RMS questions Sendai Framework that aims to reduce nat cat risk

RMS questions Sendai Framework that aims to reduce nat cat risk

RMS questions Sendai Framework that aims to reduce nat cat risk

Nat cat expert Dr Robert Muir-Wood, chief research officer at RMS, has questioned the metrics behind the Sendai Framework that is used to measure progress on managing natural disasters around the world. With the United Nations (UN) conference on disaster risk reduction starting today, Dr Muir-Wood said important targets set against the Sendai Framework could undermine evidence presented by UN…

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re has hired a number of senior executives to head up its new property and casualty reinsurance underwriting hub in Singapore, while its corporate insurance practice – Swiss Re Corporate Solutions (SRCS) – has made two senior appointments. Jonathan Rake will become SRCS chief executive for Asia-Pacific, taking over from Fred Kleiterp who has been appointed chief executive for…

Fenchurch Law appoints new associate

Fenchurch Law appoints new associate

Fenchurch Law appoints new associate

UK firm Fenchurch Law, which specialises in complex insurance disputes and works solely for insureds, has appointed Alex Rosenfield as an associate in its professions team. Fenchurch Law said Mr Rosenfield brings experience of property damage, business interruption and professional indemnity claims for professional clients including accountants, solicitors, IFAs and surveyors caught up in claims disputes. Mr Rosenfield joins Fenchurch…

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Global reinsurer Swiss Re has partnered with local specialist insurer Taiwan Fire & Marine Insurance to launch what it claims is the first parametric insurance policy for Taiwan’s fish farmers. The product will provide them with cover against extreme rainfall in Ping Tung county, a centre of agriculture and tourism in southern Taiwan. Parametric insurance uses pre-defined triggers to determine…

April weather losses set US on track for $10bn-plus bill in 2017: Impact Forecasting

April weather losses set US on track for $10bn-plus bill in 2017: Impact Forecasting

April weather losses set US on track for $10bn-plus bill in 2017: Impact Forecasting

US natural catastrophes notched another multibillion-dollar bill for insurers last month, according to the latest figures from Aon Benfield’s Impact Forecasting. The report said that from late April and into May, a storm weather system set off tornadoes, straight-line winds, hail and rains in the US that killed 20 people in parts of the plains, midwest, southeast and northeast. Impact…

Zurich to take further action on commercial business

Zurich to take further action on commercial business

Zurich to take further action on commercial business

Zurich Insurance plans further actions to improve the performance of its commercial book, after reporting underwriting losses in Europe and the US during the first quarter. Zurich’s CFO, George Quinn, told analysts that the firm will need to take more action in its commercial business in the face of challenging market conditions. He said the Switzerland-based group will continue to…

US commercial property/casualty rates still falling in 2017

US commercial property/casualty rates still falling in 2017

US commercial property/casualty rates still falling in 2017

Commercial property/casualty rates in the US have continued to decline in the first quarter of 2017, although there are signs that prices may be stabilising. The latest Council of Insurance Agents & Brokers’ (CIAB) commercial property/casualty market survey revealed an average 2.5% fall in rates across all accounts in the first quarter of 2017, compared to 3.3% in the last…

Zurich’s Q1 income falls on Ogden charges

Zurich’s Q1 income falls on Ogden charges

Zurich’s Q1 income falls on Ogden charges

Zurich Insurance has reported a 31% fall in net income to $607m in the first quarter, reflecting a $289m charge for changes to the Ogden compensation rate in the UK. Announcing its results, Zurich also reported that more work is needed to improve the combined ratio in commercial lines. The commercial insurance combined ratio stood at 106.7% in the first…

Verisk launches new all-in-one UK property risk tool to boost transfer options

Verisk launches new all-in-one UK property risk tool to boost transfer options

Verisk launches new all-in-one UK property risk tool to boost transfer options

Verisk Analytics has launched a new property data and analytics tool to help the UK insurance market underwrite commercial risks. Also aimed at the residential the market, Verisk Analytics’ Underwriters Advantage solution is a single source for detailed property information, risk information and related analytics. It provides information on property location, aerial imagery with building outlines, construction and occupancy overviews,…

Philippine non-life market must focus on profit not volume: AM Best

Philippine non-life market must focus on profit not volume: AM Best

Philippine non-life market must focus on profit not volume: AM Best

The Philippine non-life market has enjoyed solid premium growth in recent years and continues to grow at a faster rate than other major Southeast Asian non-life markets, which have slowed in recent times. Non-life insurers in the Philippines continue to enjoy faster premium growth than the local economy. But, as elsewhere in the region, this premium growth has not been…

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