Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

US winter storms hit $3bn in March: Impact Forecasting

US winter storms hit $3bn in March: Impact Forecasting

US winter storms hit $3bn in March: Impact Forecasting

US winter storms are estimated to have caused $3bn in economic losses last month, with insurers picking up two thirds of the bill, according to Aon Benfield’s Impact Forecasting. Publishing its monthly global catastrophe report, Impact Forecasting said winter storms caused travel delays and damage, killing ten people, while March also recorded the US’s first tornado for a record 306…

Final loss estimate for Cyclone Debbie put at $1.3bn

Final loss estimate for Cyclone Debbie put at $1.3bn

Final loss estimate for Cyclone Debbie put at $1.3bn

Perils, the Zurich-based catastrophe data provider, has issued its fourth and final estimate for the losses suffered by property insurers from Cyclone Debbie, the tropical storm that hit Australia in March 2017. The estimate, which puts the losses at $1.3bn (AUD1.7bn), comes almost a year to the day that the category four cyclone made landfall on 28 March, hitting the…

Berkshire Hathaway opens Perth office for specialty insurance

Berkshire Hathaway opens Perth office for specialty insurance

Berkshire Hathaway opens Perth office for specialty insurance

Commercial insurer Berkshire Hathaway Specialty Insurance (BHSI) has expanded its Australian presence with an office opening in Perth, Western Australia. The new office will be led by casualty underwriting head Anthony Prindiville and property underwriting head Mark Shephard. The Perth office will add to BHSI’s existing branches in Sydney, Melbourne and Brisbane and will focus on underwriting casualty, property, mining,…

Parima adds new board members

Parima adds new board members

Parima adds new board members

The Pan-Asia Risk and Insurance Management Association (Parima) has added three new members to its board committee, in a sign of its growing presence in the region. Rehanna Box, Satoshi Hoshi and Takehisa Banno joined the board on 8 March, bringing the total number of members to 26. Ms Box, insurance advisory partner at the Sydney office of international law…

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

The ongoing effect of climate change is worsening the impact of natural disasters and costing the agriculture sector billions of dollars, according to a report from the United Nations’ Food & Agriculture Organisation (FAO). Furthermore, the much-talked-about protection gap between insured and economic losses has yet again been starkly exposed in the ongoing humanitarian crisis in Papua New Guinea, following…

Chubb hires new Singapore chief for general insurance

Chubb hires new Singapore chief for general insurance

Chubb hires new Singapore chief for general insurance

Scott Simpson has been appointed as the new country president for Chubb’s general insurance business in Singapore. He replaces Adam Clifford who has relocated to Europe, where he will take up the new position of division president, continental Europe. Mr Simpson was previously head of state distribution, Australia, for Chubb, where he was in charge of the national underwriting centre,…

Asian commercial rates fall despite first global increase in five years: Marsh

Asian commercial rates fall despite first global increase in five years: Marsh

Asian commercial rates fall despite first global increase in five years: Marsh

Global commercial insurance rates rose for the first time in five years during the last quarter of 2017, almost exclusively due to a rise in property premiums, according to Marsh’s Global Insurance Market Index. But while rates were up in Australia, the UK and Latin America, they fell by 0.6% on average across Asia, albeit at a declining pace compared…

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

The long tail of earthquake-related loss events has been illustrated by news that insurers are still facing claims from historic earthquakes in Canterbury, Christchurch and Kaikoura in New Zealand. Two Australian insurers, IAG and Suncorp, reported that they are still paying out several years after the events. IAG said it was being passed on cap claims from the New Zealand…

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

The imminent introduction of Australia’s notifiable data breaches (NDB) scheme is likely to dramatically increase the liability from a cyberattack for companies, according to a local insurer. The NDB scheme comes into force on 22 February and will require companies to inform both the Office of the Australian Information Commissioner as well as affected customers, in the event of a…

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