Subject: Catastrophe Page 21 / 61
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- September 11 2023
Despite volatility, Asian reinsurers set for better underwriting results: AM Best
The overall combined ratio of APAC's leading reinsurers improved slightly to 100.8% in FY 2022 from 101.1% in the previous year.
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- September 8 2023
Hong Kong sees heaviest rainfall on record overnight as HKO issues black rain signal
There is dramatic flooding across the SAR with many claims expected to keep brokers, insurers and adjusters busy.
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- September 5 2023
Reinsurance rates to rise further across all lines in 2024: Moody’s
Demand for reinsurance to remain flat as cedents do not plan to purchase additional protection, mainly because of its high cost, a survey by the rating agency shows.
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- September 4 2023
Typhoon Saola triggers claims across Hong Kong, Macau, China and the Philippines as Haikiu hits Taiwan
The storm to bring loss accumulation of tens of millions of dollars from flooding, crop damage, car and yacht write-offs, flight disruptions, fallen solar panels and trees.
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- September 1 2023
PICC on hook for US$530m from Typhoon Doksuri with reinsurance deductibles at US$150m
The slow moving, powerful storm in July, which was China's costliest typhoon on record, has left the market with a claims' bill of over US$1bn.
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- August 28 2023
Typhoon Saola causes flooding in the Philippines, threatens Taiwan, China and Hong Kong
The storm, also known as Goring, will exit the Philippine Area of Responsibility on Thursday and cross the Taiwan Strait before nearing southern China with a landfall area currently uncertain.
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- August 25 2023
Opinion: ‘Smart urbanisation’ is a ticking time bomb for APAC (re)insurers
Carriers are scrambling to manage high property value and cyber risks related to the growth of the digital economy and infrastructure across major APAC conglomerations.
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- August 25 2023
New Zealand announces US$524m for Auckland post-flood rebuild
The government will contribute up to US$229m or around 50% of the agreed buyout value less insurance payments for houses deemed unlivable.
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- August 24 2023
Claims’ payouts from Japan’s July floods hit US$164m: GIAJ
Record rain hit several prefectures including on Kyushu, Japan's third largest island, resulting in over 25,000 claims for damage to vehicles and property.
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- August 23 2023
Chinese insurers paid US$625m in claims from Typhoon Doksuri, floods: report
The 16 rain-hit provinces reported 269,300 insurance claims from the three days of rains that hit parts of the country including Beijing and Hebei.
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- August 22 2023
China adds US$69m to flood recovery fund as claims surpass 266,000
The funding will go towards compensation for property losses, damage to crops, animal and poultry farms, commercial forests, houses and agricultural machinery.
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- August 21 2023
IAG’s FY underwriting profit falls A$292m after nat cat miss
IAG's H2 COR in New Zealand was 111.8% as the insurer was hit by Cyclone Gabrielle and the Auckland floods, as group cat claims at A$1.2bn came in well above its FY 2023 allowance.
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- August 21 2023
Australian carriers paid out US$23bn in claims last year: ICA
In 2022, more than 300,000 disaster-related claims were lodged from four declared insurance events across the country, costing more than US$4.4bn in insured losses.
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- August 17 2023
Perils ups Cyclone Gabrielle insured property losses to over NZ$2bn
The February storm on New Zealand's North Island was cited in several global reinsurers' H1 results as a major claims event.
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- August 17 2023
ASIC review pushes insurers to fix claims handling lapses
The regulatory review covering 218,000 claims lodged with six carriers, including Insurance Australia Group, QBE and Suncorp, saw shortcomings in communication, project management and resourcing.
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- August 16 2023
Hawaii wildfire insured property losses to hit US$3.2bn: KCC
Tokio Marine, DB Insurance and MS&AD have exposure to the state's 'most destructive' ever fire, which has burned over 2,200 structures in the historic town of Lahaina.
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- August 15 2023
Typhoon Lan makes landfall in Japan
The authorities have issued flood and landslide warnings after powerful storm skirts near Osaka with the (re)insurance community on high alert.
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- August 15 2023
Tokio Marine, DB and MS&AD face losses from devastating Hawaii wildfires
The catastrophe is likely to lead to hundreds of millions of dollars of claims as overall costs climb to US$6bn.
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- August 11 2023
Reinsurance costs surge 50% in the Philippines: report
Reinsurers have either withdrawn or reduced exposure leading to higher non-life product prices, according to Malayan Insurance's CUO.
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- August 9 2023
Suncorp’s Australia COR improves to 91.3%, deteriorates to 97% in New Zealand
Suncorp misses FY 2023 cat allowance by A$97m after NZ division saw 53% increase in claims; ups allowance to A$1.36bn for FY 2024.
