Natural catastrophes (Nat Cats)
Tailored approach is essential to European disaster management
Insurance Europe has warned there is no “one-size-fits-all” solution to the insurance required for natural and man-made disasters in Europe and called for insurance cover to be tailored to the different type of risks and their locations.
China government catastrophe guarantee 'needed urgently', says Munich Re
He Hua, a catastrophe consultant for Munich Re in China, has called for the industry to put more pressure on the government to introduce a public private partnership to help guarantee the payments of catastrophe claims, especially for large earthquakes.
Typhoon Soulik causes havoc in China
Almost 300 people are missing after heavy rains and wind in mainland China.
Heavy rains cause flooding and mudslides in China
Days of heavy rain across the mountainous Yunnan and Sichuan provinces of southwestern China have caused widespread flooding and triggered landslides.
Oriental Insurance to lead flood-claims assessment in India
Oriental Insurance is thought to be assessing the claims arising from the devastating floods in Uttarakhand, on behalf of all four PSU general insurers, according to an industry source.
Low-levels of insurance could belie true cost of North-India flooding disaster
Uttarakhand now faces the challenge of settling the large number of claims likely to be filed in the wake of the devastating floods.
Sumatran earthquake unlikely to see significant insured losses
AIR Worldwide is not expecting significant insured losses following Tuesday’s magnitude 6.1 earthquake in Sumatra.
Munich Re transfers Australian cyclone risk to capital markets
Munich Re transfers US hurricane and Australian cyclone risks to the capital markets
Relocation: The ex-pat factor
Following the news Allianz Insurance chief executive Andrew Torrance is moving to the US, Post quizzed senior British insurance professionals who have moved overseas on what he can expect.
Fire service tackles huge blaze at West Midlands plant
Firefighters are tackling one of the largest fires ever seen in the West Midland after 100,000 tonnes of plastic caught fire at a recycling plant in Smethwick.
Willis Re encouraged by Flood Re government liability and excesses pledge
Proposed pool will not impose a significant administrative burden on insurance businesses nor undermine the commercial environment according to Willis Re.
Deloitte and PwC welcome flood decision
Deloitte and PwC agree today’s agreement will benefit households at a high risk of flooding.
Groupama sees thousands of flood claims as France declared natural disaster zone
Groupama has received around 16 500 flood claims following devastating floods in southwest France.
Market looks to politicians to overcome Dutch flood stalemate
The Dutch Minister of Infrastructure and Environment plans to intervene in the flood debate raging in the Netherlands in a bid to overcome the current stalemate.
Costs of Australia's disasters could triple by 2050
Costs of natural catastrophes in Australia could rise from A$6.3bn to A$23bn by 2050 as population density and storms increase according to a new white paper.
German floods could cost insurers €5.8bn
Historic floods in Germany are likely to generate insured losses of between €4bn and €5.8bn, according to catastrophe modeller AIR.
Heavy rain death toll rises in India
Earlier than usual monsoon rain has killed at least 70 people in India, with the north of the country the worst hit.
Competition watchdog says Dutch flood proposals are anti-competitive
The Netherlands’ Consumer & Market Authority has delivered a blow to plans to make flood coverage mandatory from January 2014, saying the proposals violate competition law.
Disaster model released for German floods
Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has launched a scenario model for the recent German floods.
Airmic 2013: Language shift needed to raise supply chain awareness says FM Global
Risk managers need to overcome “misleading terminology” that leads company directors to underestimate their natural catastrophe exposure, according to Stefano Tranquillo.
Deadly May tornado season in US results in huge losses
Record breaking tornadoes and hail in the US caused billions of dollars of damage and many fatalities in Oklahoma and Texas in May.
Cyclone Mahasen destroyed over 100 000 homes
Over 130 000 poorly constructed homes in Bangladesh were destroyed by the powerful cyclone in May.
May US storms to cost insurers $4bn: Aon Benfield
Storms which ravaged the US through May are likely to cost the insurance sector as much as $4bn according to Aon Benfield’s cat model centre.
“Significant damage” expected from devastating European floods
Catastrophe modelling firm Eqecat has warned the industry to expect significant damage from the floods that have inundated Germany, Austria and the Czech Republic over the past week.