insurers, according to SwissRe Corso CUO Kera McDonald.
