High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

A large number of midsized natural catastrophes drove 2018 insurance losses to $71.5bn, the third highest in the past eight years and above the annual average of $65.5bn since 2011, said Willis Re in its annual nat cat review. Willis Re said 2018 was “unusual” because a series of smaller catastrophes, rather than one large event, pushed the insured total…

Nat cats top $1bn at Swiss Re in Q4

Nat cats top $1bn at Swiss Re in Q4

Nat cats top $1bn at Swiss Re in Q4

Swiss Re said natural catastrophe losses during Q4 2018 totalled $1bn with an additional $300m from man-made events during the quarter, raising its full-year 2018 catastrophe claims to an estimated $2.9bn, before tax and net of retrocession. The Camp and Woolsey wildfires in California recorded the highest losses for Swiss Re during the last quarter of 2018, with claims expected…

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

The impact of last year’s cat losses on property rates was “muted” at 1 January reinsurance renewals, with European business even recording a 2.5% fall in rates, according to Guy Carpenter’s Global Rate on Line Index that measures the change in catastrophe premium paid year on year. The US, most affected by hurricane and wildfire losses during 2018, pushed through…

AXA XL adopts AI to speed up property risk analysis

AXA XL adopts AI to speed up property risk analysis

AXA XL adopts AI to speed up property risk analysis

AXA XL Risk Consulting has automated elements of its property risk engineering, using artificial intelligence (AI) technology. The company said adopting a new AI platform has reduced the amount of time it takes risk consultants to read engineering surveys of property sites, which can exceed 100 pages, to just seconds. The platform, called Cogito, has been developed by Italian software…

QBE UK rolls out AI risk rating for commercial property

QBE UK rolls out AI risk rating for commercial property

QBE UK rolls out AI risk rating for commercial property

QBE’s UK commercial underwriting operation has fully adopted an artificial intelligence-powered risk rating engine to improve underwriting accuracy and speed for insureds. The technology follows QBE’s investment in Cytora, and will also be adopted by QBE Australia later this year. QBE said the Cytora risk engine uses patterns of risk that combine with its own data to create bespoke risk…

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