Subject: Catastrophe Page 26 / 61
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- February 17 2023
Tower ups large event allowance by 33%, expects Gabrielle to trigger reinsurance
The storm is the second event in weeks set to breach the insurer's cat excess of US$7.4m leading to Tower to downgrade its profit guidance.
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- February 16 2023
Insured losses from Cyclone Gabrielle, Auckland floods to exceed 2022 nat cat total: ICNZ
IAG New Zealand has already received 2,300 claims connected with the cyclone, mainly from Auckland, Northland, Waikato and the Bay of Plenty.
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- February 16 2023
Allianz sees claims from cyclone pool after Gabrielle hit Norfolk Island
The storm caused minor damage to the external territory before it slammed New Zealand.
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- February 15 2023
Covid, nat cat woes continue at Japan’s ‘big three’
Net profits at Tokio Marine fell 27.4%, with Sompo Holdings declining 79.5% and MS&AD dropping 57% for the first nine months of FY 2022.
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- February 14 2023
First claims lodged as Cyclone Gabrielle wreaks havoc
New Zealand has declared a state of emergency as the cyclone hits homes, roads, vehicles, air traffic and the power grid.
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- February 14 2023
IAG, Suncorp and Tower receive over 37,000 claims from Auckland floods
IAG has seen over 21,000 claims, Suncorp more than 11,500 and Tower over 4,800, from the event which started January 27.
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- February 14 2023
Asia flood losses to worsen amid data deficit
(Re)insurers are feeling the heat from record rainfall events and fast-evolving climate risk scenarios.
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- February 13 2023
IAG’s H1 2023 combined ratio increases to 93.7%
Group GWP grew 7.5% on rate increases but underwriting profit was down 10% year-on-year.
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- February 13 2023
Powerful Cyclone Gabrielle hits New Zealand
The strongest storm in decades is causing widespread damage to North Island, which is recovering from recent flooding that is expected to cost insurers and reinsurers over US$600m.
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- February 9 2023
Tower ‘likely’ to buy reinstatement cover as Auckland floods set to trigger reinsurance
The New Zealand carrier has so far seen over 4,800 claims from the weather event and has a cat excess of US$7.5m.
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- February 9 2023
Auckland floods could be ‘1-in-250 year’ event: Suncorp NZ
"The significance of this event has reached the corridors of global reinsurers," says CEO Jimmy Higgins.
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- February 9 2023
Hannover Re cuts APAC premium volume by 21.6% in 1.1 renewals
The German reinsurer cut back on proportional treaty in Malaysia and China, but XOL premiums filled some of the void.
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- February 7 2023
India’s appeal grows amid China pessimism
Global reinsurers and Lloyd's syndicates hone in on the market as the IRDAI seeks to cut red tape.
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- February 3 2023
Australia disaster funding under an independent review
Led by Andrew Colvin of Deloitte, the review evaluates government investment in disaster risk reduction and resilience.
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- February 3 2023
IAG hit by 15,000 claims from NZ floods, ups FY 2023 nat cat forecast by US$167m
Reinsurance likely to be triggered as the Australian carrier says gross costs for the Auckland event are set to exceed US$248m, above a maximum event retention of US$167m.
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- February 2 2023
20,000 claims lodged from Auckland flooding: ICNZ
A ICNZ spokesperson has told IAN that the number of claims "will continue to rise" from the "biggest climate event to have ever hit" New Zealand.
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- February 1 2023
New Zealand’s insurers reel from country’s ‘worst-ever’ climate catastrophe
As adjusters start work, hundreds of million of dollars of claims are expected, including significant commercial damage.
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- January 31 2023
Quiet Western Northern Pacific typhoon activity saw ‘manageable’ 2022 damage: Gallagher Re
The combined insured losses from typhoons Nanmadol and Talas in Japan were around US$935m.
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- January 30 2023
Suncorp, Tower and IAG assessing over 9,000 claims from historic Auckland flooding
As assessors fly in from Australia, many more claims are expected after record rainfall on January 27 caused widespread damage.
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- January 27 2023
Australia’s October 2022 flood losses rise 6.4% to US$598m: Perils
The estimate includes property and motor hull losses for the majority of the market for floods in NSW, Victoria and Tasmania.
