Industry Segments: Claims Page 5 / 43
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- January 30 2024
Japan government loss estimates for Noto earthquake up to US$17.5bn, insurance claims filed top 50,000
Damage to public infrastructure is expected to account for half of the losses, while Ishikawa prefecture is the worst hit.
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- January 29 2024
Suncorp H1 nat cat bill at US$374m, retains full limits on reinsurance cover
The nat cat cost for the first six months is less than the FY 2024 allowance with costs of the December wild weather events coming in below the retention limit.
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- January 24 2024
Insured losses from Australian twin weather events near US$500m: ICA
The Christmas and New Year storms were the costlier cat event with 70,965 claims, while the ex-Tropical Cyclone Jasper has so far seen 8068 claims.
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- January 12 2024
Insured losses from Japan earthquake could reach US$6bn: Moody’s RMS
The final estimates could inch upwards as this model does not include losses to non-modelled exposures such as transport and utility infrastructure, government, or automobile lines, the cat modeller said.
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- January 10 2024
Japan earthquake: BI, supply chain claims add to climbing loss estimates topping US$5bn
With early forecasts ranging from US$1-6.4bn, largely from property losses, a greater number of claims are anticipated once access is restored, loss adjusters say.
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- January 4 2024
AIG leads US$130m all-risk cover for Japan Airlines plane: report
The Japanese airline has estimated a US$104m operating loss following the collision of its flight JL516 with a Japan Coast Guard aircraft at Tokyo’s Haneda Airport and complete loss of one aircraft on January 2.
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- January 4 2024
Suncorp and IAG say December wild weather claims tracking below nat cat allowance
While the total cost of the two events have yet to be determined, Suncorp said it has US$459m in natural hazard allowance and IAG has US$114m till December 2023.
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- January 3 2024
ICA extends insurance catastrophe declaration to January 3 as extreme weather continues
Almost 38,000 insurance claims have been lodged following the weather that has impacted Queensland, New South Wales, and Victoria since December 23.
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- January 3 2024
Korea’s FSC expands eligibility and scope of joint underwriting agreement on fire insurance
The polices can now cover damage resulting from natural disasters, building collapse, and leaks from water supply or drainage systems, as desired by the policyholder.
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- January 3 2024
Eastern Australia’s wild weather claims in December top 40,000: ICA
While insurers received more than 37,000 claims from the Christmas storms across three states, the Cyclone Jasper claims from northern Queensland crossed 6000.
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- January 2 2024
Australia Christmas storms has potential to exceed US$1bn loss level: CRESTA
The two record-breaking New Zealand weather events in early 2023 and the August China floods among 7 non-US cat events with billion-dollar industry losses.
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- January 1 2024
Australia prepares for more wild weather even as Christmas storms claims soar
The ICA declared the insurance catastrophe of December after claims from Queensland, New South Wales and Victoria crossed 18,000 as of December 29.
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- December 21 2023
ICA declares ex-cyclone Jasper insurance catastrophe as carriers get 3,800 claims
The escalation would result in prioritising claims for affected policyholders across the region.
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- December 21 2023
Axa XL bolsters APAC & Europe team with two senior appointments
Sydney-based Julijana Sumner has been promoted to chief claims officer, while Paris-based Sandhya Louis has become chief operating officer.
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- December 20 2023
Australian insurers well placed to meet Jasper flood claims: S&P
Only insurers with high market shares in far north Queensland might trigger their reinsurance cat covers, the rating agency said.
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- December 20 2023
Gansu earthquake insured losses near US$2m as claims climb: NAFR
Insurers are processing claims "on fast track" as the country’s deadliest quake since 2014 has killed 113 and wrecked 155,000 homes in Gansu.
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- December 19 2023
Beijing cold snap hit non-life insurers with US$7m losses: NAFR
Record low temperatures and blizzards in the capital city have seen property & casualty insurers receive 5,389 claims as of last Friday, according to the regulator.
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- December 19 2023
Thai insurance regulator to give SMK 60 days to solve liquidity problems: report
The troubled non-life insurer is at risk of losing its licence, which could mean its liabilities, about US$860m now, will have to be covered by the OIC's US$40m General Insurance Fund.
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- December 19 2023
Everest takes Allianz Commercial’s Joanna Mercer as Australia head of claims
Sydney-based Mercer joins the insurer from Allianz Commercial, where she was most recently regional head of claims, Pacific.
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- December 18 2023
Australian carriers see claims rise from flash floods following Cyclone Jasper
The ICA has declared a significant event in northern Queensland as Suncorp reported more than 500 claims and IAG about 100 from record flooding in Cairns.
