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…

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…

Japan set to back Asean parametric disaster insurance fund

Japan set to back Asean parametric disaster insurance fund

Japan set to back Asean parametric disaster insurance fund

The Japanese government is set to fund the launch of a parametric disaster insurance pool designed to provide Asean nations with easily distributable recovery funds following natural catastrophes. According to a report in the Nikkei Asian Review, the Southeast Asia Disaster Risk Insurance Facility (Seadrif) will be formally announced later in May at the annual meeting of the Asian Development…

BI, cyber and nat cats top 2018 Allianz Risk Barometer

BI, cyber and nat cats top 2018 Allianz Risk Barometer

BI, cyber and nat cats top 2018 Allianz Risk Barometer

Business interruption (BI), cyber and natural catastrophes are the leading business risks this year, according to more than 1,900 risk experts from 80 countries polled for the latest Allianz Risk Barometer. The survey by Allianz Global Corporate and Specialty (AGCS), reveals that BI and cyber also remain the leading two risks in Europe, where changes to legislation/regulation and natural catastrophes…

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

A broadening of coverage in business interruption (BI) insurance due to price pressure and competition is leading to concerns about claims certainty, according to Swiss Re Corporate Risk Solutions (SRCS). The BI proportion of Property Damage claims continues to grow and in some cases eclipses physical loss to assets by more than double. It is not uncommon for BI losses to…

Rate increases likely as record cat losses take toll

Rate increases likely as record cat losses take toll

Rate increases likely as record cat losses take toll

With predictions of record catastrophe losses for insurers in 2017, premium rate increases look increasingly likely in 2018. However, with near-record levels of capacity and recent growth in alternative capital, any hardening in insurance and reinsurance pricing is expected to be shortlived. Following the double whammy of Hurricanes Harvey and Irma in late August and early September, few were forecasting…

QBE predicts record loss year for insurance industry and announces $600m hit

QBE predicts record loss year for insurance industry and announces $600m hit

QBE predicts record loss year for insurance industry and announces $600m hit

2017 is likely to beat all records and become the costliest year in the history of the global insurance industry, according to insurer QBE, as it announced an increase in its own reserves for large individual risk and catastrophe claims that will hit earnings by $600m. This year has seen a spate of natural catastrophes, including several hurricane losses during…

Typhoons to cost Hong Kong insurers more than $130m

Typhoons to cost Hong Kong insurers more than $130m

Typhoons to cost Hong Kong insurers more than $130m

Typhoons Hato and Pakhar, which caused widespread damage in Hong Kong, Macau and the Chinese province of Guangdong, have landed Hong Kong’s insurers with a bill of more than $130m (HK$1bn). According to the South China Morning Post (SCMP), the estimate would be a record sum for typhoon-related claims. The last time insurers were left with costly typhoon-related claims was…

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