Flooding
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.
Queensland flood costs to exceed A$1bn
Floods in Queensland, already affecting an area the size of France and Germany, have been declared as the worst in the state's history by government officials.
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.
Exclusive gender and risk assessment content now available on Post Europe
Post Europe’s last 2010 weekly update is now live with a look at the European Court of Justice’s decision on using gender as a risk factor will have on the insurance market, and a View from the Top that examines the importance of geographical data in…
Post Europe: The importance of geography
Geographical risk assessment has come on in leaps and bounds over the past 10 years. Insurers now have access to data across Europe that gives them the ability to pinpoint the locations of their insured risks better than ever before.
Conservative Party: no estimate exists for properties at risk of flooding
The Parliamentary Under Secretary of State (Natural Environment and Fisheries), Environment, Food and Rural Affairs has admitted that no figure exists as to how many properties are at risk if the insurance industry withdraws from the statement of…
Government urged to take flood action
A group of MPs have told the government that more must be done to protect properties that are under threat from flooding.
Earthquakes top reinsurance losses in 2010 according to Guy Carpenter
The earthquakes that devastated parts of Chile and New Zealand were the largest source of losses in 2010, costing the reinsurance industry $8bn (£5.07bn) and $4bn respectively, according to a new report by Guy Carpenter & Company.
China floods to have “limited impact” on insurers
The worst floods witnessed in China for more than a decade are unlikely to have a significant impact on the insurance industry, Guy Carpenter has claimed.
Aon Benfield annual cat report reveals $38bn loss for (re)insurers in 2010
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, has released its Annual Global Climate and Catastrophe Report, which reviews the natural disaster perils that occurred worldwide during 2010.
Post Europe: View from the Top: Europe’s changing flood risks
In a recent survey nearly a third of European risk managers said extreme weather had caused disruption to their organisations in the past year, making it the most likely reason for a business stoppage.
JLT boss draws parallels between terrorism and flood insurance
The Government’s £200m cuts on flood defences could have a catastrophic effect on the commercial property market by making flood insurance unavailable.
Aon Benfield estimates £1.2bn snow losses
The recent adverse weather across Europe has caused an “economic loss” of £1.2bn in Britain alone, according to an estimate from Aon Benfield.
Axa: homeowners in flood risk areas are underpaying for insurance by 58%
Household insurance for homes in high flood risk regions is being subsidised by £511 each year, according to Axa. This means that homeowners in affected regions are only paying 42% of the true cost of insurance to protect their homes against flooding.
Defra unveils 'payment for outcomes' flood scheme
Dealing with flood management in the "narrow sense of government funding" is "unimaginative and ineffective", according to the minister charged with its responsibility.
Swiss Re: insured losses up 34% to $36bn in 2010
According to initial estimates from Swiss Re’s sigma team, worldwide economic losses from natural catastrophes and man-made disasters were $222bn in 2010, more than triple the 2009 figure of $63bn.
Cunningham Lindsey handling 90 claims from flooding in Cornwall
Cunningham Lindsey has confirmed it is handling 90 claims following the floods in Cornwall earlier this month, with estimated total losses expected to reach up to £5 m.