Hurricane losses set new cat record in 2017: Munich Re

Hurricane losses set new cat record in 2017: Munich Re

Hurricane losses set new cat record in 2017: Munich Re

Heavy hurricane losses contributed to an annual insured loss record of $135bn in 2017, according to Munich Re. Its figures show that at about $68bn, Hurricanes Harvey, Irma and Maria landed the US with 50% of the total insured loss bill, up from a long-term average of 32%. Before Christmas, Swiss Re’s sigma calculated global insured catastrophe losses at $136bn,…

AIR drops insured loss estimate for Hurricane Maria

AIR drops insured loss estimate for Hurricane Maria

AIR drops insured loss estimate for Hurricane Maria

AIR Worldwide has reduced its insured loss estimate for Hurricane Maria to between $27bn and $48bn, from its previous estimate in September of between $40bn and $85bn. Most of the losses from the storm were recorded in Puerto Rico, and AIR now estimates insured losses on the island to total between $25bn and $43bn. The modelling firm said losses from…

FM Global sees growing concern over flood BI

FM Global sees growing concern over flood BI

FM Global sees growing concern over flood BI

Business interruption concerns are driving bigger investments in flood mitigation by large corporates, according to Thierry Masurel, manager, Paris operations at FM Global in France. In a year that has seen some of the biggest storms and flooding in living memory hit parts of the US and Caribbean, large companies are becoming more aware of business interruption following flood, Mr…

AIR’s California wildfires estimate increases four-fold

AIR’s California wildfires estimate increases four-fold

AIR’s California wildfires estimate increases four-fold

AIR Worldwide has increased its insured loss estimate for October’s Californian wildfires to between $8bn and $10bn, up from $2bn–$3bn stated previously. The catastrophe modelling firm said the revised figure reflects new information about policy terms and a revaluation of replacement values for high-value homes. AIR’s loss estimate covers damage to residential and commercial properties, as well as motor and…

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Loss adjuster Charles Taylor Adjusting has appointed Glyn Symonds as director of operations in France. Based at the company’s new Marseille office, Mr Symonds will oversee Charles Taylor Adjusting’s French offices. He will identify new business opportunities in France and be responsible for claims in the country and French-speaking territories. Mr Symonds joins Charles Taylor Adjusting after a 40-year career…

Marsh launches Resilience for UK mid-sized buyers

Marsh launches Resilience for UK mid-sized buyers

Marsh launches Resilience for UK mid-sized buyers

Marsh has launched a new insurance and risk management solution designed to simplify commercial insurance for mid-sized firms in the UK. Resilience promises to offer greater protection against major threats, including cyber risk business interruption and unseen events. Resilience offers commercial insurance policies from a panel of ten insurers to guarantee competition, but all cover is bound by Resilience wordings…

Bermuda’s insurance industry foots 25% of hurricane bill

Bermuda’s insurance industry foots 25% of hurricane bill

Bermuda’s insurance industry foots 25% of hurricane bill

Bermuda’s insurers and reinsurers are expected to pay for at least 25% of total insured losses, currently estimated at $100bn, from Hurricanes Harvey, Irma and Maria, according to the Association of Bermuda Insurers & Reinsurers (ABIR). The association said Bermuda’s insurance industry has already begun paying claims. Kevin O’Donnell, ABIR chair, and president and CEO of RenaissanceRe Holdings, said: “At…

Scor estimates €430m cat costs amid $95bn market loss

Scor estimates €430m cat costs amid $95bn market loss

Scor estimates €430m cat costs amid $95bn market loss

The trio of hurricanes to hit the US and the Caribbean – Harvey, Irma and Maria – combined with the Mexico earthquakes, will cost Scor an estimated €430m for the third quarter of 2017, net of retrocession and subject to uncertainty as claims information remains limited. Scor estimates the insurance market’s total insured loss from the catastrophes, which all fall…

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…