Property-catastrophe

Disaster management "has come a long way" but "is not enough", warns AIR

Mon, 09 Nov 2009 00:00:00 GMT

Fifty years on from Typhoon Vera, the most destructive typhoon ever to strike Japan, Milan Simic, managing director of AIR Worldwide, warns that although disaster management in south-east Asia has come a long way, that response is not enough alone.

Hurricane Ida threatens GoM oil fields

Mon, 09 Nov 2009 00:00:00 GMT

Hurricane Ida weakened to a category 1 hurricane as it headed towards important oil and gas facilities in the Gulf of Mexico, RMS/Reactions Catastrophe Centre reports.

Climate change to cost insurers: ABI

Wed, 04 Nov 2009 00:00:00 GMT

Property insurance could become more expensive and harder to obtain as a result of global climate change, according to a new report published by the Association of British Insurers.

Harbor Point earns outlook change from S&P

Wed, 04 Nov 2009 00:00:00 GMT

Bermudian reinsurer Harbor Point has had its outlook on its A- ratings from Standard & Poor’s (S&P) revised.

Asteroid could cause $1trn damage, says RMS

Tue, 03 Nov 2009 00:00:00 GMT

A comet or asteroid explosion with a magnitude similar to the one experienced over the Tunguska River in central Siberia in 1908 could cause more than $1trn-worth of damage if it were to occur today over a densely populated area such as New York City, RMS reports.

Florida approves Citizens rate hike

Mon, 02 Nov 2009 00:00:00 GMT

State-owned insurer, Citizens Property Insurance, has secured approval to raise homeowner coverage rates by an average of 5.4% in 2010.

Mirinae hits Philippines and Vietnam

Mon, 02 Nov 2009 00:00:00 GMT

For the fourth time in as many weeks, Luzon Island has been hit by rain and typhoon-force winds, says AIR Worldiwde.

RenRe gets Moody’s upgrade to A1

Mon, 02 Nov 2009 00:00:00 GMT

Rating agency Moody's has raised the insurance financial strength rating of Renaissance Reinsurance Limited to A1 from A2 and the senior debt rating of RenaissanceRe Holdings to A3 from Baa1.

Scotland and Wales hit by floods

Mon, 02 Nov 2009 00:00:00 GMT

Heavy and prolonged rainfall across much of the UK on Sunday has triggered flooding across north-eastern Scotland and Wales, resulting in evacuations and property damage, RMS/Reactions Catastrophe Centre reports.

US flood programme extended to Dec 18

Fri, 30 Oct 2009 00:00:00 GMT

Namic today commended Congress for including an extension of the National Flood Insurance Program in a continuing resolution, keeping the programme in place until December 18.

Mixed response to Lloyd’s cat concerns

Thu, 29 Oct 2009 00:00:00 GMT

There has been a mixed response from players in the London market to the news that Lloyd’s is taking a close look at the amount of catastrophe-related exposure in the market.

AIR warns of north-east hurricane risk

Wed, 28 Oct 2009 00:00:00 GMT

Insurers and reinsurers should not overlook the possibility of a strong hurricane making landfall on the north-east US coast, Ming Lee, president and CEO of AIR Worldwide, and Jayanta Guin, AIR’s senior vice-president of research and modeling, told the PCI Reporter.

Lloyd’s examines cat exposure - report

Wed, 28 Oct 2009 00:00:00 GMT

Lloyd’s of London is planning to ask some of its member companies to reduce their exposure to catastrophe-related insurance, the Financial Times reports.

Frustration expressed with homeowners market

Tue, 27 Oct 2009 00:00:00 GMT

Private insurers are becoming increasingly frustrated with the situation of US homeowners insurance and are leaving the market, Bryon Ehrhart, CEO of Aon Benfield Analytics and chairman of Aon Benfield Securities, has warned.

Rate hikes needed for S&P to brighten outlook

Tue, 27 Oct 2009 00:00:00 GMT

S&P is maintaining its negative outlook on the US property/casualty industry, largely as a result of price declines on most lines of business, says Tom Upton, managing director of financial institutions ratings for S&P’s North American insurance rating business.

Time to revisit earthquake risk

Tue, 27 Oct 2009 00:00:00 GMT

The market is still adjusting to recent cat model changes. Risk Management Solutions (RMS) unveiled its new models for US earthquake risk in August.

Risk models move up the agenda, says AIR

Mon, 26 Oct 2009 18:09:19 GMT

Catastrophe model companies have taken a lot of criticism from the industry for under estimating the cost of major loss events. Yet the use of cat models is more widespread and insurers and reinsurers increasingly depend on their modelled scenarios for pricing business and developing strategies.

Sampson issues rallying call for 2010

Mon, 26 Oct 2009 00:00:00 GMT

David Sampson, president and CEO of the Property Casualty Insurers Association of America, highlighted four overarching challenges facing the industry in his opening speech at the PCI conference in Orlando.

Risk posed by Lupit recedes

Fri, 23 Oct 2009 00:00:00 GMT

Typhoon Lupit has continued to weaken during the past 24 hours and as of this morning was located some 350 miles north-northeast of Manila, Philippines, RMS/Reactions Catastrophe Centre reports.

Swiss Re explains World Bank deal

Fri, 23 Oct 2009 00:00:00 GMT

The catastrophe bond issuance platform launched by the World Bank earlier this week is set to boost cat bond demand over and above what has been previously expected, Swiss Re Capital Markets has told Reactions.

European Cedant Rankings: Reinsurance buying patterns less affected by the financial crisis than expected

Thu, 22 Oct 2009 00:00:00 GMT

AM Best analyses how the top European cedants have changed in the past year.

Hurricane Rick weakens to Cat 3

Tue, 20 Oct 2009 00:00:00 GMT

According to catastrophe risk modeling firm AIR Worldwide, Hurricane Rick has weakened to a Category 3 hurricane from its Category 5 status Saturday morning when its winds were 180 miles per hour.

Monte Carlo round-up: A good place to gossip

Tue, 20 Oct 2009 00:00:00 GMT

Although more low key than previous years, there was still much to chat about at this year’s Monte Carlo Rendez-Vous.

Ironshore expands property business

Mon, 19 Oct 2009 00:00:00 GMT

Ironshore has gained approval to write direct and facultative property business on behalf of its Pembroke Lloyd’s syndicate effective October 1, 2009

Typhoon Lupit threatens the Philippines

Mon, 19 Oct 2009 00:00:00 GMT

Typhoon Lupit has continued to intensify over the weekend and of this morning was located near approximately 868 miles east northeast of Manila, Philippines a category four storm, RMS/Reactions Catastrophe Centre reports.

Reinsurers to emerge from Melor unscathed

Thu, 15 Oct 2009 00:00:00 GMT

Reinsurers are expected to emerge unscathed from losses caused by Typhoon Melor, Jonathan Oatley, head of Asia Pacific London at Guy Carpneter has told Reactions.

FEATURE: AIG down, but not out

Wed, 14 Oct 2009 00:00:00 GMT

AIG has taken a beating in the past year but has not been knocked out. Reactions looks back at the year and asks AIG executives, shareholders and analysts whether it can get back on its feet.

Florida insurer deemed insolvent

Tue, 13 Oct 2009 00:00:00 GMT

The Florida Department for Financial Services has ordered American Keystone Insurance Company into receivership after it was found to be in an impaired state and unable to pay money owed to private reinsurers and the Florida Hurricane Catastrophe Fund.

Philippine non-life insurers hike rates

Mon, 12 Oct 2009 00:00:00 GMT

Philippine non-life insurers have started increasing rates of insurance coverage against flood and other natural disasters, after suffering losses from tropical storm Ondoy.

AIA bullish over Katrina court decision

Fri, 09 Oct 2009 00:00:00 GMT

A decision issued yesterday in the case of Corban v. USAA by the Mississippi Supreme Court has been welcomed by the American Insurance Association.