“Premium growth will continue to improve from where we were in the last three or four years, but I don’t expect in 2012 that we’ll see a massive increase in premium,” said Matt Mosher, A.M. Best Co.’s senior vice president of global ratings
“A M5.8 earthquake in the central and eastern US does not produce an expectation of widespread catastrophic damages,” said EQECAT.
June 13 earthquake is the latest in a string of seismic events to hit the New Zealand city
May 22 tornado is the deadliest to hit the United States since 1947
Estimated net claims from natural disasters in line with industry losses
Great-West Lifeco Inc. said it expects to take a $75 million after-tax hit in the first quarter, due largely to the magnitude 9.0 earthquake and resulting tsunami in Japan. “The financial impact is essentially related to claims on property catastrophe retrocession coverage sold to property and casualty reinsurers by London Reinsurance Group Inc., an indirect subsidiary of [...]
At 12:51 PM local time on February 22 (11:51 PM GMT on February 21), a magnitude 6.3 earthquake occurred near Christchurch, New Zealand. Initial reports say the quake killed at least 65 people and hundreds more have been rescued from the debris of damaged buildings. The city and region was affected by a magnitude 7.0 [...]
Several major catastrophes in 2010 resulted in substantial losses and an exceptionally high number of fatalities, according to Munich Re. A total of 950 natural catastrophes were recorded last year, nine-tenths of which were weather-related events like storms and floods. This total makes 2010 the year with the second-highest number of natural catastrophes since 1980, [...]
View the video here on your mobile device. As 2010 draws to a close, it’s time to take a tally of what happened in the world this year. Unfortunately, between man-made and natural disasters, it was a busy year. Swiss Re estimates that worldwide losses from disasters and catastrophes were $222 billion, more than triple [...]
Eight catastrophe bond transactions totaling USD $2.05 billion in risk capital were completed in the second quarter of 2010, making it the second most active second quarter on record, according to a new report issued by Guy Carpenter & Company, LLC, and GC Securities, a division of MMC Securities Corp. The report, Cat Bond Market [...]
View the video here on your mobile device. Ryan Pratt, a Senior Manager with Ernst & Young, explains how they help their clients in identifying risk. Ryan Pratt: What we do with our clients in terms of identifying risk and what could happen, and what are the potential risks that they face, is we encourage [...]
Excess capacity in the commercial lines insurance marketplace continued to keep premiums under pressure during the second quarter of 2010, according to the RIMS Benchmark Survey, administered by Advisen Ltd. Risk managers reported decreases in average renewal premium of between 2.5 and 3.8 percent for property, general liability, directors & officers liability (D&O) and workers’ [...]
The first half of 2010 was marked by an exceptionally large number of natural catastrophes and the scale of the losses they caused, says Munich Re. From January until the end of June, 440 events were registered, the second highest figure for this period since 2000, and overall losses of US$ 70bn were recorded. This [...]
Reinsurance intermediary and capital advisor Aon Benfield has released its latest Monthly Cat Recap report, which provides an analysis of global perils in June. Published by the Impact Forecasting team, Aon Benfield’s catastrophe model development center of excellence, the report reveals that the month was dominated by several floods and severe weather events which impacted [...]
Major losses from the Chile earthquake and storms in Australia in the first quarter of 2010 have had little impact on pricing in the global reinsurance market, which continued to soften this renewal season. The exception was on Chilean-specific renewals, which have seen rate increases of between 40 and 70 percent. This assessment of the [...]
Aon Benfield has released its July 1 Renewals Update report, which reveals that rates continue to decline in all major regions without significant catastrophe loss activity in the last 12 months. The effects of the Chilean Earthquake and storms in Australia resulted in localized increases in pricing. Chilean reinsurance renewals increased 45 to 65 percent [...]
Global loss adjusting and claim management company Cunningham Lindsey has launched a Global Mining Practice Group. The company says this group of experienced adjusters have handled hundreds of major mining losses involving floods, landslides, access route interruptions and plant losses of every description; together with hydroelectric, ventilation, electrical and communication systems on both open cut, [...]
BP has agreed to finance a US$20 billion fund to pay the claims of people whose jobs and way of life have been damaged by the devastating oil spill in the Gulf of Mexico, President Barack Obama said on June 16. Obama said the $20 billion will provide substantial assurance that legitimate claims made [...]
The long-term trend towards ever higher natural catastrophe costs continues, Munich Re’s Geo Risks experts conclude in view of the large number of natural catastrophes recently, the latest examples being the earthquake in Chile, hailstorms in Australia and Winter Storm Xynthia in Europe. Munich Re now estimates its loss burden from the earthquake that struck [...]
