Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Insured losses from global disasters increased by 42% in 2016 to $54bn from $38bn, according to Swiss Re Institute’s sigma report. Although in line with the ten-year average, the bill was the highest annual total since 2012. The increase was driven largely by natural catastrophe losses from earthquakes, storms, floods and wildfires, many of which took place in Asia. Total…

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

A category four cyclone that hit the northeastern coast of Australia on Tuesday 28 March has led to mass evacuations and the closing of goldmines and coalmines, reported Bloomberg. It has also caused insurers to declare a catastrophe in the expectation of thousands of claims. Cyclone Debbie made landfall near Airlie Beach in Queensland, a tourist resort also known as…

Insured global disaster losses rise 42% in 2016

Insured global disaster losses rise 42% in 2016

Insured global disaster losses rise 42% in 2016

Insured losses from global disasters increased by 42% in 2016 to $54bn from $38bn, according to Swiss Re Institute’s sigma report. Although in line with the ten-year average, the bill was the highest annual total since 2012, driven largely by natural catastrophe losses from earthquakes, storms, floods and wildfires. Total economic losses from natural catastrophes and man-made events in 2016…

Data analytics promises tighter risk management: Insurance Europe

Data analytics promises tighter risk management: Insurance Europe

Data analytics promises tighter risk management: Insurance Europe

Wider use of big data analytics offers clear benefits to risk management and ultimately insurance buyers, according to Insurance Europe. In response to a consultation from the European Supervisory Authority (ESA), Insurance Europe said big data analytics in insurance could drive new products and improve affordability and insurability for consumers, while enhancing internal models. Insurance Europe also assured ESA that…

US thunderstorm losses on par with hurricane claims: Willis Re

US thunderstorm losses on par with hurricane claims: Willis Re

US thunderstorm losses on par with hurricane claims: Willis Re

Thunderstorms property losses in the US are equal to those caused by hurricanes, according to a new report from Willis Re. Severe convective storms totalled an annual average loss of $11.23bn for US property insurers between 2003 and 2015, while hurricane losses were only a fraction higher at $11.28bn, the study reveals. During the past 10 years, thunderstorms emerged as…

XL Catlin appoints McMahon to head global property underwriting

XL Catlin appoints McMahon to head global property underwriting

XL Catlin appoints McMahon to head global property underwriting

XL Catlin has appointed Tim McMahon as global chief underwriting officer for property. Mr McMahon is currently head of energy, property, construction for the Asia-Pacific region and has worked at XL Catlin since 2011. In his new role at the company, Mr McMahon will be responsible for XL Catlin’s global property insurance underwriting and will join the firm’s global insurance…

Insurers face $1bn-plus bill for February cat losses

Insurers face $1bn-plus bill for February cat losses

Insurers face $1bn-plus bill for February cat losses

Five severe US weather events during February are set to land insurers with a bill of more than $1bn for the month, according to Aon Benfield’s Impact Forecasting. February closed with a series of 60 tornadoes that touched down in the midwest, southeast and mid-Atlantic, which are estimated to cause several hundred millions of dollars in claims. California recorded three…

Barbican Protect hires Martin Eyres as underwriting director

Barbican Protect hires Martin Eyres as underwriting director

Barbican Protect hires Martin Eyres as underwriting director

Barbican Protect, the UK insurance arm of Barbican Insurance Group, has appointed Martin Eyres as underwriting director. Based in London, Mr Eyres will report to Stuart Kilpatrick, managing director of Barbican Protect. Mr Eyres was most recently underwriting manager at Mitsui Sumitomo, where he headed up the UK and Ireland property strategic business unit for Syndicate 3210 and was head…

Chubb strengthens UK & Ireland team

Chubb strengthens UK & Ireland team

Chubb strengthens UK & Ireland team

Chubb has created two new senior management roles for its UK and Ireland operations. Sara Mitchell is named head of the unit’s corporate division and Mark Roberts will become property and casualty chief underwriting officer. Ms Mitchell – who is currently vice president, speciality personal lines for Europe, Eurasia & Africa and Asia Pacific – will be responsible for Chubb’s…

Hurricane risk mounts in northeast US and Canada: JLT Re

Hurricane risk mounts in northeast US and Canada: JLT Re

Hurricane risk mounts in northeast US and Canada: JLT Re

Northeast US and parts of Canada face growing hurricane risk, according to JLT Re. Speaking at the Reinsurance Association of America’s (RAA) Cat Risk Management 2017 conference, JLT Re’s Josh Darr said a new trend in the track of hurricanes could indicate higher losses in these regions going forward. “While some of the variables increase or decrease the hurricane risk,…

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