Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

The clean-up from Typhoon Mangkhut has begun as the devastated areas of the Philippines, China and Hong Kong assess the loss of life and long-lasting damage that resulted from the most severe storm of the year so far. The super typhoon is also likely to raise the issue of the insurance gap in the region, given that insured losses in…

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Reinsurance is set to spend close to a billion dollars acquiring specialty insurer Chaucer from Hanover Insurance. The deal, which is still subject to shareholder and regulatory approval, is expected to close by early 2019. China Re will acquire Chaucer Insurance, Hannover Australia and Hannover Insurance International Holdings in return for $865m in cash and an $85m dividend to…

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

The estimated insured property losses from Typhoon Jebi, which hit Japan on 4 September, could reach somewhere between $2.3bn and $4.5bn according to catastrophe risk modelling firm AIR Worldwide. The typhoon, which was the strongest to hit Japan in 25 years, made landfall in Japan at midday on the island of Shikoku with sustained wind speeds of 180km/h. It then…

Chubb launches major accounts division for Asia-Pacific

Chubb launches major accounts division for Asia-Pacific

Chubb launches major accounts division for Asia-Pacific

Chubb has announced the creation of a major accounts division in the Asia-Pacific region. The insurer describes the new operation as a “dedicated premium service encompassing underwriting, risk engineering and claims for the region’s large, global and multinational clients and business partners”. The new major accounts division will led by Doug White, currently Chubb country president of Hong Kong, Taiwan and Macau.…

Insured losses for flooding in western Japan could hit $4bn after record rainfall 

Insured losses for flooding in western Japan could hit $4bn after record rainfall 

Insured losses for flooding in western Japan could hit $4bn after record rainfall 

Catastrophe modeling firm AIR Worldwide estimates that industry insured losses from the flooding in western Japan caused by excessive rainfall from 28 June to 8 July will be between $2.6bn and $4bn. Several days of record-breaking rainfall between 28 June and 8 July led to widespread inland flooding in more than 30 prefectures across western and south-central Japan. The rainfall…

Indian insurers braced for big claims from Kerala floods

Indian insurers braced for big claims from Kerala floods

Indian insurers braced for big claims from Kerala floods

Indo-Asian News Service (IANS) has reported that insurance experts in India expect a spike in premiums charged by reinsurers for covering flood risk, following the recent catastrophic events in Kerala that have caused economic losses easily in excess of $3bn. IANS reported that reinsurers may opt to raise deductibles to keep the rate for catastrophic flood risk at a realistic…

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…

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