Natural catastrophes (Nat Cats)
Nelson urges industry to factor climate change into cat models
Climate change is real and must be factored into all future catastrophe modelling, Lloyd’s chairman John Nelson has warned.
Multiple billion dollar natural disasters in April
Tornadoes and extensive crop damage led to multiple billion dollar natural disasters in April according to catastrophe modeler Impact Forecasting.
Disaster losses of $262m impact AIG profit in Q1
AIG has attributed catastrophe losses within its property and casualty businesses as a major factor in a 27% drop in profit to $1.6bn (£945m) in the first quarter of 2014 compared to $2.2bn in Q1 2013.
ABI issues guide to assessing non-modelled cat risks
The Association of British Insurers has published an industry guide to better identify, assess and manage non-modelled aspects of global catastrophe risks.
St Jude storm losses hit £898m, according to Perils estimate
Catastrophe data firm Perils has increased its loss estimation relating to windstorm Christian, which wracked the UK at the end of October last year, to €1.091bn (£898.4m).
Asia-Pacific significantly underinsured for catastrophes, says Asia Development Bank
The Asian Development Bank has warned in a report that underinsurance for natural catastrophes in the region is enough to wipe out economic gains from GDP.
A$8.4m of losses from cyclone Ita
According to the Insurance Council of Australia, insurers have received 680 claims (by noon on 15 April) in the aftermath of cyclone Ita, with insurance losses estimated at A$8.4m.
Public and insurers prepare for cyclone Ita in Queensland
Cyclone Ita, currently a strong category 3 storm, is expected to make landfall in North Queensland, Australia, on Friday 11 April.
Chile earthquake damage expected to be limited
According to AIR Worldwide, several homes have been destroyed but overall there have been no major reports of damage from the 8.2 magnitude earthquake that struck off the coast of Chile earlier in the week.
Five dead as 8.2 magnitude earthquake hits Chile coast
A tsunami warning is in place for the Pacific coast after a 8.2 magnitude earthquake occurred last night around 80km off the coast of Chile.
Sums insured across European windstorm markets rise by 2.3%
The total sums insured across eleven European windstorm markets increased by 2.3% on last year, according to the 2014 Perils Europe Industry Exposure Database.
Rainstorm and hail slams Hong Kong
Hong Kong was hit by a strong rainstorm on Sunday causing a shopping centre roof to collapse.
Global cat losses down 44% for 2013
Global insured losses from catastrophes have almost halved in 2013, dropping to £27bn according to a new study from Swiss Re.
Perils hikes Windstorm Dirk loss estimate to £294m
Zurich-based catastrophe data firm Perils has increased its property insurance market loss for the windstorm which wracked the UK and France from December 23 to December 25.
Digital Channels: The future is digital
Insurers must perform a root and branch review of their digital channels if they want to remain competitive in the coming years.
Index-based insurance: Protecting the vulnerable against weather uncertainty
There is growing recognition that extreme weather events are not just an environmental problem but an economic one as well.
Amlin teams with Oxford Uni on modelling project
Amlin will today release the initial findings of a research project with Oxford University on fears of systemic dangers generated by the increasing prevalence of risk modelling.
Beazley records its lowest COR since 2002 listing
Beazley shaved seven percentage points off its 2012 combined operating ratio of 91% in chalking up the lowest COR since the insurance firm became a public company 12 years ago.
Indonesian insurers to shrug off floods, says Fitch
Fitch Ratings has said the January flooding in Singapore is likely to have limited impact on the local insurance market.
ICAT and Ariel partner on US SME cat coverage
US property catastrophe insurer ICAT has partnered with Ariel Syndicate to deliver additional risk capacity to catastrophe-exposed small and medium sized businesses in the US.
Europe: Weathering the storm
Europe got a battering from natural catastrophes in 2013, resulting in the region clocking up the most loss events for the year across the globe.
Oasis project director says framework will cut costs and increase transparency
Loss-modelling platform includes models for flood, earthquake and tsunami.
Industry-owned cat modelling framework launches
An industry-owned catastrophe modelling framework has launched today aiming to reduce costs and increase flexibility for its users.
Indonesian authority sets pricing guidelines for disaster coverage
The Indonesian Financial Services Authority has given insurers minimum and maximum prices for disaster coverage of motor vehicles and property to stop unhealthy competition.