Recent California wildfire losses up to $13bn: RMS

Recent California wildfire losses up to $13bn: RMS

Recent California wildfire losses up to $13bn: RMS

RMS estimates that insured losses for the Camp and Woolsey wildfires in California will total between $9bn and $13bn. The cat modelling firm places losses for the Camp fires between $7.5bn and $10bn, with Woolsey costing between $1.5bn and $3bn. The estimates include property and auto damage, business interruption, additional living expenses and contents loss. RMS said this season sees…

Cat bond could be exhausted by Californian wildfire

Cat bond could be exhausted by Californian wildfire

Cat bond could be exhausted by Californian wildfire

The Californian utility Pacific Gas & Electric Co (PG&E) has warned investors that it could be held liable for starting the Camp wildfire that is still burning in northern California, and conceded that if its equipment is determined to be the cause it could be subject to significant liability in excess of its insurance coverage. PG&E renewed its liability insurance…

Chubb backs $1m flood risk project in Miami

Chubb backs $1m flood risk project in Miami

Chubb backs $1m flood risk project in Miami

Chubb has backed a $1m project to reduce the risk of flooding along the Miami coast. In partnership with conservation group The Nature Conservancy (TNC), Chubb Charitable Foundation has issued a $1m grant to improve the resilience of Miami’s flood defences using nature-based solutions. These include the restoration of mangroves, planting native vegetation, removing invasive species and installation of artificial…

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

A year of natural disasters has left Japan’s top three property and casualty (P&C) insurers with a bill expected to top JPY1trn ($8.7bn) by the end of the fiscal year, raising the prospect of a hike in premiums for the first time in years. The payments are likely to total more than $3.51bn from MS&AD Insurance and $2.63bn from Tokio…

RSA exits London market specialty lines and cuts back international offering

RSA exits London market specialty lines and cuts back international offering

RSA exits London market specialty lines and cuts back international offering

RSA Group is exiting three lines of specialty business and scaling back its London market premiums by one third. Following a review of its specialty and wholesale business written through RSA Global Risk Solutions, the insurer will withdraw from international construction, international freight and fixed price marine protection and indemnity insurance with immediate effect…

Standard Club partners with Ping An for Chinese P&I underwriting

Standard Club partners with Ping An for Chinese P&I underwriting

Standard Club partners with Ping An for Chinese P&I underwriting

Mutual insurance association Standard Club Asia, managed by Charles Taylor Mutual Management, has teamed up with China’s Ping An Property & Casualty Insurance to jointly offer professional and indemnity (P&I) cover for Chinese shipowners. China is currently ranked as the world’s second-largest shipowning country, behind Greece, and has the largest share of general cargo ships. The partnership will focus on…

Third-quarter profit sets Allianz on course for full-year target

Third-quarter profit sets Allianz on course for full-year target

Third-quarter profit sets Allianz on course for full-year target

Allianz is on track to meet its 2018 profit target after reporting a 21% increase in third-quarter operating profit to €3bn, boosting first nine-month profits to €8.7bn. P&C business recorded a 45% increase in operating profit to €1.5bn, following cat losses in Q3 2017. P&C operating profits for the nine months to September totalled €4.2bn, accounting for near-enough half of…

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…

Munich Re raises ERGO profit target following third-quarter results

Munich Re raises ERGO profit target following third-quarter results

Munich Re raises ERGO profit target following third-quarter results

Munich Re reported third-quarter operating profits of €1.04bn, turning around last year’s €1.73bn loss in the same period, which was heavily impacted by US hurricane claims. After tax, the group’s consolidated profit totalled €483m in the third quarter, from a loss of €1.44bn in Q3 2017. Reinsurance business added €309m to the consolidated result, after taking the brunt of losses…

Moody’s raises French P&C outlook

Moody’s raises French P&C outlook

Moody’s raises French P&C outlook

Ratings agency Moody’s has improved its outlook on the French P&C insurance sector to stable from negative, although it added that the market is under pressure from tough competition and natural catastrophe losses. Moody’s said the upgrade is largely based on improvements in the motor sector, which accounts for 39% of French P&C premiums. Moody’s said motor rates have increased…

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