Flooding
APPG - 20 years in force: Representation for the industry
With its 20th anniversary just passed, David Worsfold looks at the success of the All Party Parliamentary Group on Insurance & Financial Services, detailing some key highlights from two decades of debate.
Claims Club news: Extra capacity demands place pressure on loss adjusters
The big freeze over the winter of 2010/2011 is the latest event to raise the issue of how loss adjusters and other service providers find extra capacity to meet insurer and policyholder demands.
Claims Club news: ABI rules out centralised flood response body
The Association of British Insurers is poised to reject the concept of having a centralised response to surge events, which could have seen streets allocated a specific loss adjusting firm to moderate claims.
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.
Cyclone Yasi insured losses could reach A$1.5bn
AIR Worldwide has estimated the insured losses from Cyclone Yasi at between A$350m and A$1.5bn.
QBE reveals $245m weather hit, but profit in line with expectation
QBE has announced that its 2010 net profit after tax in line with market expectations after a record underwriting profit but a lower insurance margin from continuing low interest yields in the US and UK.
In series - Geography & Solvency II: Advice on getting data right
For the majority of insurers and to a certain extent brokers, data quality has consistently been an issue with reasons ranging from the ongoing problems of legacy systems to basic human error, as Sarah Adams explains.
In series - Geography & Solvency II: Accurate data is key to Solvency II requirements
The need for more accurate data and improved infrastructure is occupying insurers' Solvency II teams. However, Sam Barrett finds that UK firms are well prepared when it comes to accuracy of information.
Flood-ravaged Queensland braces for cyclone Yasi
Queensland Australia is bracing itself for Yasi. According to catastrophe modelling firm AIR Worldwide, the cyclone was about 1630 kilometers east northeast of Mackay and moving west at 30km as of the Australia’s Bureau of Meteorology 11:00 EST advisory.
Australian floods expected to cost A$4-A$6bn
Espirito Santo Investment Bank has said the Australian floods will amount to at least two events, and given the mounting political pressure on the local primary insurers the burden for the local primaries is likely to be much more punishing than the…
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.
Suncorp claims hit 10 000
Suncorp expects to have eroded between A$220m (£137m) and A$240m of retained costs under its aggregate reinsurance programme as a result of the Australian floods, as well as other natural hazard events during 2010.
Postscript - 15 years ago: East coast floods see death toll rise
Looking back through Post’s back catalogue paints a unique picture of more than 150 years of insurance news, as this highlight from 15 years ago reveals.
RSA joins forces with WWF to call for sustainable drainage
RSA has called for an increase in sustainable urban drainage systems to combat the growing effects of climate change.
Damage management - Winter freeze: Preparing for problems in the frozen pipeline
With property claims surging due to the recent cold snap, Rachel Gordon looks into the specific challenges thrown up by freezing conditions for those tasked with managing the damage.
Direct Line unveils mobile flood support vehicle
Direct Line has launched a new flood support vehicle – incorporating an office and meeting space, developed to help policyholders affected by extreme weather.
Flash Flooding in Brazil causes devastation
Torrential rain has brought flash flooding and mudslides to the Brazilian state of Rio de Janerio, resulting in damage to property and infrastructure and the deaths of at least 450 people.
London market will be impacted by Australian floods
Neil Coulson, partner at accountancy firm, Littlejohn, has said he expects Australia to be fairly well insured, so it will generate insurance losses which will be higher in a city than in rural areas.
Post in print: 13 January 2011
News editor Mairi MacDonald outlines the main news from this week's issue of Post.
Winter freeze claims tipped to top £3bn
Insurance claims caused by burst pipes this winter are likely to outstrip the £3bn loss arising from the 2007 UK floods after short-staffed insurers were unable to deal with claims efficiently, according to the managing director of the National Flood…
Uncertainty over Australia flood losses
The scale of the flood losses in Australia remains uncertain, following further devastation from flash floods in the city of Toowoomba.
Fitch warns Australian flood losses could "escalate substantially"
Fitch Ratings believes most of Australia's major non-life insurance companies have "reasonable protection" against the floods in Queensland and Northern New South Wales through catastrophe reinsurance.
Australian insurers keep well above water despite floods
Moody’s weekly credit outlook has said that despite the negative impact of the flood on Australian insurers’ profits, it is not a material credit event.
Postscript – 50 years ago: Insurers face fresh flood claims
Looking through Post’s back catalogue paints a unique picture of more than 150 years of insurance news, as this highlight from 50 years ago reveals.