Market continues to count 2011 cat loss

In its Annual Global Climate and Catastrophe Report, Impact Forecasting said that, at $107bn, the total insured loss from natural catastrophes during 2011 was the second highest on record, surpassed only by the $120bn insured loss witnessed in 2005, of which $90bn resulted from the major hurricanes Katrina, Rita and Wilma. Stephen Mildenhall, Chief Executive Officer of Aon Benfield Analytics, said: "The most fatal, destructive and costly natural disasters of 2011 impacted countries in North and South America, Asia, Europe, Australasia and Oceania. Total insured losses were over two and a half times the losses from 2010—which in turn were almost double the losses from 2009. A frequency of severity during the year tested primary insurance company retentions and their reinsurance protections." Steve Bowen, Senior Scientist and Meteorologist at Impact Forecasting, said: "While Asia and Oceania sustained the most significant natural disaster events of 2011, the United States also endured a highly active year. Extreme severe weather outbreaks highlighted the year's activity, which was also marked by Hurricane Irene's landfall, flooding in the Mississippi and Missouri river basins and a prolonged drought in the Southwest. In total, a record 17 separate billion-dollar events were recorded in the US in 2011. This surpasses the previous record of 9 set in 2008."hideThe company is led by Chief Executive Officer Alan Rickett, who was previously a Senior Vice President at Marsh. "Northcourt is a timely response to the shortage of capacity in the traditional global nuclear insurance market, for too long dominated by nuclear pools and mutuals," said Mr Rickett. "Amid burgeoning investment in nuclear energy worldwide there is a growing demand for a new approach to insurance which is aligned with the global nature of the industry today. There is limited insurer choice for nuclear companies and many have expressed growing concern over the existing market's ability to cope with an increased demand for limits and scope of cover." Amlin is the lead insurer for Northcourt and has a proven track record of underwriting nuclear risk. Marsh and Guy Carpenter were also involved in the creation of Northcourt. Marsh will provide accounting and administrative services in Malta and Guy Carpenter will manage Northcourt's insurance market placements. Duncan Dale, Head of Property & Casualty for Amlin London, said: "As nuclear technologies develop and new markets open across the world, so do the contingent risks of this industry. Amlin and the insurer panel seek to enable this development through flexible risk coverage and are pleased to have supported Northcourt in bringing a long-overdue new approach to the market." Mark Popplewell, International Nuclear Practice Leader from Marsh, said: "The growth of nuclear energy cannot be underestimated. Over 60 new nuclear reactors are currently being built globally, with in excess of 400 in the pipeline. Nuclear power is regarded by many as the solution to the world's energy problems. Due to the limitations of the existing nuclear insurance arrangements, clients have often in the past struggled to get competitive insurance protection. As the nuclear sector matures and the nuclear renaissance continues to gather momentum, Northcourt offers an exciting source of alternative capital."

Market continues to count 2011 cat loss

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UK arenas face heightened terror threat, says Pool Re, as Martyn’s Law remains in draft form

Talanx ‘increasingly confident’ of beating full-year profit forecast on Q1 results

US property market stabilises but concern over casualty loss trends

AGCS’s revenue falls in Q1 as rate momentum slows

UK tells firms not to pay ransoms in cyberattacks

Want to read this article?

Read Next

UK arenas face heightened terror threat, says Pool Re, as Martyn’s Law remains in draft form

Talanx ‘increasingly confident’ of beating full-year profit forecast on Q1 results

US property market stabilises but concern over casualty loss trends

AGCS’s revenue falls in Q1 as rate momentum slows

UK tells firms not to pay ransoms in cyberattacks

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