Earthquakes
Amlin blames quakes for falling 2010 profits
Lloyd’s insurer Amlin has recorded a profit before tax of £259.2m for 2010 (2009:£509.1m), after £203.6m of losses from both the Chile and New Zealand earthquakes.
Aon Benfield: 95% of Chile quake loss reinsured
Broker Aon Benfield has revealed that 95% of the $8.5bn (£5.3bn) losses suffered during the Chile earthquake was covered by reinsurance.
Marsh staff missing following quake
Three broking staff based at Marsh’s Christchurch office are still unaccounted for after the building was destroyed this week in the 6.3 magnitude earthquake.
Quake sends insurers back to square one
Insurers' efforts in settling claims from the September earthquake in Canterbury, New Zealand are "back to square one" after this week's 6.3 magnitude earthquake, according to the chief executive of Cunningham Lindsey New Zealand.
Post Magazine – 24 February 2011
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
No-claims household insurance discount considered by Axa – Insurance News Now – 24 February 2011
Post reporter Amy Ellis outlines this week’s major general insurance stories including how Axa is considering awarding no-claims discounts to household insurance customers to encourage them to take more responsibility for preventing weather-related…
Suncorp faces NZ$60m exposure to Christchurch quake
Australian firm Suncorp, one of the most prominent insurers in New Zealand, has claimed it is “well protected” against losses arising from the Christchurch earthquake.
IAG: NZ earthquake could cost $40m
Insurance Australia Group has confirmed that its New Zealand businesses, which include State and NZI, could be hit by a $40m claim from the Christchurch earthquake on 22 February.
Air Worldwide: Second NZ quake “more damaging”
The earthquake which struck New Zealand yesterday has caused more damage than the quake which hit the country in September, catastrophe modelling firm Air Worldwide has claimed.
AIR predicts NZ quake losses of up to $8bn
AIR Worldwide has estimated that industry insured losses from the magnitude 6.1 earthquake that struck New Zealand’s South Island near Christchurch on 22 February (UK time) will be between NZD$5bn ($3.5bn USD) and NZD$11.5bn ($8bn USD).
Aon Benfield: 712 000 people exposed to NZ earthquake tremors
Aon Benfield has estimated that the magnitude 6.3 earthquake in Christchurch, New Zealand, could have been felt by close to 710 000 people in the country.
Major earthquake hits Christchurch
A major earthquake of magnitude 6.3 occurred near Christchurch, New Zealand on 22 February at 12:51pm local time (11:51pm on Monday 21 February 21 GMT).
Mapfre plans global roll out of Insure & Go model
Spanish insurer Mapfre has revealed that it is set for a global roll out of its direct-to-consumer travel products, following its acquisition of Insure & Go.
Markel plays down losses from antipodean disasters
Markel International does not expect its future profits to be badly affected by the New Zealand earthquake and recent Queensland flooding, after previous catastrophe events added six points or $33m (£20.5m) to its 2010 full-year combined ratio.
Natural catastrophes: A model example of assessing earthquake exposure
Earthquake costs are rising steadily. Jane Bernstein examines insurers' current use of modelling, recent event responses and solution sustainability.
Hiscox puts UK winter freeze bill at £16m, but on track for healthy profit
Hiscox today reported that although 2010 was marked by many significant and expensive catastrophes, most of these occurred in areas where it had deliberately reduced exposure due to weak rates.
RSA expects 2010 profit to be at least £600m despite 2.4pt COR weather hit
RSA expects to show net written premium growth of 11% to £7.46bn, a COR of between 96.5% and 97.0% and an operating profit of between £600m and £630m in its 2010 full year results.
RSA expects 2010 profit to be at least £600m despite 2.4pt COR weather hit
RSA expects to show net written premium growth of 11% to £7.46bn, a COR of between 96.5% and 97.0% and an operating profit of between £600m and £630m in its 2010 full year results.
Post Europe: Major loss in the Mediterranean
Natural catastrophes across the Mediterranean made the headlines last year but fires are just as high risk for major losses as Jane Bernstein learns and European insurers also need to keep their eye on new and emerging risks.
Omega more than doubles New Zealand quake loss estimate
Omega Insurance's loss estimate for the New Zealand earthquake has risen to US$16.8m, net of reinstatement premiums and before profit commission effects, and US$18.9m after profit commission.
Rise in claims push motor reinsurance rates up 50%
More severe claims frequency and an increase in periodical payment orders have contributed to UK motor reinsurance rates leaping by as much as 50% at the 1 January renewals on a rate-adjusted basis.
Munich Re: 2010 sixth worst for insured losses since 1980
Several major catastrophes in 2010 resulted in substantial losses and an exceptionally high number of fatalities, according to Munich Re.
Flagstone Re and RMS in $210m placing
Flagstone Reassurance Suisse SA and Risk Management Solutions have confirmed the successful placement of $210m of multi-peril Montana Re 2010-1 Notes, the second offering sponsored through the Montana Re shelf program.
Chaucer estimates $20m NZ earthquake exposure
Lloyds insurer Chaucer has increased its estimated exposure to the earthquake in New Zealand from $12.5m (£8m) to $20m.