Pool Re to plug cyber risk and NDBI gaps

Pool Re to plug cyber risk and NDBI gaps

Pool Re to plug cyber risk and NDBI gaps

Pool Re has received agreement in principal from the UK government to extend its coverage to cyberterrorism. To date, coverage for property damage resulting from “remote digital interference” has been excluded from terrorism policies reinsured by the government-backed mutual. Pool Re is also looking at closing gaps in non-damage business interruption (NDBI) coverage following a terror attack. Speaking at the…

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Insured loss estimates from Hurricane Irma are lower than initially feared, with the latest placing costs at around $25bn. Experts predict that losses from Hurricanes Irma and Harvey will not shift global insurance market pricing. Yesterday, risk analysis firm Karen Clarke & Co estimated that insured losses from Hurricane Irma will total $25bn, with $18bn of that figure resulting from…

Swiss Re Corporate Solutions focused on insurance that is fit for purpose

Swiss Re Corporate Solutions focused on insurance that is fit for purpose

Swiss Re Corporate Solutions focused on insurance that is fit for purpose

The development of non-damage business interruption (NDBI) policies and the advent of cyber risk policies have both helped shape the focus of Swiss Re Corporate Solutions’ Africa business. In the 30 months since Swiss Re Corporate Solutions opened its doors in South Africa, the company has been developing its strategic approach. Natasha Wally, country manager South Africa, said the plan…

RMS: Hurricane Harvey to cost insurers up to $40bn

RMS: Hurricane Harvey to cost insurers up to $40bn

RMS: Hurricane Harvey to cost insurers up to $40bn

Hurricane Harvey’s insured loss estimates have risen to between $25bn and $35bn and could be as high as $40bn, according to RMS. Potential total economic losses are running three times higher, at between $70bn and $90bn. The estimates include losses from wind, storm surge and inland flooding from the category 4 hurricane that held over Texas for a week before…

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Insured US loss estimates from Hurricane Irma have fallen as the storm headed west and reduced to a category 1 storm, but the insurance industry is still expected to face a hefty bill. Industry experts say losses from Hurricanes Irma and Harvey will hit the insurance industry’s profits but are unlikely to cause a market-wide hardening. Air Worldwide said today…

Reinsurance market to soften further despite Harvey and tough underlying conditions

Reinsurance market to soften further despite Harvey and tough underlying conditions

Reinsurance market to soften further despite Harvey and tough underlying conditions

Ratings agencies do not expect soft global reinsurance market conditions to harden because of Hurricane Harvey or continued weak underlying operating conditions at upcoming renewals. In a series of reports published ahead of the Rendez-Vous de Septembre in Monte Carlo next week, Fitch, S&P and AM Best did not change their rating outlook on the reinsurance sector. But negative rating…

Hurricane Irma puts reinsurers in firing line, says S&P

Hurricane Irma puts reinsurers in firing line, says S&P

Hurricane Irma puts reinsurers in firing line, says S&P

As the annual renewal kicks off in Monte Carlo next week, reinsurers face potential losses from another powerful hurricane, in what is an already weak market. Hurricane Irma, a powerful category 5 storm, could have greater impact on the reinsurance sector than Hurricane Harvey, which deluged Texas and Louisiana last week, according to S&P Global Ratings (S&P). If Irma makes…

Typhoons to cost Hong Kong insurers more than $130m

Typhoons to cost Hong Kong insurers more than $130m

Typhoons to cost Hong Kong insurers more than $130m

Typhoons Hato and Pakhar, which caused widespread damage in Hong Kong, Macau and the Chinese province of Guangdong, have landed Hong Kong’s insurers with a bill of more than $130m (HK$1bn). According to the South China Morning Post (SCMP), the estimate would be a record sum for typhoon-related claims. The last time insurers were left with costly typhoon-related claims was…

Hurricane Harvey not expected to be capital event for commercial insurers

Hurricane Harvey not expected to be capital event for commercial insurers

Hurricane Harvey not expected to be capital event for commercial insurers

Losses from Hurricane Harvey will impact the earnings of insurers covering risks in Texas but is not expected to prove a capital event for the commercial segment, according to AM Best. Commercial insurers are likely to suffer the greatest losses from the storm and many of their reinsurance programmes will be activated, the rating agency says. AM Best adds that…

Harvey continues to cause havoc as business disruption grows

Harvey continues to cause havoc as business disruption grows

Harvey continues to cause havoc as business disruption grows

Hurricane Harvey, now a tropical storm, continues to bring extensive disruption to industry and infrastructure in Texas and Louisiana, after the storm made its third landfall in a week. Having making landfall twice in Texas, Harvey moved southwest into Louisiana, where it made its third landfall west of Cameron early Wednesday morning – bringing the risk of flooding to the…

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