Asia suffers huge September cat losses but protection gap persists

Asia suffers huge September cat losses but protection gap persists

Asia suffers huge September cat losses but protection gap persists

September saw Asia suffer thousands of fatalities and billions of dollars in insurance losses in the costliest month of natural disasters so far in 2018. Yet despite the high number of claims, insured losses will be relatively lower than in the US despite more severe damage to property, more instances of business interruption and a significantly higher number of deaths.…

Swiss Re launches parametric haze cover in Singapore amid rising cat exposure

Swiss Re launches parametric haze cover in Singapore amid rising cat exposure

Swiss Re launches parametric haze cover in Singapore amid rising cat exposure

Swiss Re Corporate Solutions has launched a parametric trigger-based, standalone, haze insurance solution for businesses operating in Singapore. The coverage protects companies from a potential loss of income and reduced trade if a haze event hits Singapore. Southeast Asia has suffered badly from haze outbreaks during the past two decades, mainly because of the burning of peat forests in the…

RMS says Florence claims could reach $5bn with 70% of flood loss uninsured

RMS says Florence claims could reach $5bn with 70% of flood loss uninsured

RMS says Florence claims could reach $5bn with 70% of flood loss uninsured

Risk modeller RMS has estimated insured losses from Hurricane Florence of between $2.8bn and $5bn, including losses to the National Flood Insurance Program (NFIP), property damage and business interruption caused by wind and flood across North Carolina, South Carolina and Virginia. RMS said wind damage will cost insurers between $1.3bn and $2.6bn, surge and inland floods between $700m and $1.2bn,…

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

The clean-up from Typhoon Mangkhut has begun as the devastated areas of the Philippines, China and Hong Kong assess the loss of life and long-lasting damage that resulted from the most severe storm of the year so far. The super typhoon is also likely to raise the issue of the insurance gap in the region, given that insured losses in…

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

The estimated insured property losses from Typhoon Jebi, which hit Japan on 4 September, could reach somewhere between $2.3bn and $4.5bn according to catastrophe risk modelling firm AIR Worldwide. The typhoon, which was the strongest to hit Japan in 25 years, made landfall in Japan at midday on the island of Shikoku with sustained wind speeds of 180km/h. It then…

Insured losses for flooding in western Japan could hit $4bn after record rainfall 

Insured losses for flooding in western Japan could hit $4bn after record rainfall 

Insured losses for flooding in western Japan could hit $4bn after record rainfall 

Catastrophe modeling firm AIR Worldwide estimates that industry insured losses from the flooding in western Japan caused by excessive rainfall from 28 June to 8 July will be between $2.6bn and $4bn. Several days of record-breaking rainfall between 28 June and 8 July led to widespread inland flooding in more than 30 prefectures across western and south-central Japan. The rainfall…

Swiss Re insured company operating collapsed Italian bridge

Swiss Re insured company operating collapsed Italian bridge

Swiss Re insured company operating collapsed Italian bridge

Swiss Re Corporate Solutions is one of the main insurers of Italian firm Autostrade per l’Italia, which operated the bridge that collapsed in Genoa last week, the reinsurer said in a statement. The firm declined to give any details on the insurance contract. “We are already working with and will continue supporting our client in managing the impact of this…

China braces for deadly typhoon as Japan counts human and economic cost

China braces for deadly typhoon as Japan counts human and economic cost

China braces for deadly typhoon as Japan counts human and economic cost

China is bracing itself for the impact of Typhoon Maria, which has already led to the deadliest flood disaster in Japan since 1983, caused huge disruption and will lead to heavy insured losses, not least business interruption. The typhoon skirted past Taiwan and caused much lower damage than originally expected. But it continued northwest toward the eastern coast of China, making…

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