Subject: Claims Page 11 / 49
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- March 8 2024
Opinion: Growing lithium-ion battery fire lawsuits pose an emerging risk for insurers
While there remain questions about whether the original cause of loss is battery fires, an increasing number of cases is looking to establish the connection that will have ramifications for the industry.
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- March 6 2024
ASIC urges insurers to improve claims handling as severe weather events increase
In a letter directed to general insurers, the Australian corporate regulator said events such as cyclone Jasper, and Christmas and New Year storms have highlighted their licence obligations to process claims fairly and in a timely fashion.
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- March 4 2024
Insured losses from Australia summer cat events reach US$1bn: ICA
While damage from both Jasper and the Christmas and New Year storms was widespread across three states – Queensland, New South Wales and Victoria - the average claim cost was under A$10,000, lower than from similar events.
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- February 29 2024
Shipowners, IOPC settle over 8000 claims one year after MT Princess Empress oil spill
The newest estimate of total damage to environmental and coastal communities exceeds US$731m, including environmental losses of US$712m and socioeconomic losses totalling US$19.5m.
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- February 26 2024
QBE appoints Swiss Re CorSo’s Vicgi Au as recovery manager for Asia
Kuala Lumpur-based Au will deliver recovery services, minimise claims loss cost, and work with cross-functional teams to optimise complex recoveries.
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- February 26 2024
Taiping Re may post FY 2023 underwriting loss on Turkey, Hong Kong cat exposures: Fitch
Higher retentions, reduced excess-of-loss coverage and increased retro cost are weighing on the reinsurer's performance, with its COR for the first half up at 106%.
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- February 26 2024
NSW to focus on mitigation as annual nat cat bill expected to soar to US$6bn by 2060
The State Disaster Management Plan includes measures to reduce communities’ exposure and vulnerability to disasters through awareness and preparedness campaigns, and it has set an end-2024 deadline to review levy arrangements.
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- February 23 2024
Tatler’s Messi fiasco flags up need for celebrity cover
Sources tell IAN that the organiser, now hit with a hefty refund bill, is unlikely to have purchased non-appearance cover because of the high cost and stricter conditions imposed by capacity suppliers.
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- February 16 2024
ICA declares Victoria Valentine’s Day storms ‘significant event’ with claims set to cross 10,000
Insurers have reported a large uptick in claims over the past day, with 9,947 claims lodged related to the storms, which saw around 530,000 homes left without power across the state.
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- February 16 2024
Perils hikes Cyclone Gabrielle final loss estimates to US$1.32bn
The total loss from New Zealand's twin weather events last year has reached US$2.7 billion with Auckland floods costing more at US$1.36bn.
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- February 14 2024
Australia Christmas storms losses at US$906m: Perils
The initial estimate includes losses from damages of property and motor hull lines of business and will be updated on March 29, 2024.
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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 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
Suncorp H1 nat cat bill at US$374m, retains full limits on reinsurance cover
The nat cat cost for the first six months is less than the FY 2024 allowance with costs of the December wild weather events coming in below the retention limit.
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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 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
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 4 2024
AIG leads US$130m all-risk cover for Japan Airlines plane: report
The Japanese airline has estimated a US$104m operating loss following the collision of its flight JL516 with a Japan Coast Guard aircraft at Tokyo’s Haneda Airport and complete loss of one aircraft on January 2.
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- January 4 2024
Suncorp and IAG say December wild weather claims tracking below nat cat allowance
While the total cost of the two events have yet to be determined, Suncorp said it has US$459m in natural hazard allowance and IAG has US$114m till December 2023.
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- January 3 2024
ICA extends insurance catastrophe declaration to January 3 as extreme weather continues
Almost 38,000 insurance claims have been lodged following the weather that has impacted Queensland, New South Wales, and Victoria since December 23.
