Reinsurance News
natural catastrophes
Evolution of nat cat events remains a key challenge for the energy space: Munich Re Syndicate’s Timothy Lee
23rd June 2021
The increased unpredictability and severity of natural catastrophe events will continue to be the key challenges for the energy insurance sector, according to Timothy Lee, Energy and Engineering Underwriter, Munich Re Syndicate Singapore. In an interview with Reinsurance News, Lee noted that the energy insurance market continues to harden, although at ... Read the full article
PERILS releases third industry loss estimate for 2020 Queensland Hailstorms
4th May 2021
Zurich-based catastrophe insurance data provider PERILS is now anticipating a AU$1.173 billion industry hit from last October’s South East Queensland Hailstorms. During the afternoon of 31 October, severe thunderstorms impacted South East Queensland, including the surrounding areas of Brisbane, the Gold Coast and the Sunshine Coast. The corridor from Amberley through ... Read the full article
Philippine nat cat insurance facility targets Q1 rollout
19th February 2021
Organisations and authorities have come together in the Philippines to finalise the establishment of the Philippine Catastrophe Insurance Facility (PCIF), designed to improve the country's financial resilience against natural disaster events. The country's Insurance Commission (IC), alongside the National Reinsurance Corp. of the Philippines (Nat Re) and the Philippine Insurers and ... Read the full article
Trend in secondary perils has been evident for decades: Prospectus 2021
18th November 2020
The trend of so called secondary perils such as wildfires, severe convective storms (SCS) and floods, increasingly contributing to re/insurance industry losses has been evident for the past few decades, according to Andreas Weigel, Weather Perils Lead, Swiss Re. To end day four of Prospectus 2021, Weigel, alongside Kelly ... Read the full article
US wildfires, hurricanes drive insured hit into billions for September: Aon
9th October 2020
Wildfires across the US west coast, hurricane Sally and tropical storm Beta all featured in Aon's global catastrophe report for September, generating a cost to insurers that will fall in the billions of the dollars. Five of California's six largest fire events since 1932 were recorded in August and September alone, ... Read the full article
Australia’s summer nat cat claims hit AU$5.3bn
13th July 2020
Insurers in Australia paid over AU$5.3 billion (US$3.7 billion) in catastrophe-related claims over the summer, according to The Insurance Council of Australia CEO Rob Whelan. This figure represents a slight increase from the ICA's previous estimate of AU$5.19 billion. Commenting during a Senate Inquiry, Whelan said AU$2.34 billion was paid out for ... Read the full article
$13bn insured loss from 2020 US severe convective storms: Aon
29th May 2020
Global reinsurance broker Aon has pegged the insured loss in 2020 from US severe convective storm damage at $13 billion. This marks the 13th consecutive year that impacts from the peril in the country have surpassed $10 billion in insured payouts; a trend Aon says signifies a “new normal.” In its weekly ... Read the full article
Swiss Re to exceed large loss budget, FY19E income revised down: JP Morgan
28th January 2020
A "noisy" period for catastrophe events is expected to see global reinsurance giant Swiss Re exceed its large losses budget in both Q4 and full-year 2019, which, combined with other factors has seen analysts at JP Morgan reduce their full-year 2019 net income for the reinsurer by 20%. The Switzerland-based reinsurer ... Read the full article
Indonesia insures state assets against natural disasters
22nd November 2019
The Government of Indonesia has signed an umbrella contract with a consortium of 56 re/insurers to protect state assets against natural disasters and other major risks. The agreement will cover ministry and institutional buildings in Indonesia against structural damage until 2023. Director General of State Assets of the Ministry of Finance Isa ... Read the full article
Industry losses from Q1 nat cats 47% below 15-year average: Aon
17th April 2019
Preliminary data from Aon’s latest market outlook report shows that through the first three months of 2019 re/insurers sustained natural catastrophe losses of $7.1 billion, 47% below the 15-year average of $13.5 billion. Roughly $4 billion of that insured loss figure was sustained in the US, where five of the ten ... Read the full article
International discord hindering ability to tackle global risks: WEF
16th January 2019
Deteriorating international relations are hindering the world’s ability to foster collective action and tackle the most serious global risks, according to the World Economic Forum (WEF). The Forum’s Global Risks Report 2019 said that international cooperation looks set to worsen further over the coming year, with experts identifying rising geopolitical and ... Read the full article
Vulnerable countries push re/insurance agenda at COP24 climate event
11th December 2018
Representatives of some of the world’s most vulnerable countries have used the ongoing 24th Climate Change Conference of the Parties (COP24) in Katowice, Poland to push for a broader climate and disaster risk financing and re/insurance agenda. Members of the Vulnerable Twenty (V20) group, which represents 48 of the world's most ... Read the full article
Asia Pacific region to experience even more destructive cat events, says RMS
29th October 2018
Catastrophe risk modelling and analytics firm RMS has said that the Asia Pacific region can expect to experience even more destructive events at the 1% level of annual probability, which could have a major impact on both governments and re/insurers. The Asia Pacific region has already experienced several disasters over 2018, ... Read the full article
Aon catastrophe report highlights protection gap in Asia
20th September 2018
Figures from the latest iteration of Aon’s monthly Global Catastrophe recap report have highlighted the scale of Asia’s protection gap following the severe flood and earthquake events in India and Indonesia respectively. The report states that the Kerala state in India was hit by its worst flooding in over 90 years, ... Read the full article
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