Little or no sign of market-wide hardening in Nordics

Little or no sign of market-wide hardening in Nordics

Little or no sign of market-wide hardening in Nordics

Nordic risk and insurance managers see no sign of a general hardening in the commercial market and can get capacity for most of their risks, but there are some pockets where things are tricky for buyers. According to Tapio Huovinen, director of risk management at renewable wood biomass company UPM, there is still adequate capacity in the Nordic market. “It…

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…

Nigerian insurer wins approval to sell agriculture insurance

Nigerian insurer wins approval to sell agriculture insurance

Nigerian insurer wins approval to sell agriculture insurance

The Nigerian regulator has given Linkage Assurance approval to underwrite agricultural insurance. The ‘no objection’ nod from the National Insurance Commission will enable Linkage to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth. The products approved include Linkage Assurance Crop Insurance Solutions, Linkage Assurance Farm All Risk Insurance, Linkage Assurance Farm Motor…

Environmental fines up six times over five years in UK but prosecutions fall: Clyde & Co

Environmental fines up six times over five years in UK but prosecutions fall: Clyde & Co

Environmental fines up six times over five years in UK but prosecutions fall: Clyde & Co

Average fines against companies for breaches of UK environmental laws are six times higher than five years ago but the number of prosecutions has fallen substantially, according to new research from law firm Clyde & Co. Prosecutions brought by the UK’s Environment Agency (EA) have seen the average fine for companies increase from £23,731 in 2013/2014 to £147,575 in 2017/2018,…

Growing need for multinational environmental impairment insurance programmes: Chubb

Growing need for multinational environmental impairment insurance programmes: Chubb

Growing need for multinational environmental impairment insurance programmes: Chubb

When it comes to multinational environmental impairment insurance programmes, while a Freedom of Services-issued policy in the EU may have been good enough in the past, businesses now need to be more aware of the individual regulations and applications of insurance in different territories, according to Chubb. In its new environmental risks report, Global Management of Environmental Risk, created in…

Report highlights significant tightening of environmental regulation globally

Report highlights significant tightening of environmental regulation globally

Report highlights significant tightening of environmental regulation globally

Recent increases in global legislation have become the biggest change to environmental risk in years, according to a new report from Chubb in collaboration with Clyde & Co. The new environmental risks report, Global Management of Environmental Risk, explores the impact of environmental risk on multinational businesses, and focuses on recent increases in global legislation. Suresh Krishnan, head of global…

Shell oil case to continue for another year

Shell oil case to continue for another year

Shell oil case to continue for another year

A British judge has ruled that Nigeria’s Bodo community, which has been involved in a protracted legal battle with Shell over the cleanup of two 2008 oil spills, should retain the option of litigation for another year. According to reports from Reuters, lawyers for Bodo had accused Shell of trying to kill off the legal case by seeking a court…

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

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…

RMS launches new HD model for Japanese earthquakes

RMS launches new HD model for Japanese earthquakes

RMS launches new HD model for Japanese earthquakes

Risk modelling firm RMS has released its new Japan Earthquake and Tsunami High Definition (HD) model. According to RMS, the model, which was developed in partnership with scientific agencies, insurers and local experts, offers a more detailed representation of earthquake and tsunami risk for the region. In addition to the input from its collaborators, the model also incorporates research gained…

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