Catastrophe News

Modeler: Insured Losses for California Wildfires Could Reach $10.5B

Loss estimates for the October California wildfire siege could reach up to $10.5 billion, according to catastrophe modeling firm AIR Worldwide. Boston, Mass.-based AIR on Thursday updated its loss estimates for the recent wildfires after analyzing findings from its damage …

Once-Stable P/C Insurance Lines Face Headwinds: Guy Carpenter

While the U.S. property/casualty insurance industry is well capitalized and market sentiment is mostly positive, it still faces economic and market-based headwinds that will challenge its profitable growth going forward. In the 2017 edition of the annual report, Plotting a …

Losses from California Wildfires Could Reach up to $6 Billion, Experts Say

This story has been updated with the latest estimates on fire losses. The wildfires raging in California are shaping up to become an infamous if not historic event. The fires have destroyed 3,500 structures and counting, far exceeding the 2,820 …

Agency E&O in a Disaster: How to Avoid Errors While Helping Insureds

Insurance Journal’s Academy of Insurance announced an exclusive online discussion called “After the Storm: Preventing Agent E&O Claims in a Disaster” to be held on Thursday, Sept. 21, 2017 at 1:30 p.m. Eastern. Insurance Journal’s Academy Director Patrick Wraight will …

P/C Insurers Report $1.5B Net Underwriting Loss in First Half of 2016

Private U.S. property/casualty insurers reported a $1.5 billion net underwriting loss in the first half of 2016— the first year-to-date net underwriting loss in more than three years— and saw their net income after taxes drop to $21.7 billion in …

Climate Change Exposes U.S. Infrastructure to Natural Hazards, Rand Corp. Says

Editor’s note: This is the first of a two-part column. A follow up column will focus on how catastrophe modelers are being asked to create products that take into account potential climate change impacts. A report out this week from …

Carpenter Launches New Version of Client Portfolio, Risk Management Platform

Guy Carpenter & Co. announced the launch of GC AdvantagePoint® 2.0, the latest release of its client portfolio and risk management platform. With GC AdvantagePoint 2.0, clients are able to easily leverage the technology to make strategic decisions through the …

Magnitude 6.7 Earthquake Jolts India, Bangladesh: AIR Worldwide

A magnitude 6.7 earthquake hit northeast India near its border with Myanmar and Bangladesh on Jan. 4 at 4:35 a.m. local time, about 29 kilometers (18 miles) northwest of Imphal, the capital of Manipur state, according to catastrophe modeling firm …

Global Cat Losses in October Likely to Top $10 Billion: Impact Forecasting Report

Global catastrophe losses in October are expected to top $10 billion, according to a report from Impact Forecasting, Aon Benfield’s catastrophe model development unit. A record 22 global tropical cyclones have now developed in the Northern Hemisphere during 2015, said …

New ILS Records Set During 12 Months Ended June 30: Aon Securities Report

Annual catastrophe bond issuance reached $7.0 billion – a decrease on the record-breaking prior year ($9.4 billion), yet still the third highest annual issuance in the sector’s history, according to Aon Securities, the investment banking division of Aon Benfield. Twenty-five …