Subject: Claims Page 14 / 53
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- March 25 2024
BOC Aviation assessing implications on insurance claims for two jets recovered from Russia last week
The Singaporean lessor has made US$258m in insurance recoveries for 11 aircraft, while the remaining six planes have net pre-tax write-down value of US$310m.
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- March 21 2024
New Zealand court overturns tribunal’s imposition of new obligations on home insurance claims
Canterbury Earthquakes Insurance Tribunal in 2022 ordered that IAG New Zealand had to pay all repair costs upfront upon entering a building contract.
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- March 20 2024
Kiwi insurers settle 91% of US$2.3bn in claims from Cyclone Gabrielle and Auckland flooding: ICNZ
The carriers have settled 106,891, of 117,414 claims valued and have so far paid out US$1.85bn (82%) for both events, with residential house claims at 92%, and both contents and motor at 94% fully settled.
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- March 15 2024
(Re)insurers embrace generative AI for better underwriting, claims management
Early adopters are exploring the use of AI tools across the entire insurance value chain, including portfolio accumulation, risk quoting, and risk management.
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- March 14 2024
Philippines regulator doubles third-party motor liability coverage limits
The Insurance Commission said there would be no increases in premium, and the rates prescribed in 2006 shall remain in force.
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- March 14 2024
Sedgwick promotes Nicki Dunn to chief client officer for Asia
The global loss adjustor has concurrently promoted Irwin Wei and Kalnisha Velu, both have joined Dunn's team.
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- March 14 2024
Japan’s latest rocket launch loss unlikely to hit international markets
The space (re)insurance market that suffered a bruising 2023, with a heavy loss experience that ripped through its premium base, spared the claims from the failed experimental launch.
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- March 8 2024
Hong Kong 2023 P&C underwriting profit down 81% to US$102m: HKIA
The sector's underwriting performance was hit by an increase in A&H claims, cat events and a reserve strengthening by the Hong Kong Mortgage Corporation due to the realty sector downturn.
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- March 8 2024
Valentine’s Day storms’ cost estimate at US$69m, claims set to cross 20,000: ICA
85% of claims are related to home and contents damage caused by the heavy rainfall, flooding, and strong winds experienced across the region.
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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.
