Subject: Catastrophe Page 24 / 61
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- May 15 2023
New Zealand announces US$720m cyclone, flood recovery package
The budget will go towards rebuilding roads, rail, schools and flood protection.
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- May 12 2023
QBE hits 90% of H1 cat allowance, adjusts COR target
The global carrier has also strengthened reserves by US$130m for weather events in FY 2022.
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- May 12 2023
Hannover Re sees up to 20% nat cat rate hike in Japan 1.4 renewals
APAC benefits from the discontinuation of proportional business; books US$100m of New Zealand cat losses.
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- May 9 2023
JB Boda eyeing parametrics, ILS to strengthen India’s nat cat capabilities
The broker, which has an international footprint, sees opportunities in helping domestic carriers, who are poor at managing climate risk.
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- May 8 2023
Tower sees Auckland flooding costs double to US$142m
The Kiwi insurer, whose cat event reinsurance kicks in at US$7.5m, is expecting to book US$3.5m of H1 losses.
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- May 8 2023
Losses mount from south-east China flooding
There have been more than US$72m of economic losses as the monthly precipitation is expected to approach or exceed May records.
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- May 5 2023
Swiss Re Asia 1.4 renewal premiums grow 25%
The reinsurer booked US$171m in New Zealand Q1 cat losses, says "a continuation of related costs seems unlikely at the moment'.
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- May 4 2023
New Zealand mulls ban on rebuilding ‘high-risk’ properties as cat claims surge
IAG deals with a record 46,000 summer claims as government spends US$400m on Cyclone Gabrielle clean-up costs.
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- May 3 2023
New Zealand flood losses rise to US$1.08bn: Perils
The figure relating to the North Island event is a 6% increase from the initial loss estimate of US$1.03bn.
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- April 28 2023
Zhongyuan sees stable business ahead, cat cover low: AM Best
AM Best has affirmed the insurer a rating of B++ (good) with a stable outlook, but says it requires more cat reinsurance.
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- April 27 2023
Perils revises Australia October flood losses to A$907m
Personal lines property losses constituted 65% of the total industry loss, while commercial lines property losses represented 25% and motor losses at 10%.
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- April 24 2023
Tower to sustain underwriting profits despite nat cat events: AM Best
The majority of the gross cost involved with weather events was absorbed by its catastrophe excess-of-loss reinsurance treaty.
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- April 19 2023
ICA commissions external review of 2022 industry flood response
Deloitte will analyse insurers’ reactions to the February and March event and suggest practices to respond better to future extreme weather events.
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- April 18 2023
RMS Moody’s appoints client director in Singapore
Corene Lim, who joins the modeller in Singapore, was earlier a market development analyst at AM Best.
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- April 13 2023
New Zealand nat cat claims set new record for 2022: ICNZ
At US$218m, it is the third consecutive year a new record has been set, with 2023 already surpassing the total from January and February events alone.
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- April 13 2023
ARPC declares cyclone event as Ilsa upgraded to category 5
The strongest tropical cyclone in the region in a decade is likely to hit Port Hedland, which is one of the largest iron ore ports in the world.
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- April 4 2023
Korean risks reeling from large industrial losses see 50% hikes in 1.4 renewals
Protracted negotiations on structures and data analysis requirements due to changes to cessions led to delays.
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- April 3 2023
Japan bucks the trend with orderly 1.4 renewals
Alarmist projections of 35% hikes haven't materialised as the market saw a broad rating uplift of 15-20% with client and reinsurer expectations better aligned than at 1.1.
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- March 31 2023
Cyclone Gabrielle initial losses at US$940m: Perils
This is substantially higher than ICNZ data which came out a week ago at US$555.3m.
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- March 30 2023
‘Tough’ Philippines renewals seeing up to 50% hikes in property, PV to climb 30%
Reinsurers adamant on rate increases even for loss-free accounts due to cat exposure, inflation and treaty costs.
