Australian hailstorms to cost property insurers $670m

Australian hailstorms to cost property insurers $670m

Australian hailstorms to cost property insurers $670m

PERILS, the Zurich-based catastrophe modelling firm, has estimated the insured property loss for the hailstorms that hit the Australian states of Victoria, New South Wales, Queensland and the Australian Capital Territory on 19-21 January at A$670m. The firm explained that the hailstorms were created by a large-scale weather pattern that affected the three states along Australia’s east coast. This created…

Australia braces for more cat losses as Esther threatens to re-intensify

Australia braces for more cat losses as Esther threatens to re-intensify

Australia braces for more cat losses as Esther threatens to re-intensify

Australian citizens and insurers are bracing themselves for another week of catastrophic losses as former Tropical Cyclone Esther tracks an unpredictable path across northern Australia and could re-intensify later in the week, according to the Bureau of Meteorology which described it as “a remarkable system”. Australia is still picking up the pieces of months of devastating bushfires that will cost…

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

The governments of Japan and Singapore, along with the World Bank, are reportedly developing a natural catastrophe protection programme for lower-income Asian countries that could be launched in the Spring of this year, according to the Nikkei Asian Review. According to the report, Myanmar and Laos will be the first to receive cover under the scheme to protect national infrastructure…

Japanese insurers come under increased pressure over coal industry support

Japanese insurers come under increased pressure over coal industry support

Japanese insurers come under increased pressure over coal industry support

The pressure on Japanese insurers and wider financial services groups to pull their backing from the climate-damaging coal sector has been intensified in recent weeks, as Japan’s environment minister Shinjiro Koizumi publicly stated that the use of public funds for the Vung Ang 2 coal-fired power-generation project in Vietnam was inconsistent with policies of the Japanese government. Mr Koizumi’s statement…

Cyber voted top business risk for first time in Allianz Risk Barometer

Cyber voted top business risk for first time in Allianz Risk Barometer

Cyber voted top business risk for first time in Allianz Risk Barometer

Cyber has been voted the biggest risk facing business globally and in Europe for the first time ever in the Allianz Risk Barometer, replacing business interruption (BI), which has held the top spot for seven years. The 2020 barometer also shows that climate change is the biggest climber globally, placing in its highest-ever position of seventh, while changes to legislation and…

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

Insurance Australia Group (IAG), the biggest non-life insurer in Australia and New Zealand, has announced that it has finalised its catastrophe reinsurance programme for the 2020 calendar year, not surprisingly increasing its gross reinsurance protection to up to $10bn compared with $9bn for 2019, but at surprisingly stable costs. Rival insurer Suncorp Group has also revealed that it increased its…

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Credit ratings agency Fitch Ratings has said that reinsurance protection and increased natural hazard allowances should help major non-life insurers contain their earnings volatility that may stem from the devastating bushfires in Australia. The agency added, however, that reinsurance protection for the fires will be subject to the inception dates and duration of the events. “Prolonged fires could exhaust insurers’…

London insurers to focus on climate change and cyber in 2020

London insurers to focus on climate change and cyber in 2020

London insurers to focus on climate change and cyber in 2020

Climate change and cyber warfare risks will be the two key London market topics that the International Underwriting Association (IUA), the body that represents the growing insurance company market in London outside of Lloyd’s, will focus upon in 2020, as stated in its latest business plan. The association announced this week that it has established a new market group to…

Risk managers must act to tackle climate change as premiums soar in Australia

Risk managers must act to tackle climate change as premiums soar in Australia

Risk managers must act to tackle climate change as premiums soar in Australia

Australian risk managers, particularly those in the tourism industry, must brace themselves for tough renewals during 2020 as the bushfires that have devastated the country during the last two months continue to rage. A leading tourism association executive warned only last month that any “responsible” risk manager would accept that the mounting evidence of the dramatic impact of climate change…

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

The Insurance Council of Australia (ICA) has advised the Australian Government to significantly shift the focus of disaster relief towards mitigation and protection, and also to carry out a major reform of insurance-based taxes to ensure that homes and businesses are adequately protected, as it prepares its 2020-2021 budget. The ICA’s call came at the end of 2019, as the…

1 2 3 28