property risks News

Re/Insurance CEOs Join Insurance Development Forum, UN & World Bank Initiative

A group of re/insurance and global broking CEOs are assisting the work of the Insurance Development Forum (IDF), which was launched last month to help build resilience to climate risk and natural disasters, while bridging the insurance protection gap for …

Ecuador to Raise Taxes, Sell Assets to Fund Multi-Billion Dollar Quake Rebuilding

Ecuador will temporarily increase some taxes, sell assets, and may issue new bonds on the international market to fund a multi-billion dollar reconstruction after a devastating 7.8 magnitude quake, a somber President Rafael Correa said on Wednesday [April 20]. The …

XL Catlin Exec Heads Public-Private Forum to Close ‘Protection Gap’ for Disasters

The insurance industry, the United Nations and the World Bank have formed a public-private partnership designed to help bridge the “protection gap” for developing nations, which struggle increasingly from the burden of uninsured economic losses after natural disasters. The Insurance …

Gap Between Insured & Economic Losses Offers Business Opportunities: AIR

A huge global gap between disaster-related insured and economic losses presents a growth opportunity for P/C carriers, AIR Worldwide determined in a new report. What the catastrophe modeling firm found: the global insured average annual loss comes in at $74 …

Underinsurance of Property Is Growing Global Challenge: Swiss Re Report

The underinsurance of property risk – particularly natural catastrophe risks – has risen steadily over the past 40 years, even though claims payments have increased significantly during that period, according to Swiss Re’s latest sigma study. In the last 10 …

Ryan Specialty Group Launches New MGU Windward Specialty

RSG Underwriting Managers (RSGUM) has launched Windward Specialty, a new managing general underwriter. Windward Specialty will underwrite a range of property risks exclusively through wholesale insurance brokers. The new MGU will be led by President and CEO, Nathan Warde, who …