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…

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured losses from natural catastrophes totalled $22bn in the first half of 2017, according to Aon Benfield’s Impact Forecasting, with numbers matching Munich Re’s figure of $21.5bn. According to Aon Benfield, insured losses covered 42% of $53bn total economic losses in the first half of 2017. This is above the average of 32%. Most losses during the period were recorded…

Everest names new addition to political risk insurance team

Everest names new addition to political risk insurance team

Everest names new addition to political risk insurance team

Everest Re Group has announced that Joe Martin has joined the Everest Insurance credit and political risk team in New York, reporting to Jim Thomas, head of credit and political risk at Everest Insurance. Mr Martin joins Everest from Mitsubishi UFJ Financial Group (MUFG), where he was a director responsible for originating and structuring export credit and multilateral agency-backed cross-border…

XL Catlin opens political risk office in Washington D.C.

XL Catlin opens political risk office in Washington D.C.

XL Catlin opens political risk office in Washington D.C.

XL Catlin’s political risk, credit and bond (PRCB) insurance team has added a new office to its global network, which now includes Washington DC. Dan Riordan, PRCB president, said: “This year is particularly important to our growing team around the world. Having a dedicated PRCB office right here in Washington DC further strengthens our global reach and provides our partners…

Insurance industry must get on top of connected risks to better deliver for clients

Insurance industry must get on top of connected risks to better deliver for clients

Insurance industry must get on top of connected risks to better deliver for clients

The insurance market is facing an existential threat from changing and connected risks and must rapidly change its approach in order to deliver relevant cover for risk managers before losing relevance, according to a high level meeting of industry executives. Speaking at the Lloyd’s of London Old Library, experts from the world of risk transfer warned that its inability to…

Insurers urged to radically change approach to cyber and shift focus to risk not line of business

Insurers urged to radically change approach to cyber and shift focus to risk not line of business

Insurers urged to radically change approach to cyber and shift focus to risk not line of business

Insurers must rethink their approach to cyber risk insurance, according to a new research report by KPMG, which warns that the industry is currently lacking innovative solutions and is “playing catch-up” with the pace of cyber threats. The report also stresses that the scale and scope of cyber risk will have a huge effect on the insurance industry, driving fundamental…

Fenchurch Law boosts disputes team

Fenchurch Law boosts disputes team

Fenchurch Law boosts disputes team

London-based Fenchurch Law, which specialises in insurance disputes and works solely on the buyer side, has appointed Tom Hunter as an associate. Mr Hunter joins the claims dispute team from Reynolds Porter Chamberlain (RPC), where he was an associate in the professional and financial risks group. Mr Hunter has experience in financial lines defence work, including advising on professional indemnity,…

Aquila’s SART gains Lloyd’s coverholder status

Aquila’s SART gains Lloyd’s coverholder status

Aquila’s SART gains Lloyd’s coverholder status

SART Specialty, the Hong Kong managing general agent (MGA) that was established in 2008 and is a member company of London’s Aquila Underwriting, has received approval as a Lloyd’s coverholder, according to reports. SART Specialty will underwrite specialist marine business lines, including marine hull, marine cargo, ports and terminals liabilities, and other marine liabilities across Asia-Pacific. Jude Yeung, who joined…

Cyber attacks could cost as much as a natural disaster: Lloyd’s

Cyber attacks could cost as much as a natural disaster: Lloyd’s

Cyber attacks could cost as much as a natural disaster: Lloyd’s

Asia continues to be underinsured against cyber attacks despite recent research that puts the cost of such an attack as equivalent to a natural disaster. The report from insurer Lloyd’s and risk modelling firm Cyence – Counting the cost: Cyber exposure decoded – estimates the potential economic impact from two different cyber attack scenarios in an attempt to underline just…

FedEx confirms material losses and no insurance cover for Petya attack

FedEx confirms material losses and no insurance cover for Petya attack

FedEx confirms material losses and no insurance cover for Petya attack

Global delivery company FedEx said losses from last month’s ransomware attack that brought down systems at its TNT Express division are likely to be material to its 2017 financial results, and confirmed that the company does not have insurance to cover the costs. TNT Express, an international small-package delivery company that FedEx acquired in May last year, is still not…

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