Hurricanes
Irene to cost insurers as much as $6bn
Catastrophe modelling firm AIR Worldwide estimates that insured losses from Hurricane Irene to onshore properties in the US will be between $3bn and $6bn.
Hurricane Irene heads towards Bahamian capital
After battering the southern islands of the Bahamas, Hurricane Irene is now just 65 miles away from the capital city of Nassau, according to the latest report compiled by AIR Worldwide.
Hurricane Irene heading for the US, Met Office warns
Hurricane Irene, the first of this year’s North Atlantic tropical storm season, is heading for the Bahamas and is expected to move on to the United States in the next few days, the Met Office has warned.
Terrorism remains major threat to insurance industry
The reinsurance industry continues to meet the current demands for terrorism risk transfer despite high levels of terrorism according to a new report.
Hiscox bemoans 'costliest year ever'
Specialist insurer and reinsurer Hiscox was stung by a pre-tax loss of £85.6m (2010: £97.2m profit) in the first half of the year but claims to be "heading towards the sunny uplands of profit".
View from the Top: Threat from wave of natural catastrophes?
The spate of natural catastrophes around the world shows no signs of abating.
Willis: weather losses cause fall in cat bonds
Willis has blamed unprecedented natural catastrophe losses and changes to US hurricane models for a drop in catastrophe bonds.
Chile quake drives adjuster expansion
Brighton-based claims specialist Fitzgerald Consulting has set up its first international branch in Chile.
RMS upgrades European windstorm model
Risk Management Solutions has upgraded its Europe Windstorm Model to include three new Eastern European countries.
RMS upgrades European windstorm model
Risk Management Solutions has upgraded its Europe Windstorm Model to include three new Eastern European countries.
Hiscox expects to hit £1bn in 2012 on Syndicate 33
Hiscox has said it envisages a 2012 capacity of £1bn for Syndicate 33, an increase of £100m from 2011.
Property cat rates rise after global losses
US property catastrophe rates have increased due to global losses and new versions of catastrophe models. However, the reinsurance sector's capital position remains dependent on the hurricane season.
First named storm of 2011 hurricane season
Tropical storm Arlene has become the first named storm of the 2011 Atlantic hurricane season, according to catastrophe modelling firm Air Worldwide.
View from the top: A hard market is coming
I started talking about positive signs of rate movement more than a month ago. While many agreed, not all of the market's 'big three' brokers shared this view. But a few weeks can effect considerable change and now even Aon's soothsayers will probably…
Met Office predicts a less active 2011 tropical storm season
The Met Office is expecting a less active 2011 North Atlantic tropical storm season with 13 tropical storms forecast between June and November, compared to the 19 that took place in 2010.
View from the top: A very bad year
Despite reinsurers' initial talk that the Australian floods and the New Zealand & Japanese earthquakes were earnings — not balance sheet — events, and there would be no impact on rates, the chatter has changed recently, with some now actively hinting at…
Reinsurer cat budgets exhausted after Q1
Reinsurers' annual budgets have been exhausted after the major natural catastrophe losses in the first quarter were followed by 150 tornadoes hitting 13 south-eastern US states last month. According to Dominic Simpson, vice president, senior credit…
Aviva boss: earthquake will not impact GI rates
Global general insurance rates will not be dramatically affected by Japan's earthquake and tsunami, according to Aviva's chief underwriting officer.
Swiss Re exceeds claims budget following Japan quake
Reinsurer Swiss Re has revealed that it has already gone beyond its claims estimates for 2011 following the Japanese earthquake.
Chilean earthquake – insurance lessons learnt one year on
Lessons learnt from the massive earthquake that struck Chile 12 months ago should facilitate the future handling of complex business interruption claims, says Jenny Larner.
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.
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.
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.
$50bn loss needed for reinsurance rates to rise, Flagstone Re chief warns
Reinsurance renewal pricing was down by eight per cent in the US, according to Gary Prestia, Flagstone Re’s chief underwriting officer for North America.