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…

Multinationals consider implications of UN sanctions on N Korea

Multinationals consider implications of UN sanctions on N Korea

Multinationals consider implications of UN sanctions on N Korea

The ongoing escalations between North Korea and the rest of the world took another step when the United Nations (UN) voted to impose further sanctions on the rogue nation after its sixth and largest nuclear test. The measures were voted for unanimously by the 15 states that sit on the UN Security Council (including Russia and China). As a result,…

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft accounted for 10% of all claims recorded by transport and logistics insurer TT Club during the past 10 years, and continues to cause considerable loss to insureds and their insurers. Mike Yarwood, senior loss prevention executive at TT Club, said cargo theft is widespread. As well as a financial loss, cargo theft damages reputation and disrupts the supply…

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…

Risk managers welcome supply chain data investment by insurers

Risk managers welcome supply chain data investment by insurers

Risk managers welcome supply chain data investment by insurers

Investments by insurers and brokers in the deeper analysis of supply chain risk will be worth the effort, based on evidence gathered at this year’s GVNW annual gathering of German risk and insurance managers in Munich. At a time when new business is hard to come by in the prolonged soft market, supply chain risk appears to offer a big…

MS Amlin commits to recall market with senior appointment

MS Amlin commits to recall market with senior appointment

MS Amlin commits to recall market with senior appointment

MS Amlin has announced that Ed Mitchell has joined as lead underwriter of its product recall team. Based in London, Mr Mitchell will be responsible for developing innovative recall solutions that will meet the increasing reputational, regulatory and operational risks faced by clients today, MS Amlin said. The account will be written on a worldwide basis, covering a range of…

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…

Meteorologists forecast heavier winter rains for UK

Meteorologists forecast heavier winter rains for UK

Meteorologists forecast heavier winter rains for UK

New research using the Met Office’s supercomputer has revealed high risk of unprecedented rainfall, and consequently potential flooding, in England and Wales during future winters – with a 34% chance of record monthly precipitation. According to the Met Office, there is a one in three chance of monthly rainfall setting new records in at least one area of England and…

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…

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Beleaguered airbag manufacturer Takata is facing more legal troubles just weeks after filing for bankruptcy in a US court, and a number of the world’s biggest carmakers as well as some insurers could be dragged into the case. The US unit of the Japan-based company was responsible for the world’s largest ever auto recall due to faulty airbags and is…

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