Claims & Run-Off

Oklahoma tornado one of costliest on record

Tue, 21 May 2013 00:00:00 GMT

The tornado that ripped through Moore, Oklahoma, on Monday could be the one of the costliest tornado on record, according to reports released today.

Vote for the Reactions Global Awards 2013

Wed, 15 May 2013 00:00:00 GMT

Have your say on the the best insurance, reinsurance, broking and service provider firms for the Reactions Global Awards 2013. The winners will be anounced at our awards dinner in New York on September 25.

Earthquakes dominate April cat losses

Wed, 08 May 2013 00:00:00 GMT

Earthquake events dominated April’s natural hazard losses, according to Aon Benfield’s Impact Forecasting. Specifically earthquakes in Iran and China have caused economic losses that range in the hundreds billions of dollars.

Third Point eyes 2013 reinsurance IPO

Tue, 07 May 2013 00:00:00 GMT

Third Point, the $11.6bn hedge fund run by Dan Loeb, has hired banks for an initial public offering of its reinsurance unit Third Point Re, according to Reuters.

Insurance IT budgets up 6.3% in 2013

Mon, 06 May 2013 00:00:00 GMT

Insurance IT budgets predicted to be up 6.3% on average in 2013, according to a Celent survey of chief information officers. The survey also reveals a budget shift from 80% maintenance and support and 20% development to closer to a 60/40 split.

Healthy horsemeat saves insurers' bacon

Fri, 03 May 2013 00:00:00 GMT

Insurers have yet to pay out any claims over the horse meat scandal, partly because horse meat is generally much healthier than beef.

Aviva and RSA face BBC Savile losses

Mon, 29 Apr 2013 00:00:00 GMT

Insurers reportedly face million pound losses as BBC entertainer Jimmy Savile is found to be one of the UK’s “most prolific sexual predators”.

Boston bombing insurance definitions unclear

Fri, 26 Apr 2013 00:00:00 GMT

Insurance payouts in the aftermath of the Boston bombings are likely to depend on whether the attacks are defined as a terrorist event, according to ABC news.

R&Q plans Bermuda re-domicile

Thu, 25 Apr 2013 00:00:00 GMT

Run-off specialist insurer Randall & Quilter (R&Q) issues its 2012 results and says it plans a domicile move from July “for regulatory, operational and commercial reasons”.

Data: Upstream energy losses in 2012

Tue, 23 Apr 2013 00:00:00 GMT

Upstream energy insurers’ fears of a large loss last year were not founded, when a potential explosion of the Elgin platform in the North Sea was averted. Losses in the year were considerably less than the still profitable 2011.

Data: 2012’s biggest insured losses

Mon, 22 Apr 2013 00:00:00 GMT

Analysis: Sandy, which Swiss Re places at a $35bn insured loss, topped a costly year for natural catastrophes. The reinsurers’s recent sigma report reveals 2012's largest insured losses as well as the biggest nat cat losses since 1970.

Data: Most costly insurance losses 1970-2012

Mon, 22 Apr 2013 00:00:00 GMT

The 40 most costly insurance losses 1970-2012 (in $m at 2012 prices). Source: Swiss Re's sigma "Natural catastrophes and man-made disasters in 2012: a year of extreme weather events in the US".

Allstate reveals $391m Q1 cat losses

Thu, 18 Apr 2013 00:00:00 GMT

US insurer reveals estimated catastrophe losses for March of $198m pre-tax, and $129m after-tax.

Kiln partners with Fineos for London claims

Mon, 15 Apr 2013 00:00:00 GMT

Kiln has employed Fineos claims management software to boost its claims services to clients and brokers.

Rate increase pressure to remain until 2014

Wed, 10 Apr 2013 00:00:00 GMT

But commercial property rates for non-catastrophe exposed risks and some specialty lines may see slight reductions, according to Willis’ 2013 Marketplace Realities report.

Property claims satisfaction stays high

Tue, 02 Apr 2013 00:00:00 GMT

A new survey from JD Power and Associates states that US property claims customer satisfaction remains high despite the previous two years being some of the worst on record for volumes of catastrophe claims.

Enstar closes HSBC run-off deal

Mon, 01 Apr 2013 00:00:00 GMT

Enstar completes the purchase of HSBC Insurance Company of Delaware and Household Life Insurance Company of Delaware.

Berkshire and Swiss Re reach settlement

Thu, 28 Mar 2013 00:00:00 GMT

Swiss Re and Berkshire Hathaway have settled a fallout over a 2010 life retrocession contract.

Bermudian gross premiums top $100bn

Thu, 28 Mar 2013 00:00:00 GMT

The Bermudian insurance market has announced a series of strong results in the face of toughening market conditions, reports the BMA.

Claims costs down for 2013 – LMA

Wed, 27 Mar 2013 00:00:00 GMT

The Lloyd’s Market Association says it has negotiated cuts in the cost of claims services from two major outsourced service providers: Xchanging Claims Services and Charles Taylor Insurance Services.

Lloyd's highlights rising shipwreck removal costs

Wed, 27 Mar 2013 00:00:00 GMT

Shipwrecks costs are rising over the past decade as well as associated costs in specific number of notable cases have risen significantly as aresult of regualtory disarray, Lloyd's has said in a new report.

Swiss Re pegs 2012 insured cat loss at $77bn

Wed, 27 Mar 2013 00:00:00 GMT

Sandy insured losses reached about $35bn, of which $20 to 25bn were covered by the private insurers and outstanding insured losses were covered by the National Flood Insurance Program, says Swiss Re.

Tawa in German run-off deal

Mon, 25 Mar 2013 00:00:00 GMT

Tawa acquires Lower Insurance’s reinsurance portfolio of mostly liability and marine contracts in run-off. The acquisition was made through Tawa’s subsidiary Hamburger Internationale Rückversicherung.

Data: Sandy company and industry losses

Sun, 10 Mar 2013 00:00:00 GMT

UPDATED FEB 8: Insurers' and reinsurers' estimates of their gross and net losses from Superstorm Sandy, and risk modelling firms' estimates of total insurance and reinsurance losses.

Bermuda to cover over $2.5bn of Sandy loss

Sat, 09 Mar 2013 00:00:00 GMT

Estimated reported losses from Sandy currently stand at over $18bn with international insurers covering nearly 50% of claims from the storm, says ABIR president Bradley Kading.

MS Frontier Re appoints new CEO

Fri, 08 Mar 2013 00:00:00 GMT

Bermuda based specialty P&C reinsurer MS Frontier Re appoints Toshiya Naito as its new CEO as Keiichi Nakajima returns to Japan to take on new roles within Mitsui Sumitomo.

International insurers to cover 50% of Sandy loss

Thu, 28 Feb 2013 00:00:00 GMT

ABIR president Brad Kading responds to latest Superstorm Sandy claims data at Reactions’ Insurance Regulation Forum, highlighting that international insurers are expected cover about 50% of losses.

Solvency II delay creates run-off profit window

Wed, 27 Feb 2013 00:00:00 GMT

If European insurers do not address run-off and US APH liabilities, they may be forced to increase their run-off reserve liabilities, says Ruxley Ventures.

Kiln syndicates make profit despite nat cats

Tue, 26 Feb 2013 00:00:00 GMT

Lloyd's insurer Kiln releases final results for its four non-aligned syndicates and will make a profit despite Sandy and other catastrophe losses.