Subject: Catastrophe Page 28 / 69
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- November 13 2023
IAG joins Australian cyclone reinsurance pool
The carrier's brands will pass on savings from the pool to new customer policies and renewals for home, commercial property, residential strata and landlord policies.
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- November 10 2023
Prepare to deal with US$200bn annual cat losses: Verisk
Flood remains the most tangible gap when it comes to modelling and quantifying risk as catastrophes across APAC are becoming more extreme.
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- November 7 2023
WTW launches climate risk centre in Singapore
The new centre, providing climate risk quantification and management capabilities in the region, is led by Christopher Au and is planning to hire 15 climate specialists to support APAC clients.
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- November 6 2023
Western Nepal’s earthquake casualty losses to exceed US$2.3m: sources
Although the earthquake happened in a remote district with low presence of carriers, the liability has raised up to around US$150,000, potentially retained by local (re)insurers, IAN understands.
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- November 1 2023
Floodbase and Ag Guard tie-up for parametric agri cover in Australia and New Zealand
The products are scheduled to be available in 2024 and will offer region-specific pricing that trigger payouts automatically when flooding exceeds predetermined thresholds.
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- November 1 2023
SIRC: Renewables, underinsurance, nat cats and cyber risks are reinsurance’s APAC focal point — CEOs
The panel, chaired by James Vickers, international chairman at Gallagher Re, was Renaud Guidée, CEO - reinsurance, Axa XL, Achim Kassow, member of the board of management, Munich Re and Swiss Re's Urs Baertschi, CEO, P&C Reinsurance.
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- October 31 2023
ICA accepts seven recommendations from post-flood review
Global consultancy Deloitte has highlighted several areas where insurers fell short of best practices while dealing with the February to March 2022 floods.
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- October 27 2023
Perils increases south-east Australia flood loss estimate to US$613m
The October event mainly impacted Victoria and NSW with property losses contributing 91% of the loss, while 9% were motor losses.
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- October 27 2023
Australian carriers brace for claims as deadly bushfires rage across New South Wales, Queensland
With over 100 fires burning, several dead, homes burned down and thousands of hectares of land destroyed, it is being described as the worst fire season since the 2019-20 black summer.
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- October 20 2023
Record heat in 2023 spurs myriad APAC nat cat losses
15% of insured nat cat losses so far this year have been in Asia, with yet another US$100bn-plus loss year in the making, says Gallagher Re.
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- October 19 2023
India dam collapse claims’ burden on carriers may be lower due to glacial lake outburst rider
Early reports by the National Disaster Management Agency say the event was likely a GLOF, for which claims payable are capped at US$60m per any one accident.
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- October 16 2023
Opinion: Asian (re)insurers are waking up to a new typhoon loss reality
2023 has been a wet one across the region, while the size, intensity and frequency of windstorms appear to be increasing, especially in China.
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- October 11 2023
Extreme events in Greater China could lead to US$4.6tn economic losses over five years: Lloyd’s
This is the largest financial impact, closely followed by Asia Pacific with the losses worth US$4.5 trillion, says new Lloyd's systemic risk scenario that models food and water shocks.
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- October 11 2023
Parametric expansion to help cover niche APAC risks
Insurers need to quickly adapt index-based products to climate change using data analytics and technology to support client needs.
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- October 10 2023
Hong Kong’s record rainstorms put focus on ‘overlooked’ water damage risks
Property and construction firms should prioritise protection from water, which causes more than half of all damage in the SAR, say leaders from Zurich and Lockton.
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- October 4 2023
Hong Kong braces for more typhoon losses as Koinu heads to city via Taiwan
Southern Taiwan schools and urban areas closed, and over 70 domestic flights cancelled.
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- October 4 2023
Lack of aggregate cover brings earnings volatility to APAC carriers
As rates soar, insurers are retaining more nat cat risk on their books, with the situation set to continue into the 2024 renewals.
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- September 25 2023
Ominous start to spring weather in Australia, New Zealand puts (re)insurers on high alert
Bushfires, an El Niño declaration, record rain, landslides, heavy snow and an earthquake in the last few days point to busy six months ahead for claims' handlers.
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- September 20 2023
Typhoon Nanmadol’s final loss count is US$850m: Perils
The storm hit the Japanese islands of Kyushu and Shikoku and the western and central regions of Japan’s main island of Honshu in September last year.
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- September 20 2023
Australia’s BoM declares El Niño and positive Indian Ocean Dipole as bushfires spark across three states
The combination, last seen in 2015, means warmer and drier conditions for at least the next three months increasing the risk of bushfires.
