Hurricane Barry losses less than $500m says RMS

Hurricane Barry losses less than $500m says RMS

Hurricane Barry losses less than $500m says RMS

Insured losses from Hurricane Barry in the US will not exceed $500m, according to risk modelling firm RMS. The estimate includes losses to the National Flood Insurance Program (NFIP), which RMS expects to cover half of the insured loss total. Earlier this week, Karen Clark & Company issued an insured loss estimate for Hurricane Barry near to $300m, but excluding…

FM Global invests $1m in insurtech startup

FM Global invests $1m in insurtech startup

FM Global invests $1m in insurtech startup

Commercial property insurer FM Global has invested $1m in insurtech startup RiskGenius, which uses AI and machine learning to automate the insurance underwriting process. FM Global said it is the largest investment it has made in a startup. It follows a $250,000 investment in AirWorks Solutions, an aerial mapping and surveying insurtech that uses technology for property risk identification and…

Insured losses from Hurricane Barry close to $300m, says KCC

Insured losses from Hurricane Barry close to $300m, says KCC

Insured losses from Hurricane Barry close to $300m, says KCC

Insured losses from Hurricane Barry will be close to $300m, according to a flash estimate by Karen Clark & Company (KCC). The modelling company said the estimate includes privately insured wind and storm surge damage to residential, commercial and industrial properties, as well as automobiles. It does not include National Flood Insurance Program losses. Barry made landfall near Intracoastal City…

Severe European weather in June expected to costs insurers at least €1.24bn: Aon

Severe European weather in June expected to costs insurers at least €1.24bn: Aon

Severe European weather in June expected to costs insurers at least €1.24bn: Aon

Severe weather events across Europe last month caused at least €1.42bn of economic damage, with insurance expected to cover about €1.24bn of the losses, according to Aon. In its latest Global Catastrophe Recap report, the broker says that weather between 10 June and 12 June resulted in large hail, strong gusts of wind and intense rainfall across multiple countries in central…

Equipment breakdowns rival fire in property-related claims, warns FM Global

Equipment breakdowns rival fire in property-related claims, warns FM Global

Equipment breakdowns rival fire in property-related claims, warns FM Global

Equipment breakdown is close to matching fire in both frequency and severity of large risk losses in excess of $3m and excluding nat cats, according to FM Global in its analysis of 2018 claims. The commercial property insurer said it received 232 large risk claims last year. Equipment breakdown accounted for 65 of the claims and 28% of FM Global’s…

Ocado warehouse fire costs £110m

Ocado warehouse fire costs £110m

Ocado warehouse fire costs £110m

Online supermarket Ocado said a four-day fire that destroyed a key warehouse in Andover, UK in February has cost the business £110.3m, with a total of £43m recovered from insurers to date. Ocado said it expects its insurance to “provide a full indemnity for business disruption experienced over the next few years, including lost sales and cost inefficiencies”. The Ocado…

Zurich taking ‘flexible’ approach to cyber but warns about gaps in traditional cover

Zurich taking ‘flexible’ approach to cyber but warns about gaps in traditional cover

Zurich taking ‘flexible’ approach to cyber but warns about gaps in traditional cover

Zurich is working on a “flexible” approach to clarify clients’ cyber cover within traditional P&C insurance policies, but warns they typically provide uncertain or inadequate coverage. Following a number of large cyber-related claims in the property market, and under growing regulatory pressure, insurers have been assessing their cyber exposures under traditional P&C coverages. For example, FM Global recently issued revised…

Lloyd’s orders syndicates to tackle silent cyber cover

Lloyd’s orders syndicates to tackle silent cyber cover

Lloyd’s orders syndicates to tackle silent cyber cover

Lloyd’s has told its syndicates they must tackle silent cyber exposure by clearly stating whether they include or exclude cover in all policies. In a mandate to the market, Lloyd’s said this should be achieved by providing affirmative coverage or clearly excluding protection. Lloyd’s said this requirement will be placed on all first-party property damage policies incepting on or after…

France faces delay to nat cat insurance reforms

France faces delay to nat cat insurance reforms

France faces delay to nat cat insurance reforms

Reform of France’s natural catastrophe insurance regime this summer now looks “optimistic”, according to legal experts. Proposals to reform the system, known as CAT NAT in France, were expected to be proposed by government during the first half of 2019. But in its recent Risk Radar report, the Global Insurance Law Connect (GILC) network says the proposals are still in discussion…

BLM launches AI tool that predicts how insurance claims will play out

BLM launches AI tool that predicts how insurance claims will play out

BLM launches AI tool that predicts how insurance claims will play out

Insurance risk and commercial law firm BLM has launched a suite of seven online analytics, case management and communication tools, including an AI system that weighs up evidence and human behaviour to predict how a claim will play out. This flagship tool within the company’s new BLM Innovations set of products is called Foresight and was developed in conjunction with…

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