AIR predicts Florence wind and storm losses of between $1.7bn and $4.6bn

AIR predicts Florence wind and storm losses of between $1.7bn and $4.6bn

AIR predicts Florence wind and storm losses of between $1.7bn and $4.6bn

AIR Worldwide has estimated insured losses of between $1.7bn and $4.6bn from Hurricane Florence’s wind and storm surge, as Willis Towers Watson said the insurance market will “easily” absorb such claims. AIR said its estimate does not include the impact of ongoing flooding from Florence’s “unprecedented” rainfall, or claims from the National Flood Insurance Program (NFIP). The cat modelling firm’s…

Insurers expect rise in silent cyber losses, finds Willis Re survey

Insurers expect rise in silent cyber losses, finds Willis Re survey

Insurers expect rise in silent cyber losses, finds Willis Re survey

More insurers across the globe are expecting to report silent cyber losses across all lines of business except workers’ compensation in the next 12 months, according to a new survey by Willis Re. This year’s survey revealed that more than 60% of insurers believe they are likely to incur more than one silent cyber-related loss for every 100 non-cyber-covered losses…

Little or no sign of market-wide hardening in Nordics

Little or no sign of market-wide hardening in Nordics

Little or no sign of market-wide hardening in Nordics

Nordic risk and insurance managers see no sign of a general hardening in the commercial market and can get capacity for most of their risks, but there are some pockets where things are tricky for buyers. According to Tapio Huovinen, director of risk management at renewable wood biomass company UPM, there is still adequate capacity in the Nordic market. “It…

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…

H1 nat cat and disaster losses almost half the ten-year average

H1 nat cat and disaster losses almost half the ten-year average

H1 nat cat and disaster losses almost half the ten-year average

Insured nat cat and disaster losses during the first half of 2018 were almost half the ten-year average, making any moves by insurers to raise rates less likely and more difficult to justify. According to preliminary Swiss Re figures, first-half nat cat and man-made disaster losses of $20bn were well down on the $35bn ten-year average. Swiss Re’s numbers compare…

Marsh says new flood risk technology is boosting protection

Marsh says new flood risk technology is boosting protection

Marsh says new flood risk technology is boosting protection

Advances in data and analytics are driving new tools to manage flood risk and more accurately underwrite insurance, providing customers with better solutions, according to Guy Carpenter. Elizabeth Cleary, managing director at the broker, said Marsh and Guy Carpenter use these new solutions to help clients make better risk management decisions about flood risk and ultimately boost their protection. Ms…

AIR launches new thunderstorm model for Europe

AIR launches new thunderstorm model for Europe

AIR launches new thunderstorm model for Europe

Catastrophe modelling firm AIR Worldwide has developed a new severe thunderstorm model for Europe. The company said its new offering will model the effects of straight-line winds and hail to help insurance companies assess risks in 22 countries and deliver for insureds. AIR Worldwide said the thunderstorm model adds to its existing cyclone and flood models for Europe, which together…

London market responds to silent cyber concerns

London market responds to silent cyber concerns

London market responds to silent cyber concerns

The London market is responding to regulatory pressure to clarify cyber cover under traditional insurance policies, with implications for buyers of specialty insurance that have seen an increasing number of exclusions written into contracts while being offered more extensions. In July 2017, the UK’s Prudential Regulation Authority (PRA) issued Supervisory Statement SS4/17 setting out its views on ‘silent cyber’ cover,…

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