US storms drive nat cat losses in active June

US storms drive nat cat losses in active June

US storms drive nat cat losses in active June

Global catastrophes made June the most active month for natural disasters this year, with insurance claims led by more than $3bn of losses from eight recorded convective storms and flash floods in the US, according to Aon’s Impact Forecasting. Large hailstones, some the size of baseballs, and winds affected parts of the Rockies, Plains, midwest, southeast and northeast in the…

China braces for deadly typhoon as Japan counts human and economic cost

China braces for deadly typhoon as Japan counts human and economic cost

China braces for deadly typhoon as Japan counts human and economic cost

China is bracing itself for the impact of Typhoon Maria, which has already led to the deadliest flood disaster in Japan since 1983, caused huge disruption and will lead to heavy insured losses, not least business interruption. The typhoon skirted past Taiwan and caused much lower damage than originally expected. But it continued northwest toward the eastern coast of China, making…

LSM rebrands reinsurance business as it launches in Italy

LSM rebrands reinsurance business as it launches in Italy

LSM rebrands reinsurance business as it launches in Italy

Liberty Specialty Markets (LSM) has launched a new reinsurance operation in Italy and, at the same time, rebranded its entire reinsurance operations as Liberty Mutual Re. Based in Rome and Milan, the new Italian business will underwrite property, casualty and specialty business. Massimiliano Fantini joins Liberty Mutual Re to head up the new operation, having previously worked for Guy Carpenter…

Hurricane mitigation delivers $105 upside for every $1 spent, finds FM global research

Hurricane mitigation delivers $105 upside for every $1 spent, finds FM global research

Hurricane mitigation delivers $105 upside for every $1 spent, finds FM global research

Businesses that invest in hurricane protection measures reduce their loss exposure by $105 for every $1 spent, according to research of 1,800 clients at FM Global. In analysis of policyholder losses during the past ten years, FM Global found businesses suffered lower losses where investments had been made to minimise the effects of wind damage. “Businesses often wonder if they…

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