Subject: Flooding Page 10 / 11
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- June 17 2022
APRA grants Australian Reinsurance Pool Corporation authorised reinsurer status
The new cyclone reinsurance pool is expected to start in July.
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- June 9 2022
Perils ups Australia east coast flooding loss to US$3.5bn
The increase is US$720m above its previous estimate for the Q1 nat cat in Queensland and NSW.
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- June 3 2022
Australian floods: modellers struggle with ‘a single consistent view of risk’
Flood risk has become a major catastrophic burden for the Australian market, highlighting the importance of accurate modelling.
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- June 2 2022
Aussie flood estimates rise by 28%: ICA
Estimates of insured losses now top US$3 billion, with claims at 216,465.
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- May 27 2022
Australia’s general insurers saw US$303m loss at start of year
The devastating floods in February and March sparked an increase in claims.
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- May 23 2022
ICA welcomes new Australian government
Labour Party has pledged to provide A$200 million a year for a Disaster Ready Fund.
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- May 18 2022
Malaysian insurers predict ‘substantial’ price increases due to floods: study
On average around 10% of economic losses are covered, a new report reveals.
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- May 16 2022
Queensland launches resilience scheme as more floods arrive
The US$500m Resilient Homes Flood is the largest such programme to be launched in Australia.
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- May 11 2022
Japan, India lifts Munich Re 1.4 renewals after Aussie flood losses
The German reinsurer lost US$465m from the floods in Q1.
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- May 4 2022
Aussie floods put pressure on capacity ahead of renewals
P&C insurers have begun increasing premiums and tightening policy wordings as they take stock.
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- April 20 2022
Australia flood loss estimate tops US$2.9bn in ‘complex’ event: Perils
The application of event definition clauses for reinsurance purposes will vary across the market.
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- April 15 2022
Queensland, NSW flood claims top US$1.8bn: ICA
RACQ's head of claims says it is one of the worst natural disasters in Australia's history.
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- April 6 2022
Q&A: Swiss Re’s Mark Senkevics
Head of P&C underwriting for Asia and ANZ on extreme flooding events in Asia, and how these can be managed going forwards.
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- April 4 2022
Australia P&C renewals to be ‘tougher’ as cats bite: AM Best
Insurers usually buy cat excess-of-loss reinsurance with a limit above an expected 1-in-200-year loss.
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- March 31 2022
Only 11% of Asia flood losses insured in 2021: Swiss Re
Between 2011 and 2020, economic losses from regional flooding have averaged US$30bn annually.
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- March 25 2022
2021 NSW and Queensland flood loss downgraded to US$515m: Perils
The data specialist had expected in September that the event would cost the market US$562m.
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- March 24 2022
Australia flood claims reach US$1.8bn: ICA
Over 159,000 claims lodged with insurers in one of the country's worst flooding disasters.
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- March 17 2022
Suncorp sees 34,000 flood claims, ups nat cat allowance
The group is forecasting a net retained loss of US$54m as it seeks recoveries from reinsurance.
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- March 10 2022
IAG ups FY nat cat estimate to US$800m
The group has received 24,000 recent flood claims and says that it has 'all hands on deck'.
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- January 19 2022
Malaysia’s insurers continue to count costs of December floods
Crawford has dealt with over 1,500 claims and has been using virtual surveys during the pandemic.
