Claims

Claims

Capital Markets, Catastrophe, Claims, London, Political Risk

Triple threat to industry remains says economist

Swiss Re’s Chief Economist has outlined the challenges the industry faces from the global economy as the reinsurer published its annual economic outlook.

Asia Pacific, Catastrophe, Claims, Earthquake, Flood, Losses, Windstorm

Record loss year points to low insurance levels warns Swiss Re

Last year was the most expensive in history in terms of economic losses but the level of payments faced by global underwriters had highlighted the need for greater insurance penetration.

Broking, Claims, Europe, Renewals, Results

Fragmented renewals highlight new approach from underwriters

Guy Carpenter has said the 1/1 renewals saw a shift in industry behaviour as both insurers and reinsurers implemented more sophisticated, customised approaches to risk assessment and mitigation.

Asia Pacific, Catastrophe, Earthquake, Flood, Losses, Windstorm

Record cat loss year says Swiss Re

This year will go down as the most expensive in history for economic losses due to catastrophes according to preliminary estimates from Swiss Re’s sigma team...

Claims, Financial Institutions, Legal, London, Losses, Market Reform, Risk Management

PPO future in doubt says IUA

The future of use Periodical Payments Orders (PPOs) remains uncertain, a new study by the International Underwriting Association has revealed.

Catastrophe, Claims, Europe, Losses, Political Risk, Results

Munich Re warns of tough results for 2011

Reinsurer Munich Re released its third quarter results with a warning that the heavy impact of this years natural catastrophes will see a combined ratio well above its average annual target of 97%...

Asia Pacific, Claims, Financial Institutions, Results, Risk Management

Asian trade credit market predicted to bounce back

Markel in Singapore has announced it is seeking to broaden its product offering in Asia, with the latest addition to its suite of products, Trade Credit Cover...

Catastrophe, Life, Losses, North America, Risk Management

Insurer offers guide to Zombie attack

US Insurer HCC Medical Insurance Services, (HCCMIS), has issued a new guide for its policyholders ahead of Halloween, on how to survive an attack by zombies.

Liability, North America

Beazley warns hospital to avoid loading issues

Lloyd’s underwriting group Beazley has urged hospitals and hospital groups to demand greater clarity from their insurers on the loading applied to premiums to account for claims inflation.

Asia Pacific, Capital Markets, Catastrophe, Claims, Earthquake, Losses

CATCo issues NZ earthquake update

Reinsurance and retrocessional investment fund manager CATCo has released an update on its Reinsurance Opportunities Fund exposures to the events in New Zealand earlier this year.

Broking, Claims, Europe

Guy Carp launch Icelandic model

GC Analytics® Guy Carpenter’s model development team has introduced a new, fully probabilistic earthquake model for Iceland.

Asia Pacific, Catastrophe, Claims, Earthquake, Losses

Reinsurers will pick up majority of Australasian cat claims

Delegates at a conference on Australia’s gold coast have been told that reinsurers will pick up around two thirds of the insured costs arising from the natural catastrophes which have hit Australia and New Zealand this year.

Brokers, Claims, Europe, Liability

Treatment for global obesity epidemic demands attention

Professional services firm Towers Watson has said Europe needs to learn the lessons from the United States if they are to tackle the rising tide of obesity.

Catastrophe, Claims, North America, Terrorism

9/11 ended the “gentlemen’s agreement" in cover placement

On the eve of the 10th anniversary of the attacks on the World Trade Center, a leading lawyer has said those events are responsible for changing the reinsurance market dramatically.

Claims, Energy, Losses, North America, Offshore, Risk Management

Continued moratorium creating new risks for underwriters

As the debate over the ongoing moratorium on offshore drilling continues, a leading loss adjuster has said the decision to move many rigs from the Gulf of Mexico to other areas of the world where they can operate is creating new risk for underwriters to consider.

Claims, Energy, Losses, North America, Offshore, Risk Management

Moratorium rig movements pose threat to GoM ability to resume drilling

As the debate over the ongoing moratorium on offshore drilling continues a leading loss adjuster has warned the departure of rigs and equipment from the Gulf of Mexico will impact the ability of market to return to normal after it is lifted.

Claims, Energy, IUMI, Losses, North America, Offshore

Claims up but utilisation down according to 2009 figures

While the financial crisis coupled with a fall in the costs of oil and gas has seen a sharp drop downturn in offshore rig utilisation rates in all exploration and production areas of the world, claims are still on the rise according to the International Union of Marine Insurance (IUMI).

Claims, Europe, IUMI, Marine, P&I

Sulphur rules pose claims threat

The use of low sulphur fuel in designated areas across the globe is in danger of creating a new wave of major loss claims for the insurance industry.

Claims, Liability, Losses, Marine, North America

Claims challenge continues for insurers and insureds alike

The rising costs of claims continue to blight the market and in the Gulf of Mexico underwriters are still seeking a way to provide affordable capacity whilst managing exposure.

Broking, Claims, North America, Rates, Renewals

Rates under pressure at January 1 renewal says broker

The global reinsurance market has been hit by a triple whammy which has seen rates come under pressure for the key 1 January renewals according to broker Guy Carpenter & Company.

Bermuda, Claims, Energy, Rates, Renewals

Bermudans announce new energy operations

The energy market has two new entrants after Bermudan underwriting groups Ironshore and Torus announced new units which will deliver new capacity into the onshore and casualty energy markets.

Brokers, Claims, Energy, Losses, North America, Rates

Energy buyers baulk at rate rises

The battle between clients and underwriters over the pricing of energy programmes is expected to continue according to one leading broker.

Brokers, Claims, Europe, Financial Institutions, Rates

D&O market faces rate falls as economies recover

The recoveries in corporate share prices and indications that the global economy is rebounding have put pressure on the cost of D&O coverages as the market heads to the January 1 renewals.

Broker Aon has said it has seen a 2.7 percent drop in the cost of cover for the fourth quarter of the year compared to the previous three months.

Aviation, Claims, Europe, Rates, Risk Management

AXA says its space programme still on target

The head of the space operations of AXA Corporate Solutions in Paris has said the firm is confident it will hit its target of becoming a major player in the market within the next three years.

Claims, Liability, London, Losses

Working party warns of spiraling asbestos claims costs

Underwriters have been told they face a bill of up to £11 billion in compensation arising from asbestos-related claims in the UK alone over the next 40 years, although there are fears that the figure will continue to rise.

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