Subject: Claims Page 21 / 53
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- May 29 2023
ICA declares New South Wales hailstorm as significant event
Insurers have received 7,552 claims relating to the hailstorm with about 80% of those damage for motor vehicles as of the first half of May 29.
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- May 29 2023
GIC Re’s COR improves to 109.3% for FY 2022
Overall profit more than tripled despite significant underwriting losses, while GWP declined.
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- May 26 2023
Tower falls to US$3m first half loss as cat costs bite, COR at 105.3%
The Kiwi carrier settles 30% claims for Auckland floods and cyclone Gabrielle with large event losses rising 90% year-on-year to US$20m.
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- May 26 2023
Japan, Korean insurers brace for claims from ‘US$1bn’ Typhoon Mawar in Guam
There are 11 international hotels on the island which have BI cover. Crawford is sending 40 adjusters from Asia.
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- May 24 2023
Tower places additional US$63m reinstatement cover
With this reinstatement, the Kiwi carrier will ensure protection for a significant fourth catastrophe event within its current financial year.
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- May 23 2023
Zurich Hong Kong appoints David Chiu as chief claims officer
A Zurich veteran for the past 10 years, Chiu has held several leadership roles in the Hong Kong claims team.
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- May 22 2023
Fubon Insurance reports US$140m loss for Q1 2023
The Taiwanese P&C player says it has raised US$523m and that its current capital position exceeds legal regulatory requirements.
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- May 17 2023
Cyclone Gabrielle losses climb to US$1.2bn: Perils
New Zealand has experienced nearly US$2.3bn of insured losses this year from two events, the loss data aggregator said.
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- May 17 2023
Tokio Marine withdraws from select Pacific markets: report
The insurer exits Guam and the Northern Mariana Islands as margins deteriorated in 2022 as medical claims rebounded.
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- May 16 2023
Hannover Re questions Taiwanese cedents’ hefty Covid bill
The reinsurer says it is collecting underwriting information to assess the validity of many pandemic claims over the last few years.
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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 11 2023
Ping An P&C settled US$27bn of claims in 2022
The group, across its four insurance companies, paid for more than 200 million cases at an average of about 600,000 cases per day in 2022.
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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 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
Mitsui Sumitomo facing lunar loss after ispace mission failure
The Japanese carrier provided the world’s first 'lunar insurance' cover for the risks arising from the mission.
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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 27 2023
PVI confirms Vietnam helicopter crash payout
The total cost for the chopper and the compensation for the dead pilot is around US$2m, with compensation for the four dead passengers still being worked out.
