Subject: Catastrophe Page 17 / 61
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- February 7 2024
Lao renews parametric flood cover from Seadrif Insurance with lower thresholds
The parametric policy, which was first purchased by the government in 2021, as been expanded from 2 levels to 4 levels and thresholds lowered, providing flexibility to address varying risk scenarios, the Asean insurance platform said.
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- February 5 2024
ICA proposes waiving US$3.9bn state taxes to tame Australia’s flood risks
Chief executive Andrew Hall suggested abolishing insurance annual state taxes, which stand as the second-largest component of home premiums after pricing of flood risk.
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- February 2 2024
Perils raises Auckland floods insured loss estimate to NZ$2.2bn
Nearly 70% of the property loss was from personal lines, according to the loss aggregator's final tally, which is 12% higher than its August 2023 estimate.
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- January 31 2024
ICA calls for US$329m budget funding to boost resiliency against floods
Building on the 2022 schemes for NSW and Queensland, the new funding should be equally shared between federal and state budgets to move 750 families out of danger zones.
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- January 31 2024
Japan’s non-life insurers to stay profitable despite large cat losses: AM Best
The rating agency is maintaining its stable outlook on the sector's underwriting performance despite sizable earthquake, typhoon and hailstorm claims.
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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
Queensland on alert as cyclone Kirrily’s remnant bands linger
Suncorp says it has received over 500 claims from customers impacted by the cyclone, almost all home claims.
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- January 25 2024
China’s parametric pilots for nat cat cover finding early success: Taiping Re CEO
Wider use of index-based insurance and ILS is key to finding much-needed capacity for (re)insurers and widening nat cat insurance, according to Sheldon Yu.
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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 23 2024
Australia braces for rainstorm, floods as cyclone Kirrily heads to Queensland
The second tropical cyclone to hit the country's eastern coast in as many months is forecast to bring intense rainfall that may lead to 'life-threatening flash flooding', according to the Bureau of Meteorology.
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- January 18 2024
Non-peak perils source of insurers’ primary portfolio risk: Gallagher Re
Flooding from remnants of typhoon Doksuri in China makes it the costliest weather event of last year, with US$18.5bn in economic losses.
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- January 17 2024
Munich Re’s Wenning says its China ‘footprint’ would outsize other markets over time: report
The reinsurer plans to scale up its China business as it expects the country to emerge as the largest insurance market in the world.
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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
Australian government is ‘planning to review’ cyclone reinsurance pool, says minister
Murray Watt, the country's minister for emergency management, said that over the next five years the federal government will allocate US$671m in disaster mitigation funding to be matched by state and territory governments.
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- January 10 2024
Minimal impact seen on insurers following Japan earthquake: Fitch
The three non-life carriers have limited net retention on residential earthquake risk, which is run by the government, and on commercial risks, which is largely reinsured.
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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 9 2024
Typhoon Doksuri tops APAC nat cat overall losses at US$25bn: Munich Re
Two major disasters in New Zealand – Auckland floods and Cyclone Gabrielle – topped APAC insured losses at around US$4 billion.
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- January 9 2024
Japan earthquake insured losses could be up to US$3.3bn: Verisk
While most of the damage occurred in Ishikawa prefecture, including a large fire, damage from ground shaking and liquefaction was observed in other prefectures such as Niigata and Toyama.
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- January 8 2024
PICC, China Re, China Taiping have ‘trillions of yuan’ exposure to Belt & Road projects, nat cat
The three leading Chinese (re)insurers said they provided coverage to the country's high-tech, aerospace sectors, infra projects and cat relief with the sum insured amounting to several trillion yuan each.
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- January 5 2024
Economic losses from Japan quake to top billions of dollars, says Aon
The earthquake will likely become a notable event for the local insurance sector and generate significant payouts, the broker said in its weekly cat report.
