EPUL packages cover for unusual property risks

EPUL packages cover for unusual property risks

EPUL packages cover for unusual property risks

European Property Underwriting Ltd (EPUL) has launched a package of covers for UK property owner risks that fall outside the norm, including irregular constructions or unusual occupations. The commercial property MGA EPUL said it would welcome risks for industrial, retail, office, residential or unoccupied properties for cover under its Solutions package. It combines material damage alongside loss of rent and…

ADB chief calls for more action on disaster risk reduction

ADB chief calls for more action on disaster risk reduction

ADB chief calls for more action on disaster risk reduction

The chief economist at the Asian Development Bank (ADB) has called on governments and the insurance industry to increase their efforts to reduce the risk of natural disasters. His calls were prompted by the finding in the ADB’s Asian Development Outlook 2019 report that four out of five people affected by natural hazards live in Asia. “Asia has led the…

Cost of typhoon Jebi to hit $12bn

Cost of typhoon Jebi to hit $12bn

Cost of typhoon Jebi to hit $12bn

The latest estimates from reinsurers suggest that the cost to the insurance industry of Typhoon Jebi could rise to as much as $12bn. Should the estimate prove to be true, it would make Jebi the costliest typhoon to ever hit Japan. It would also be a considerable increase on previous estimates from both reinsurers and risk modelling firms. The typhoon…

Brazil dam failure pushes up mining rates in 2019

Brazil dam failure pushes up mining rates in 2019

Brazil dam failure pushes up mining rates in 2019

The Córrego do Feijão dam failure in Brazil, which tragically claimed the lives of more than 300 people in January, has had an immediate impact on capacity for mining sector casualty risks, with rates driven upwards by the loss, according to Marsh in its latest mining sector report. Tailings dams are at particular risk of increased premium rates, Marsh said.…

CCR Re issues first French sidecar and ILS vehicle

CCR Re issues first French sidecar and ILS vehicle

CCR Re issues first French sidecar and ILS vehicle

French reinsurer CCR Re has launched its country’s first insurance-linked securities (ILS) vehicle, in the form of a reinsurance sidecar. Under the deal, 157 Re will assume a 25% quota share of CCR Re’s global property catastrophe portfolio. CCR Re, which is a subsidiary of state-owned reinsurer CCR, said the arrangement is the “first generation” of vehicles that could trigger…

Asian P&C rates to rise by 10% says WTW

Asian P&C rates to rise by 10% says WTW

Asian P&C rates to rise by 10% says WTW

Global broker Willis Towers Watson (WTW) has forecast that catastrophe loss-affected property and casualty (P&C) rates will rise by at least 10% in Asia through 2019. The broker has also called for a new approach to risk and insurance in the region, as a result of a more sophisticated corporate marketplace driven by global economic and political pressures. The forecasted…