AIR unveils Thunderstorm model for Australia

AIR unveils Thunderstorm model for Australia

AIR unveils Thunderstorm model for Australia

Catastrophe modelling firm AIR Worldwide has released what it claims is the first severe thunderstorm model for Australia to capture all three sub-perils – hail, tornado and straight-line wind. The model produces daily simulations based on statistical modelling combined with historical data provided by Australia’s Bureau of Meteorology, along with local and seasonal weather patterns. This approach is designed to…

XL Catlin launches cyber insurance in Asia-Pacific

XL Catlin launches cyber insurance in Asia-Pacific

XL Catlin launches cyber insurance in Asia-Pacific

Bermuda-based insurer XL Catlin has unveiled a cyber and data protection insurance policy for Asia-Pacific. The policy covers business interruption and associated extortion demands arising from a network compromise, as well as both the first-party incident response costs and third-party liability. The first-party costs include notification, forensic investigation and public relations support, while the potential liability covered under the policy…

Munich Re puts cost of Cyclone Debbie claims at $1.4bn

Munich Re puts cost of Cyclone Debbie claims at $1.4bn

Munich Re puts cost of Cyclone Debbie claims at $1.4bn

Global reinsurer Munich Re has released the highest-yet estimate of the losses from Cyclone Debbie, putting the insured loss at $1.4bn and the economic impact, or uninsured losses, at $2.7bn. Meanwhile, its figures for the global losses from natural catastrophes, both insured and uninsured, were well below the ten-year average, suggesting that this may further increase the pressure on reinsurance…

Specialist cyber insurer opens in Singapore

Specialist cyber insurer opens in Singapore

Specialist cyber insurer opens in Singapore

A new insurer has launched in Singapore, hoping to capitalise on the growing insurtech market in the country. Delta Insurance Singapore (Delta IS) describes itself as “the first cyber, technology and financial lines Lloyd’s coverholder in Singapore”. It is part of the Delta International Group and a sister company to Delta New Zealand, which has a similar technology-based risk focus,…

QBE’s emerging markets division sees increased claims

QBE’s emerging markets division sees increased claims

QBE’s emerging markets division sees increased claims

QBE has provided an update prior to its 2017 interim result being announced, which warns that its emerging markets division will report a first half combined operating ratio of around 110%. The insurer said that while the group’s three large operating divisions are currently on track to report results in line with budget, the emerging markets division has experienced significantly…

Unison and Steadfast unveil new broker network partnership

Unison and Steadfast unveil new broker network partnership

Unison and Steadfast unveil new broker network partnership

Australian Steadfast Group has taken a stake in German-based broker unisonBrokers AG as part of a strategic partnership agreement between the two general insurance broking networks. Under the terms of the deal, Unison said it will rebrand as unisonSteadfast. The stake was not declared, although it was said to be non-controlling. Steadfast CEO Robert Kelly and chief operating officer Samantha…

New rates for New Zealand Fire Emergency Levy

New rates for New Zealand Fire Emergency Levy

New rates for New Zealand Fire Emergency Levy

The New Zealand Fire Service is planning to make various changes to its Fire Service Levy, as from 1 July 2017, according to Impendulo, a specialist in insurance premium tax compliance. Firstly, the name of the Levy will change from Fire Service Levy to Fire Emergency Levy. The New Zealand Fire Service is also making changes to the size of…

Cyclone Debbie insured losses expected to peak at $900m

Cyclone Debbie insured losses expected to peak at $900m

Cyclone Debbie insured losses expected to peak at $900m

The total insured losses from Cyclone Debbie have reached $897m, with just a minimal amount of claims expected to trickle in. According to the Insurance Council of Australia (ICA), insurers have received 56,135 claims related to the Category 4 storm that struck Airlie Beach on the Queensland coast on 28 March and caused widespread damage to Queensland, New South Wales…

Ironshore appoints Australia head

Ironshore appoints Australia head

Ironshore appoints Australia head

Specialty insurer Ironshore International has hired William Lewis as managing director of its Australian operations. A private equity attorney, Mr Lewis specialises in private equity transactions, tax structuring and insurance, and has in the past advised a number of private equity firms in London, New Zealand and Australia. Mr Lewis was previously head of mergers and acquisitions (M&A), Ironshore Asia-Pacific,…

New South Wales Emergency Services Levy to remain

New South Wales Emergency Services Levy to remain

New South Wales Emergency Services Levy to remain

The New South Wales Emergency Services Levy (ESL) is to remain in place until further notice, according to Fiscal Reps. The ESL was expected to be abolished with effect from 1 July 2017 and replaced by a new Fire and Emergency Services Levy (FESL). However, at the end of May, the Premier of New South Wales, Gladys Berejiklian, announced that…

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