Tag: "Loss"

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Haiti, Mozambique most vulnerable to losses

By on Jul 19, 2010 in Natural Disasters

New research identifying Haiti and Mozambique as the countries most vulnerable to economic losses from natural disasters also classifies a number of industrialized economies, including Italy, Japan, China, USA, Spain and France, as "high risk" environments for investors, insurers and business. The Natural Disasters Economic Losses Index (NDELI), released by risk intelligence and ratings company [...]

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First half of 2010 marked many severe catastrophes

By on Jul 13, 2010 in Natural Disasters

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 [...]

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Severe weather dominates Aon Benfield cat report

By on Jul 12, 2010 in Natural Disasters

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 [...]

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Alberta sets aside $200M to pay for flood damage

By on Jul 09, 2010 in Sales, Mergers & Acquisitions

The Alberta government has set aside more than $200 million to help people, businesses and local governments repair damage from heavy flooding in the south. The money will cover damage that insurance companies don’t, as well as help municipalities with emergency costs. Registration centres opened across southern Alberta starting July 7 where people can apply [...]

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Strong risk management means stable earnings

By on Jul 07, 2010 in Risk Management

Businesses with stronger risk management practices than their peers enjoy more stable financial performance over the long term, including much lower earnings volatility, according to the findings of a new study of more than 500 large multinational companies. Commissioned by commercial property insurer FM Global and conducted by Oxford Metrica, an independent strategic advisor to [...]

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Losses from Hurricane Alex not to exceed $200M

By on Jul 07, 2010 in Natural Disasters

Catastrophe risk modeling firm AIR Worldwide estimates that insurable losses (losses from properties that are eligible for insurance, whether or not they are actually insured) from Hurricane Alex are not expected to exceed $200 million USD. Since insurance penetration in Mexico is relatively low, insured losses are not expected to be significant. This loss estimate [...]

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Loss burden from Chilean quake now at $1 billion

By on Jun 16, 2010 in Natural Disasters

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 [...]

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Deepwater Horizon losses hit insurers, reinsurers

By on Jun 10, 2010 in International Insurance

Insurers and reinsurers are likely take a hard look at the assumptions used to price property and liability coverages for drilling platforms in the wake of the Deepwater Horizon loss, said Moody’s Investors Service in a new report. Property pricing has already responded to the event with premiums that are 15%-25% higher for rigs operating [...]

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Lloyd’s estimates claims from quake, Gulf events

By on Jun 04, 2010 in International Insurance

Lloyd’s announced that it estimates its net claims before tax from the earthquake in Chile to be in the order of US$1.4 billion. It has also announced its current estimates for the net claims from the Deepwater Horizon explosion in the Gulf of Mexico. The estimate stands at between US$300 million and US$600 million. As [...]

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Fairfax reports Q1 profit

By on May 11, 2010 in Financial Reports

Fairfax Financial Holdings reported a profit of US$290.2 million in its latest quarter, compared with a loss a year ago, helped by strong investment gains. The insurance and investment management firm, which keeps its books in U.S. dollars, said the profit amounted to $14.02 per diluted share in its latest quarter compared with a loss [...]

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Guy Carpenter looks at oil rig explosion, sinking

By on Apr 30, 2010 in Un-Natural Disasters

An explosion and large fire on an oil rig in the Gulf of Mexico left 11 workers missing and 17 others injured on April 20. The blaze on the Deepwater Horizon drilling rig sent flames and smoke high into the sky about 40 miles off the coast of Louisiana. A  new report from Guy Carpenter [...]

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The lost summer of 2009

By on Apr 26, 2010 in Climate, Featured

View the video here on your mobile device. For many, it was the summer of our discontent.  Record temperatures hit parts of the west while rain and cooler days were too common in the rest of the country. When Environment Canada released its list of top weather stories of the year, the summer and its [...]

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Advanced Fraud Detection Solutions

By on Apr 23, 2010 in Software & Technology

In its list of top technologies to impact the property and casualty insurance industry, Gartner says that Advanced Fraud Detection Solutions are key. It is key that insurers reduce losses and leakage to retain profitability. Better control of fraud is essential in accomplishing these goals. Advanced tools analyze data (structured and unstructured) to identify fraudulent [...]

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Iceland eruption won’t affect insurance industry

By on Apr 20, 2010 in Natural Disasters

Munich Re says that the renewed eruption of the Eyjafjallajökull volcano has led to widespread shutdowns and cancellations in Europe’s air traffic, yet is not expected to have any other substantial repercussions or give rise to significant losses for the insurance industry. In a statement, Munich Re said that the second eruption on April 14 [...]

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Chile energy losses not expected to exceed $350M

By on Apr 01, 2010 in Natural Disasters

Following a review of expected claims by its energy claims specialists, Marsh has estimated that energy insurance losses from the Chilean earthquake will not exceed $350 million. The estimate does not include any future contingent business interruption claims. Shortly after the 8.8 magnitude earthquake in Chile on February 27, Marsh sent in claims specialists from [...]

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Catastrophes cost insurers $26 billion in 2009

By on Mar 24, 2010 in Featured, Natural Disasters

View the video here on your mobile device. According to Swiss Re’s latest sigma study, natural catastrophes and man-made disasters claimed approximately 15,000 lives and cost insurers $26 billion in 2009. The overall cost to society was $62 billion. Insured losses were below average due to a calm US hurricane season. On a worldwide basis, [...]

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Independent cat loss information service launched

By on Mar 23, 2010 in Featured, Natural Disasters

View the video here on your mobile device. ISO has been working with Toronto based MSA Research Inc. to bring Property Claim Services -  PCS -  to Canada. A new independent service named PCS-Canada (www.pcs-canada.com) enables primary insurance companies, reinsurers, brokers, and others to receive, for the first time, industry-wide data about Canadian catastrophes, including [...]

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RSA announces impact of Chilean earthquake

By on Mar 15, 2010 in Featured, Natural Disasters

View the video here on your mobile device. RSA has announced the impact of the Chilean earthquake on its business. RSA Insurance Group is the leading general insurer in Chile through its wholly-owned subsidiary, Royal & SunAlliance Seguros Chile. The February 27 earthquake caused widespread damage throughout Chile and, while the situation is still evolving, [...]

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Quake losses unlikely to impact Chilean P&C ratings

By on Mar 15, 2010 in Featured, Natural Disasters

View the video here on your mobile device. Based on preliminary analysis, Fitch Rating believes that the Chilean property/casualty insurance industry will likely be able to absorb losses from the earthquake and Tsunami that hit the central-south part of Chile on February 27. However, industry profitability ratios will be negatively impacted, and the 2010 fiscal [...]

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