Natural catastrophes (Nat Cats)
“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.
Property Claims 2013: Insurers told to go Down Under
Insurers could boost the industry’s reputation by imitating the Australian model of working closer together to tackle catastrophic claims surges, according to John Pyall, head of Munich Re’s Great Lakes facilitated claims unit.
Limited damage expected from Taiwan earthquake
Catastrophe modeling firm AIR Worldwide is not expecting significant insured losses from yesterday's earthquake as it happened in a rural area with little insurance coverage.
Lack of cat data generating "flawed" models: Marsh
Insurers are spiking premiums where businesses are generating “flawed” modelling because of limited information on supply chain and property risk exposures, according to Marsh.
Severe flooding hits Central Europe
Authorities in Central Europe have declared states of emergency after severe flooding hit cities across the region.
Taiwan earthquake kills two
A 6.3 magnitude earthquake in central Taiwan has killed two people and injured over 20 more.
Floods hit Mexico's Pacific coast following Barbara landfall
Excessive rainfall and flooding have hit some areas of southeastern Mexico after hurricane Barbara made landfall near the state of Chiapas on Wednesday.
Eqecat and RMS finalise data sharing scheme
Rival catastrophe modelling firms Eqecat and Risk Management Solutions have finalized an agreement to share exposure data schemas.
RMS estimates Oklahoma losses could reach $3.5bn
Risk Management Solutions has put insured losses from the Moore, Oklahoma tornado at $2bn to $3.5bn.
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Intense hurricane season warning for US
Insurers have been warned that above-average hurricane activity is on the way for the period between 1 June and the end of November.
Forecasters predict high hurricane levels as Oklahoma reels from tornado
‘70% chance’ of above-average hurricane activity between July and November
Insurance can support economic development in MENA region says Zurich
Insurance can promote economic development, create jobs and boost trade across the Middle East and North Africa region, a new report by Zurich has claimed.
Philippines wins disaster recovery award
The Philippines has won an award from the Arabian Travel Market for successfully bouncing back from the devastation of typhoon Bopha (or Pablo) in December 2012.
Allianz completes $175m windstorm and earthquake bond
Allianz has secured $175m of protection against named storms in the US, Mexico and Carribean, as well as North American earthquakes, ahead of the 2013 Atlantic hurricane season.
Asian highlights of the week
A round-up of the best articles featuring Asia on Insurance Insight this week.
Moore tornado losses unlikely to reach London insurers
Insured losses from the devastating tornado that hit the Oklahoma City suburb of Moore are unlikely to hit the London market.
Many uninsured renters impacted by $2bn Oklahoma tornado
The Oklahoma Insurance Department has warned that many rented households destroyed by the recent tornado may have no insurance cover, following estimates that costs could hit $2bn (£1.3bn).
Moore tornado losses could exceed Joplin
Damage from a mile-wide tornado that struck the Oklahoma City suburb of Moore could exceed the May 2011 Joplin event, according to Oklahoma Insurance Commissioner John Doak.
Over $2bn of property damage from Oklahoma tornado
The devastating tornado which struck the Oklahoma suburb of Moore on Monday (22 May) in the US has damaged property to a total replacement value of up to $6bn within a two mile radius of the storm’s path.
$6bn of property damaged in Moore tornado: AIR
The devastating tornado which struck the Oklahoma suburb of Moore on Monday has damaged property to a total replacement value of $6bn within a two mile radius of the storm’s path.
Impact Forecasting improves catastrophe modeling tools
Impact Forecasting, the catastrophe model developer at Aon Benfield, has launched a set of tools to help quantify uncertainties in catastrophe models across all natural disasters and countries.
Marine: Tidal waves
Still reeling from recent huge losses, marine insurers cannot increase rates due to over-capacity – but is the outlook for the sector as negative as it seems?
Tornado slams Oklahoma suburbs
A devastating tornado has killed more than 50 people after tearing through suburbs of Oklahoma City.