Subject: Catastrophe Page 10 / 61
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- September 6 2024
Extension of cyclone pool coverage period to 7 days would increase average annual loss by 5%: ARPC
The Australian cyclone pool will need to collect additional premiums through rate increases to cover the increased claims costs if such a change was made, the pool's administrator said.
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- September 6 2024
Public-private partnership key to closing cyber protection gap: Zurich and Marsh McLennan
As the global cost of cybercrime is projected to nearly triple to US$24 trillion by 2027, the public and insurance sectors must enhance their collaboration, the two firms said in a jointly launched white paper.
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- September 6 2024
RVS Monte Carlo: Reinsurer returns will remain attractive despite expected softening of rate – Aon
In a briefing ahead of the Monte Carlo reinsurance summit, the broker forecasts an increase in pricing competition in 2025, and that insurers will begin to see greater flexibility around capacity provision and coverages.
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- September 6 2024
APAC reinsurance composite’s 2023 COR improves to 91.6%: AM Best
Regional reinsurers saw revenue rise 8.8%, with much of the growth fuelled by China Re and its subsidiary Chaucer.
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- September 6 2024
Super typhoon Yagi set to bear down on southern China, Vietnam
The most intense tropical cyclone in decades in the South China Sea is expected to have severe impact in Hainan, southern China and northern Vietnam.
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- September 5 2024
Pacific islands cat pool PCRIC mulls expansion into private sector cover
The captive for the island nations is looking at extending parametric solutions to the underserved private sectors such as tourism, fisheries, and utilities, according to chief executive Aholotu Palu.
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- September 4 2024
Asia cat exposure growth outpaces other regions as global annual losses top US$151bn: Verisk
Exposure growth amid rapid urban expansion is one of the main contributors to annual increase in losses alongside inflation; while climate change accounts for just 1% of losses.
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- September 2 2024
Typhoon Shanshan set to trigger significant BI, property losses, weigh on reinsurance market
While the impact on reinsurance is unclear now, repeated or severe cat events in the area in the future may prompt reinsurers to reduce their underwriting commitments or increase premiums.
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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 26 2024
South Korean government pushes ahead with EV battery certification scheme: report
Set to launch in October, the certification scheme seeks to alleviate growing public concerns about lethal fires caused by EV lithium batteries, as insurers are reviewing their existing motor policies to gauge the potential losses in their books.
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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 12 2024
Korea may ask EV makers to declare battery suppliers as car fire claims pile up: report
Insurers have received 600 motor claims from a fire sparked by a Mercedes EV on August 1, forcing the government to consider regulatory changes including battery reliability certification.
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- August 8 2024
Japanese insurers to raise fire insurance premiums from October: report
The big four plans to corporate premiums by up to 15% because of deteriorating profitability in their fire insurance line.
