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…

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…

Bermuda’s Sirius forms environmental risk team

Bermuda’s Sirius forms environmental risk team

Bermuda’s Sirius forms environmental risk team

Sirius Group has added Robert Potter and Bob Albanese to its environmental team, joining Doug Stepenosky, who was appointed to lead the division earlier this year. Mr Potter, whose new title is national environmental underwriting manager, most recently worked at Great American Insurance Group. He will be based in San Francisco. Bob Albanese joins Sirius as vice president, environmental claims…

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

Risk modelling and analytics firm RMS has expanded its portfolio of risk models with the addition of tropical cyclone and earthquake models covering Asia-Pacific. More specifically, the new models include typhoon models for South Korea and Taiwan, adding to existing ones for Japan and China, as well as earthquake models for Vietnam, Singapore, Malaysia and Thailand, which will not sit…

China’s compulsory pollution liability cover will provide growth opportunities, says Moody’s

China’s compulsory pollution liability cover will provide growth opportunities, says Moody’s

China’s compulsory pollution liability cover will provide growth opportunities, says Moody’s

The proposed compulsory pollution liability insurance cover in China will provide growth opportunities in non-motor insurance business and promote development of liability insurance within the property and casualty (P&C) sector, according to Moody’s Investors Service. In June, China’s Ministry of Environmental Protection and the China Insurance Regulatory Commission jointly published a consultation paper on new regulations regarding insurance on environmental…

Swiss Re launches parametric typhoon policies for Hong Kong and China

Swiss Re launches parametric typhoon policies for Hong Kong and China

Swiss Re launches parametric typhoon policies for Hong Kong and China

Swiss Re Corporate Solutions (SRCS) has launched what it claims is the first ever typhoon warning insurance product for Hong Kong-based businesses. Dubbed Insure8, the parametric product pays out to policyholders when a typhoon signal number eight (T8) is issued by the Hong Kong Observatory. The policy is designed to indemnify local businesses from business interruption (BI) or loss of…

Fukushima executives go on trial in Japan

Fukushima executives go on trial in Japan

Fukushima executives go on trial in Japan

Three former executives at the Fukushima Daiichi nuclear power plant have pleaded not guilty to charges of professional negligence, in the only criminal trial to have resulted from the 2011 nuclear disaster. Tsunehisa Katsumata, chairman of Tokyo Electric Power Plant at the time of the incident, issued an apology to the Tokyo court at the commencement of the trial but…

Climate change report forecasts higher intensity weather phenomena

Climate change report forecasts higher intensity weather phenomena

Climate change report forecasts higher intensity weather phenomena

Climate change is likely to cause higher frequency and intense weather events including thunderstorms, wildfires and floods, according to a new report from AIR Worldwide. The report found that the number of cyclone events is likely to fall, but there will be more strong storms. AIR Worldwide said flooding will be the most evident manifestation of climate change, with more…

AGCS opens S Korea office as Asia expansion continues

AGCS opens S Korea office as Asia expansion continues

AGCS opens S Korea office as Asia expansion continues

Allianz Global Corporate & Specialty (AGCS), the corporate and specialty arm of the German insurer, has opened a new office in South Korea. The office opening means that AGCS is the first foreign insurer to be granted regulatory approval by the South Korea Financial Services Commission to operate with a local insurance license, claims AGCS. It will cover a variety…

Common law liabilities for pollution in the UK

Common law liabilities for pollution in the UK

Common law liabilities for pollution in the UK

Anyone familiar with environmental liability will understand how heavily laden the subject is with regulation. Amid the excitement of the UK’s Environmental Protection Act and EU Environmental Liability Directive, it is too easy to neglect the study of a landowner’s duties at common law. Such duties may arise in negligence, for breach of statutory duty, in nuisance or under the…

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