Australia braces for more cat losses as Esther threatens to re-intensify

Australia braces for more cat losses as Esther threatens to re-intensify

Australia braces for more cat losses as Esther threatens to re-intensify

Australian citizens and insurers are bracing themselves for another week of catastrophic losses as former Tropical Cyclone Esther tracks an unpredictable path across northern Australia and could re-intensify later in the week, according to the Bureau of Meteorology which described it as “a remarkable system”. Australia is still picking up the pieces of months of devastating bushfires that will cost…

Japan’s PPP drive could be worth $1bn in premiums

Japan’s PPP drive could be worth $1bn in premiums

Japan’s PPP drive could be worth $1bn in premiums

Global insurers could benefit from a surge in demand for insurance linked to public-private partnerships (PPP) in Japan. Swiss Re estimates that growth in PPP schemes for public infrastructure could be worth nearly $1bn in annual premiums from 2018 to 2023. The broader adoption of PPP schemes in public assets comes in response to pressure building on stretched public finances…

Australian catastrophes demand shift in emphasis from cleanup to prevention

Australian catastrophes demand shift in emphasis from cleanup to prevention

Australian catastrophes demand shift in emphasis from cleanup to prevention

The half-year results just published by two of Australia’s leading insurers – Suncorp and Insurance Australia Group (IAG) – show the immediate financial impact of the recent spate of natural catastrophes to hit the country. They also show the urgent need for the national emphasis to shift from damage repair and cleanup post-event to loss prevention, risk mitigation and management.…

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

The governments of Japan and Singapore, along with the World Bank, are reportedly developing a natural catastrophe protection programme for lower-income Asian countries that could be launched in the Spring of this year, according to the Nikkei Asian Review. According to the report, Myanmar and Laos will be the first to receive cover under the scheme to protect national infrastructure…

Asian commercial insurance prices rise by highest level in five years: Marsh

Asian commercial insurance prices rise by highest level in five years: Marsh

Asian commercial insurance prices rise by highest level in five years: Marsh

Commercial insurance pricing in Asia showed the highest increase in five years in the fourth quarter of 2019, according to Marsh’s quarterly Global Insurance Market Index. Double-digit increases in property premiums were, however, compensated by liability prices still falling by up to 10% in some Asian countries. The Pacific region had the largest composite pricing increase in the index at…

Market hardening intensifies across Europe and all global regions, finds Marsh

Market hardening intensifies across Europe and all global regions, finds Marsh

Market hardening intensifies across Europe and all global regions, finds Marsh

The commercial insurance market hardening accelerated across all regions in the final quarter of last year with average price increases of 6.6% in continental Europe and 13.7% in the UK, according to Marsh’s latest Global Insurance Market Index that also reports a tightening of capacity in certain product lines and parts of the world. As previously revealed during Marsh’s results…

ICA denies claims problems from bushfires as consumer group calls for standard wordings

ICA denies claims problems from bushfires as consumer group calls for standard wordings

ICA denies claims problems from bushfires as consumer group calls for standard wordings

The Insurance Council of Australia (ICA), the body that represents the Australian insurance industry, has accused leading consumer group CHOICE of causing “unnecessary and unjustified fear” among householders about the validity of their household insurance coverage, in relation to the bushfires that have devastated the country in recent months. CHOICE has not accused the insurers of dodging claims yet. But…

Coronavirus unlikely to lead to large insured losses, say experts

Coronavirus unlikely to lead to large insured losses, say experts

Coronavirus unlikely to lead to large insured losses, say experts

The impact of the coronavirus outbreak is unlikely to lead to large insured losses, even for international insurance and reinsurance carriers such as Munich Re that backed a rare specific pandemic product designed to specifically cover this risk in 2018, according to Marsh. PathogenRX, an integrated pandemic risk quantification and insurance solution that provides financial protection to US-based businesses and…

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global P&C insurance market hardening accelerated in the last quarter of 2019 with average price increases of nearly 11%, compared to 8% in Q3, 6% in Q2 and 3% in Q1, according to Marsh that saw revenues increase 4% in 2019. Giving the latest top-level figures from Marsh’s quarterly Global Insurance Market Index during a results presentation, Marsh & McLennan’s…

Australian bushfire losses top A$1.65bn as experts warn of further climate-related cats

Australian bushfire losses top A$1.65bn as experts warn of further climate-related cats

Australian bushfire losses top A$1.65bn as experts warn of further climate-related cats

The insured cost of the Australian bushfires has now topped A$1.65bn based on claims from more than 25,000 insurance policies, according to the Insurance Council of Australia (ICA). The insurer body says that approximately 95% of buildings affected are insured, with a median building sum insured of A$343,241. According to the ICA’s latest update, some 16,011 policies contain, or are…

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