Subject: Catastrophe Page 12 / 60
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- June 18 2024
ICA welcomes New South Wales’ US$3.8bn resilience funding package
The Insurance Council of Australia hails the state government's budget funding targeted at reducing flood risks, and its recommitment to scrap the widely-criticised emergency services levy.
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- June 13 2024
Noto earthquake insurance payout reaches US$578.5m: GIAJ
The claims payout rose by 7% since the last tally on April 26 as insurers have settled 103,439 claims across Japan.
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- June 13 2024
Australia’s 2024 insured nat cat losses top US$1bn: ICA
The country saw three weather events this year leading to 144,772 claims with the Christmas and New Year storms accounting for AU$1.3bn, data from the industry body shows.
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- June 12 2024
Singapore Airlines offers compensation to passengers on turbulence-hit flight: reports
Passengers with minor injuries have been offered US$10,000, while those with sustained serious injuries and require long-term medical care are offered an advance payment of US$25,000 to address their immediate needs.
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- June 11 2024
ICNZ calls for nat cat safeguards in Fast Track Approvals Bill for infrastructure development
The bill should not give green light to projects that expose communities to excessive financial and physical natural hazards risks, the industry body said in a submission to the government.
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- June 10 2024
Global reinsurance outlook upgraded to “positive” on strong profit margins: AM Best
Global reinsurers' strong underwriting margins and return-on-equity enable them to absorb large losses seen in the first quarter 2024, as the sector outlook improved from "stable" to "positive".
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- June 7 2024
Seadrif FY2023 net profit up 84% on deferred income
The regional catastrophe risk platform saw loss from its insurance operations widen in 2023, but its profit was lifted by surplus grants from the MAS and the World Bank.
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- June 5 2024
Seadrif mandates Gallagher Re as its reinsurance broker and risk advisor
The broker will be also responsible for the placement of reinsurance in international markets and the provision of strategic advisory services to the Asean cat risk facility.
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- June 4 2024
AI key to exposure management, risk assessment beyond covered perils: CCR Re
Technologies such as natural language processing, machine learning are transforming how the global reinsurer assesses risks, predicts claims and prepares for climate change, says CRO & actuary Jérôme Isenbart.
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- May 31 2024
Opinion: Are risk models for Asia fit for purpose?
There is a need for carriers to build in-house modelling capabilities as third-party offerings lack a deep understanding and awareness of emerging risk exposures in Asia Pacific, especially for secondary perils.
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- May 31 2024
Property cat rates decline 5% at 1.6 renewals: Howden Re
Reinsurers remain vigilant as an active Atlantic hurricane season could present challenges.
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- May 29 2024
Cyclone Remal floods villages, cuts power, shuts airports in Bangladesh, India
The cyclone has affected 3.7 million people along the coast and killing at least 16 people as of May 28.
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- May 29 2024
Tower swings back to profit in H1 2024 on absence of large nat cat
The Kiwi insurer's reported net profit after-tax totalled US$22.2m, reversing the US$3.1m net loss a year ago.
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- May 28 2024
Japan hail fall insurance payout reaches US$214m: GIAJ
Insurers see 98% claims settled out of total 92,424 accepted claims as of April 26, according to GIAJ.
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- May 27 2024
Tropical cyclone landfalls in East Asia set to be above-normal: Guy Carpenter
The western North Pacific region will likely see 19 to 21 tropical cyclone formations this year, which is near-normal activity, according to the reinsurance broker.
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- May 27 2024
Insured losses from Noto earthquake at US$540m: GIAJ
The non-life insurers have settled 67% of the 140,539 accepted claims from across the prefectures hit by the January 1 tremors.
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- May 24 2024
Revival in property treaty appetite promises favourable outcomes for cedents mid-year
Key renewals for Australia and New Zealand are likely to follow the experience of 1.1 and 1.4, with growing demand for catastrophe risks at current pricing and terms.
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- May 21 2024
Japan rainstorm claims top US$610m in FY 2023: GIAJ
The country's carriers received 58,695 claims from two cat events last year, however, the cost to insurers from rainstorms was 66% lower than the year before.
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- May 21 2024
New Zealand to expand scope of fire insurance levies to aviation, forestry from 2026
Fire and Emergency New Zealand will also increase transitional levies on fire insurance by 12.8% from July 1 this year.
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- May 21 2024
Pacific Cat Risk Insurance, WTW tie up to offer subsea cable parametric cover
The policy will cover the state-owned telecom firm’s submarine fibre optic cable network in earthquake-prone Papua New Guinea.
