European countries carry higher earthquake risk in FM Global’s updated map

European countries carry higher earthquake risk in FM Global’s updated map

European countries carry higher earthquake risk in FM Global’s updated map

Several European countries now carry a higher risk of earthquake, according to the latest interactive global threat map from commercial property insurer FM Global. The Netherlands, France, Switzerland, Italy and Israel are considered to be higher-risk earthquake zones and will see more ground movement, the map shows. It feeds soil effects and building structure data into the model to identify…

Marsh expects market hardening to moderate throughout 2021

Marsh expects market hardening to moderate throughout 2021

Marsh expects market hardening to moderate throughout 2021

Marsh expects commercial insurance prices rises to continue to moderate throughout this year, after the pace of market hardening fell across all regions in the first quarter. According to the broker’s latest Global Insurance Market Index, global P&C insurance rates rose by an average 18% in Q1 2021. But although this is the 14th successive quarterly rise, it marks the…

Zurich and Previsico pilot technology to boost surface-water risk management

Zurich and Previsico pilot technology to boost surface-water risk management

Zurich and Previsico pilot technology to boost surface-water risk management

Insurtech firm Previsico is collaborating with Zurich Insurance and one of its biggest UK customers to pilot technology that aims to “plug a major gap” in surface-water flood forecasting and boost resilience to the risk. The tripartite pilot across 5,000 UK locations of Zurich’s customer also aims to reduce the cost of false flooding alarms that cost thousands of pounds…

IAG estimates Australia flood loss at A$135m

IAG estimates Australia flood loss at A$135m

IAG estimates Australia flood loss at A$135m

IAG has estimated that floods in Queensland and New South Wales will cost it A$135m, tipping the insurer’s full-year nat cat claims over its $658m target to an estimated range of A$660m to A$700m. IAG said nat cat losses stood at $375m by the end of February, before the March floods. Its full-year nat cat loss estimate accounts for a…

Lloyd’s pairs with Bounce for New Zealand parametric earthquake cover

Lloyd’s pairs with Bounce for New Zealand parametric earthquake cover

Lloyd’s pairs with Bounce for New Zealand parametric earthquake cover

Lloyd’s has partnered with insurance startup Bounce to launch a parametric earthquake insurance policy for commercial customers and homeowners in New Zealand. The new product uses real-time data from government agency GeoNet to track peak ground velocity, which triggers payment to policyholders when tremor shakes reach 20cm per second. The policy automatically pays out within five days of breaching the…

Time to really focus on claims

Time to really focus on claims

Time to really focus on claims

The very reason why insurance is purchased by individuals and businesses is to ensure that they are ‘covered’, at least financially, when a nasty or unexpected event occurs. The efficient management and payment of claims is therefore the most important service that insurers and their partners in the market, such as brokers, loss adjusters and lawyers, can offer their customers. Sadly, all too often…

Swiss Re partners with ICEYE to boost flood risk management and claims

Swiss Re partners with ICEYE to boost flood risk management and claims

Swiss Re partners with ICEYE to boost flood risk management and claims

Swiss Re has entered into a strategic partnership with ICEYE, a commercial radar satellite operator and flood monitoring provider, to improve flood risk management and speed up claims. The reinsurer believes the move could be a “game-changer” for flood modelling and risk. Swiss Re said the partnership also means its clients receive more bespoke solutions and that it will assist…

Marsh sees signs of plateau despite 22% rise in Q4 insurance costs

Marsh sees signs of plateau despite 22% rise in Q4 insurance costs

Marsh sees signs of plateau despite 22% rise in Q4 insurance costs

Global insurance pricing rose 22% year on year in the fourth quarter of 2020, with the UK leading the way on 44%, according to Marsh’s latest figures. But with rises levelling off in continental Europe, for example, the broker said there are signs that increases are starting to plateau in some geographies and lines of business. The 22% global composite…

Insured nat cat losses 17% higher than ten-year average in 2020 at $78m: Willis Re

Insured nat cat losses 17% higher than ten-year average in 2020 at $78m: Willis Re

Insured nat cat losses 17% higher than ten-year average in 2020 at $78m: Willis Re

Insured losses from major nat cats totalled $78m in 2020 and were about 17% higher than the ten-year average of $66.5bn, according to Willis Re. It is the fourth-highest total based on Willis Re numbers since 2011, and comes despite limited impact from the most active North American hurricane season on record, with 30 named storms. Willis Re’s figures compare…

Insurance pricing up 22% in Q4 but rate of increase slowing: Marsh

Insurance pricing up 22% in Q4 but rate of increase slowing: Marsh

Insurance pricing up 22% in Q4 but rate of increase slowing: Marsh

Global insurance prices jumped 22% year on year in Q4 2020, compared to 20%, 19% and 14% in the preceding three quarters of last year, according to Marsh’s Global Insurance Market Index. The findings suggest that although things are still getting tougher for buyers, the rate of market hardening may have begun to taper off. Speaking on Marsh & McLennan’s…

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