Insurance Journal » catastrophes

Texas Homeowners Pay Highest US Insurance Premiums

Fri, 21 Dec 2012 16:59:19 +0000

An industry group says Texas homeowners are paying the highest insurance premiums in the country. The report was released Tuesday by the National Association of Insurance Commissioners. The Dallas Morning News reported the study is based on premiums collected in …

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Lloyd’s Report Focuses on ‘Gap’ in Disaster Costs and Insurance Coverage

Wed, 28 Nov 2012 11:18:57 +0000

A new report from Lloyd’s notes that the “the world has been battered by natural catastrophes in recent years, revealing a serious gap between the economic cost of natural catastrophes and the levels of insured risk.” Recently published research, Lloyd’s …

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Aon Report Finds Loss of Company Reputation Linked to Crisis Events

Thu, 04 Oct 2012 12:35:13 +0000

According to the Aon-sponsored Reputation Review 2012, a report recently issued by Oxford Metrica, an independent analytics and advisory firm, 7 out of 10 companies “measured in the report that were impacted by disasters in 2011.” They lost “more than …

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Best Affirms AXIS Specialty and Subs ‘A’ Ratings; Outlook Positive

Mon, 24 Sep 2012 10:46:53 +0000

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of AXIS Specialty Limited and its operating affiliates, as well as the ICR of “bbb+” and all existing debt ratings …

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Reinsurance Rendezvous Focuses on Euro Zone, Interest Rates, Capital

Charles E. Boyle — Mon, 10 Sep 2012 10:38:06 +0000

For once there’s no natural catastrophe hanging over the annual Reinsurance Rendezvous in Monte Carlo (the 56th edition). Tropical storm Leslie missed Bermuda and Hurricane Michael is safely out in the Atlantic. But that doesn’t mean there are few concerns …

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Moody’s Maintains Stable Outlook on Global Reinsurance Industry

Wed, 05 Sep 2012 10:57:54 +0000

Moody’s Investors Service has maintained a stable outlook for the global reinsurance industry. Moody’s said the outlook “expresses our expectations for the fundamental credit conditions in the industry over the next 12 to 18 months.” It also “acknowledges the industry’s …

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Aon Benfield, Impact Forecasting Launch Cat Risk Tool

Tue, 04 Sep 2012 10:15:50 +0000

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, announced that it has launched “ELEMENTS 7, the loss calculation platform from Impact Forecasting, which enables insurers to more easily customize catastrophe models.” The bulletin explained that the …

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Isaac Now a Hurricane: Update

Tue, 28 Aug 2012 19:35:40 +0000

The National Hurricane Center says the center of what is now Hurricane Isaac may make landfall on the southeast Louisiana coastline as early as this evening. Not all forecasters share that timeline, however. Dr. Tim Doggett, principal scientist at AIR …

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Fitch Notes Reinsurers More Risk-Focused For More Asian Catastrophes

Thu, 23 Aug 2012 11:26:32 +0000

Fitch Ratings has issued a statement which points out that the “spate of Asia-Pacific catastrophes in the past two years have prompted reinsurers to take stock of their existing portfolio and re-evaluate their underwriting approach and risk appetite.” As a …

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June’s Severe Weather Losses Near $2 Billion in U.S.: Aon Benfield

Tue, 10 Jul 2012 10:23:57 +0000

U.S. severe weather insurance losses were close to $2 billion in June, according to Aon Benfield’s Global Catastrophe Report. Published by Aon’s Impact Forecasting, the report analyzes the natural disaster events that occurred across the United States and worldwide during …

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Guy Carpenter Report Focuses on Asia-Pacific 2011 ‘Climate Issues’

Mon, 09 Jul 2012 10:13:13 +0000

The Guy Carpenter Asia-Pacific Climate Impact Centre (GCACIC), a joint initiative of Guy Carpenter and City University of Hong Kong, has released its third annual report, which presents the findings of the 27 research projects conducted by GCACIC members on …

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Willis Exec: Industry Will Respond w/ ‘New Tools’ to Growing Disaster Risk

Thu, 05 Jul 2012 09:17:15 +0000

The insurance industry plays a pivotal role in integrating new tools, technology and solutions to protect populations and assets against growing concerns about natural disasters and, in the process, helps ensure a sustainable future, according to Rowan Douglas, CEO of …

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Aon Benfield’s April Global Cat Reports near $1 Billion in Tornado Losses

Fri, 04 May 2012 10:31:43 +0000

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, has released its latest edition of its Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during April. Published by Impact Forecasting, the firm’s …

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Reinsurers Resilient Despite Catastrophes, Economic Uncertainty, Says A.M. Best

Tue, 24 Apr 2012 10:22:00 +0000

In a special report A.M. Best summed up the financial position of the global reinsurance industry as “resilient” in light of “the volatile economic conditions and the frequent and severe loss events of 2011.” Best pointed out that the only …

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Aon Benfield Reports Reinsurers’ Capital Remains Strong Despite near Record 2011 Cat Losses

Wed, 11 Apr 2012 10:32:13 +0000

Aon Benfield’s latest edition of its Aon Benfield Aggregate (ABA) report, which analyzed the year end 2011 financial position of the world’s leading reinsurers and examines how 2011 catastrophe losses affected their capital and earnings positions, estimated that total global …

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Platinum estimates $24.8 Million Q1 2012 Losses from Catastrophes

Wed, 11 Apr 2012 10:15:34 +0000

Bermuda-based Platinum Underwriters Holdings, Ltd. announced that it expects major catastrophe losses will have a net negative impact of approximately $24.8 million on the Company’s results for the quarter ended March 31, 2012. The company explained that the losses were …

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Best Lowers, Withdraws Omega Specialty Ratings; Affirms Lloyd’s Syndicate 958

Wed, 11 Apr 2012 10:10:12 +0000

A.M. Best Europe – Rating Services Ltd. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 958, which is managed by Omega Underwriting Agents Limited. The outlook for both …

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Markel Reports $52.3M Q4 Income, Down 63% From One Year Ago

Young Ha — Thu, 02 Feb 2012 17:25:23 +0000

Markel Corporation reported $52.3 million for its 2011 fourth-quarter net income, down 62.8 percent from one year ago when the specialty insurer posted $140.4 million. For the 2011 full-year, Markel posted net income of $148.5 million, down 44 percent from …

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Aon Benfield 2011 Catastrophe Study: $107 Bn Insured Losses; $435 Bn Economic

Charles E. Boyle — Tue, 10 Jan 2012 17:43:04 +0000

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp, has issued its “Annual Global Climate and Catastrophe Report,” which aggregates and analyses the natural disaster perils that occurred worldwide during 2011, which concludes that the impact of …

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IAG Finalizes $4.86 Billion Reinsurance Program for 2012

Wed, 04 Jan 2012 11:43:48 +0000

Insurance Australia Group Limited announced that it has finalized its catastrophe reinsurance program for the period commencing January 1, 2012 with up to A$4.7 billion [US$4.86 billion] in coverage, compared to A$4.1 billion [US$4.24 billion] in 2011. “Our reinsurance program …

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Willis Re Reports Jan. 1 Renewals Focus on Nat Cat Data

Fri, 30 Dec 2011 13:09:16 +0000

An analysis from Willis Re, the reinsurance broking arm of Willis Group Holdings, notes that the majority of this year’s catastrophe losses arose “from un-modeled or inadequately modeled perils or territories.” As a result reinsurers “are being more forceful in …

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Oklahoma Insurance Commissioner Doak Has Had a Full Plate in 2011

Stephanie K. Jones — Mon, 19 Dec 2011 17:41:40 +0000

In his first year as insurance commissioner of Oklahoma, John Doak has been a busy man. Doak and the agency he leads have had their hands full implementing reforms in the workers’ compensation system, dealing with a host of natural …

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Swiss Re Estimates 2011 Economic Cat Loss at $350 Bn; Insured Loss $108 Bn

Thu, 15 Dec 2011 11:07:02 +0000

Swiss Re describes 2011 as the “year with the highest catastrophe-related economic losses in history, at $350 billion.” It could have been the most costly year ever for the insurance industry, if Japan had been more fully insured. The figures …

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Aon Benfield Report Analyzes Financial Impact of Catastrophes on Reinsurers

Thu, 08 Dec 2011 11:42:13 +0000

The Aon Benfield Analytics’ Market Analysis team has published the latest edition of its Aon Benfield Aggregate (ABA) report, which assesses the financial performance of 28 of the world’s leading reinsurers in the first nine months of 2011, and examines …

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Aon Benfield Monthly Cat Report: Thai, Europe Floods Costly for Insurers

Wed, 07 Dec 2011 11:05:02 +0000

Aon Benfield’s Monthly Cat Recap report, which reviews the natural disaster perils that occurred worldwide during November, concludes that insured losses in Thailand could top $10 billion, while floods in Europe will exceed $1 billion. The report, published by Impact …

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Spate of Disasters Exposes Supply Chain Weakness

Mon, 14 Nov 2011 11:21:22 +0000

When flood waters rose in Thailand, Wal-Mart stores in Japan ran out of mouthwash. “We were out of mouthwash in Japan for about four days,” Scott Price, Wal-Mart’s Asia chief executive officer, said at the APEC business leaders’ summit. “A …

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Lloyd’s Analyzes Baden-Baden Reinsurance Renewal Conclave

Fri, 04 Nov 2011 11:13:00 +0000

An article on the Lloyd’s website takes a look at the “insurance and reinsurance specialists,” who “converge in Baden-Baden to begin their ‘renewal season’ discussions in earnest and in preparation for January 1, when deals between primary insurers and their …

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‘Parametric’ Covers Central to Insure Public Entities Says Cooper Gay Exec

Tue, 01 Nov 2011 12:07:52 +0000

Despite the ever increasing severity and frequency of natural catastrophes, “insuring public entities in affected countries is becoming simpler due to the emergence of new parametric trigger insurance” according to Steve Jackson, CEO Latin America of international broker Cooper Gay. …

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Aon Benfield Reports Asia Monsoon Economic Losses near $7 Billion

Fri, 07 Oct 2011 10:25:04 +0000

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp, has released the latest edition of its Monthly Cat Recap report, which reviews the natural disaster perils that occurred worldwide during September. Published by Impact Forecasting, the firm’s …

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Global Insurance Rates Flat Overall in Q3 Says Marsh

Fri, 30 Sep 2011 14:31:25 +0000

Insurance rates are rising for property in high-risk areas, while rates are falling for many lines of professional insurance, leading to an overall stable market around the world, according to a report from Marsh, the brokerage arm of Marsh & …

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