Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

A broadening of coverage in business interruption (BI) insurance due to price pressure and competition is leading to concerns about claims certainty, according to Swiss Re Corporate Risk Solutions (SRCS). The BI proportion of Property Damage claims continues to grow and in some cases eclipses physical loss to assets by more than double. It is not uncommon for BI losses to…

AIR’s California wildfires estimate increases four-fold

AIR’s California wildfires estimate increases four-fold

AIR’s California wildfires estimate increases four-fold

AIR Worldwide has increased its insured loss estimate for October’s Californian wildfires to between $8bn and $10bn, up from $2bn–$3bn stated previously. The catastrophe modelling firm said the revised figure reflects new information about policy terms and a revaluation of replacement values for high-value homes. AIR’s loss estimate covers damage to residential and commercial properties, as well as motor and…

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Loss adjuster Charles Taylor Adjusting has appointed Glyn Symonds as director of operations in France. Based at the company’s new Marseille office, Mr Symonds will oversee Charles Taylor Adjusting’s French offices. He will identify new business opportunities in France and be responsible for claims in the country and French-speaking territories. Mr Symonds joins Charles Taylor Adjusting after a 40-year career…

Marsh launches Resilience for UK mid-sized buyers

Marsh launches Resilience for UK mid-sized buyers

Marsh launches Resilience for UK mid-sized buyers

Marsh has launched a new insurance and risk management solution designed to simplify commercial insurance for mid-sized firms in the UK. Resilience promises to offer greater protection against major threats, including cyber risk business interruption and unseen events. Resilience offers commercial insurance policies from a panel of ten insurers to guarantee competition, but all cover is bound by Resilience wordings…

Bermuda’s insurance industry foots 25% of hurricane bill

Bermuda’s insurance industry foots 25% of hurricane bill

Bermuda’s insurance industry foots 25% of hurricane bill

Bermuda’s insurers and reinsurers are expected to pay for at least 25% of total insured losses, currently estimated at $100bn, from Hurricanes Harvey, Irma and Maria, according to the Association of Bermuda Insurers & Reinsurers (ABIR). The association said Bermuda’s insurance industry has already begun paying claims. Kevin O’Donnell, ABIR chair, and president and CEO of RenaissanceRe Holdings, said: “At…

Scor estimates €430m cat costs amid $95bn market loss

Scor estimates €430m cat costs amid $95bn market loss

Scor estimates €430m cat costs amid $95bn market loss

The trio of hurricanes to hit the US and the Caribbean – Harvey, Irma and Maria – combined with the Mexico earthquakes, will cost Scor an estimated €430m for the third quarter of 2017, net of retrocession and subject to uncertainty as claims information remains limited. Scor estimates the insurance market’s total insured loss from the catastrophes, which all fall…

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa currently has 301 hotel projects in the pipeline, accounting for 57,011 rooms, or 11.0% of the continent’s existing room supply, according to STR. Thomas Emanuel, STR’s director of business development, said: “Across Africa, we’ve seen mixed performance results to date. In local currencies, rates are up in several countries, including Egypt, Morocco and South Africa, but in many instances…

Rate increases likely as record cat losses take toll

Rate increases likely as record cat losses take toll

Rate increases likely as record cat losses take toll

With predictions of record catastrophe losses for insurers in 2017, premium rate increases look increasingly likely in 2018. However, with near-record levels of capacity and recent growth in alternative capital, any hardening in insurance and reinsurance pricing is expected to be shortlived. Following the double whammy of Hurricanes Harvey and Irma in late August and early September, few were forecasting…

QBE predicts record loss year for insurance industry and announces $600m hit

QBE predicts record loss year for insurance industry and announces $600m hit

QBE predicts record loss year for insurance industry and announces $600m hit

2017 is likely to beat all records and become the costliest year in the history of the global insurance industry, according to insurer QBE, as it announced an increase in its own reserves for large individual risk and catastrophe claims that will hit earnings by $600m. This year has seen a spate of natural catastrophes, including several hurricane losses during…

Risk managers set for busy time as they tackle claims from recent hurricanes

Risk managers set for busy time as they tackle claims from recent hurricanes

Risk managers set for busy time as they tackle claims from recent hurricanes

The recent hurricanes to hit the US and Caribbean will have risk managers poring over policy wordings as they seek to maximise their insurance recovery, according to a webinar hosted by US risk management body RIMS. With the insurance industry facing a $100bn-plus bill for Hurricanes Harvey, Irma and Maria, claims will be a key focus in coming months for…

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