Private and government-backed insured nat cat losses fall to $71bn in 2019, finds Aon

Private and government-backed insured nat cat losses fall to $71bn in 2019, finds Aon

Private and government-backed insured nat cat losses fall to $71bn in 2019, finds Aon

Private and government-backed insured natural disaster losses totalled $71bn last year, 6% above this century’s average but significantly lower than the previous two years, according to Aon. The costliest insured peril was severe weather, which caused $27bn of losses, followed by tropical cyclone on $22bn and flooding on $13bn. All perils except severe weather, tropical cyclone and flooding generated insured…

FM Global expands cyber risk review to industrial control systems

FM Global expands cyber risk review to industrial control systems

FM Global expands cyber risk review to industrial control systems

FM Global will now include industrial control system (ICS) evaluations in clients’ cyber risk reviews to reduce potential risk blindspots. The firm said many ICS, which control critical equipment, were put in place years before safety and efficiency gains, with no view of today’s cybersecurity issues. “Our goal is to help clients minimise industrial equipment failure due to computer malfunction,…

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance, the Irish subsidiary of Liberty Mutual, has pulled out of commercial liability, commercial property and development bonds lines of business. The company said it will cease quoting for new business in these lines with immediate effect. The Dublin-based insurer said it will “continue to provide services and honour its commitments to existing liability, property and bonds customers for…

ICA launches trades register to help spot dodgy ‘tradies’ as bushfire losses near A$1.4bn

ICA launches trades register to help spot dodgy ‘tradies’ as bushfire losses near A$1.4bn

ICA launches trades register to help spot dodgy ‘tradies’ as bushfire losses near A$1.4bn

The Insurance Council of Australia (ICA) has launched an online register to help local tradespeople and builders play a big role in rebuilding their regional communities in the wake of the bushfires that have ravaged their nation since September last year, and to ensure policyholders are not exploited by unscrupulous tradespeople. ICA head of risk and operations, Karl Sullivan, urged…

Hiscox links with CyberCube in cyber risk analytics deal

Hiscox links with CyberCube in cyber risk analytics deal

Hiscox links with CyberCube in cyber risk analytics deal

Hiscox has struck a deal to use cyber risk analytics software from CyberCube to provide greater clarity on its cyber accumulation risk and provide more data to assess clients’ exposure. The deal gives Hiscox access to CyberCube’s Portfolio Manager product, including modelling tools and data. CyberCube’s technology will stress test Hiscox’s book of commercial insurance business against cyber-related catastrophe scenarios,…

Australian government pressures insurers for claims data as bushfire losses near A$1bn

Australian government pressures insurers for claims data as bushfire losses near A$1bn

Australian government pressures insurers for claims data as bushfire losses near A$1bn

The Insurance Council of Australia (ICA) has reportedly said that insured losses from the bushfires still raging across the country have reached nearly A$1bn, with the total number of claims made so far reaching 11,500 since September. Credit ratings agency Moody’s agrees with rival Fitch, however, that the losses are “manageable” for insurers, though it adds that the events serve…

Munich Re places 2019 insured nat cat losses below ten-year average at $52bn

Munich Re places 2019 insured nat cat losses below ten-year average at $52bn

Munich Re places 2019 insured nat cat losses below ten-year average at $52bn

Last year’s insured natural catastrophe losses of $52bn were in line with the 30-year average but down on the $67bn average of the past decade, and well below the $86bn in 2018 and record $146bn the year before that, according to Munich Re. The insured loss figure backs up the $50bn total for natural disasters from Swiss Re, which is…

Munich Re reveals nat cat losses down but calls for better insurance protection in Africa

Munich Re reveals nat cat losses down but calls for better insurance protection in Africa

Munich Re reveals nat cat losses down but calls for better insurance protection in Africa

Last year’s insured global natural catastrophe losses of $52bn were in line with the 30-year average but down on the $67bn average during the past decade, and well below the $86bn in 2018 and record $146bn the year before that, according to Munich Re. Its 2019 insured loss figure backs up the $50bn total for natural disasters from Swiss Re,…

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’…

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