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…

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…

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Indonesia’s national oil company Petramina has stated that a ruptured undersea pipe was the cause of an oil spill on the island of Borneo that forced the local authorities to declare a state of emergency in the area. The spill started on Saturday in the port city of Balikpapan and claimed the lives of five fisherman when it ignited. Since…

Final loss estimate for Cyclone Debbie put at $1.3bn

Final loss estimate for Cyclone Debbie put at $1.3bn

Final loss estimate for Cyclone Debbie put at $1.3bn

Perils, the Zurich-based catastrophe data provider, has issued its fourth and final estimate for the losses suffered by property insurers from Cyclone Debbie, the tropical storm that hit Australia in March 2017. The estimate, which puts the losses at $1.3bn (AUD1.7bn), comes almost a year to the day that the category four cyclone made landfall on 28 March, hitting the…

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

The ongoing effect of climate change is worsening the impact of natural disasters and costing the agriculture sector billions of dollars, according to a report from the United Nations’ Food & Agriculture Organisation (FAO). Furthermore, the much-talked-about protection gap between insured and economic losses has yet again been starkly exposed in the ongoing humanitarian crisis in Papua New Guinea, following…

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

The long tail of earthquake-related loss events has been illustrated by news that insurers are still facing claims from historic earthquakes in Canterbury, Christchurch and Kaikoura in New Zealand. Two Australian insurers, IAG and Suncorp, reported that they are still paying out several years after the events. IAG said it was being passed on cap claims from the New Zealand…

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

The spill from the stricken oil tanker Sanchi has created an oil slick that has trebled in size since the ship went down in the East China Sea in a ball of flames more than a week ago, and is threatening to make it the costliest marine disaster in recent memory. China’s State Oceanic Administration reported on Sunday that it…

Asean plans to improve nat cat response following Typhoon Tembin

Asean plans to improve nat cat response following Typhoon Tembin

Asean plans to improve nat cat response following Typhoon Tembin

The Association of Southeast Nations (Asean) is to accelerate its plan to develop systems to help its member states respond better to natural disasters following the destruction caused by Typhoon Tembin. The regional trading bloc made the announcement in the wake of the typhoon which made landfall in the southern Philippines on 22 December and caused widespread damage, including 180…

1 2 3 7