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June 2013
Risk modeller AIR Worldwide says insured losses from Germany floods will be between Eu4bn and Eu5.8bn. This compares with estimated losses of Eu5bn were the 2002 floods to reoccur today.
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Loss adjusters being exported out to disaster zones lack morale on 18-month trips without families and need management support, Crawford argues.
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Fraudulent property/casualty insurance claims are rising in Europe, Accenture survey finds.
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"These numbers are already staggering, and this is just the beginning," said Oklahoma Insurance Commissioner John Doak.
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Central European flooding is credit negative for property/casualty insurers, says Moody’s.
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Nomura analyst estimates insured losses from European floods will be between Eu2bn and Eu3bn.
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More companies are relying on trade credit insurance and surety bonds in economic challenging times, says Jim Davidson, president of the International Credit Insurance and Surety Association.
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Business intelligence technology firm SAS suggests that the real figure for insurance fraud in the UK is actually much higher than the £2.1bn quoted by the Association of British Insurers.
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Legacy business specialist Compre is using an innovative reinsurance structure for a Nordic acquisition, the run-off firm's acquisitions director tells Reactions.
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Feature: Devastating tornadoes in Oklahoma and Texas remind the US that tornado season is well and truly here. The Moore tornado on May 31 may turn out to be the biggest insured loss from a tornado and highlights insurers’ exposure management.
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Property Claims Services has released its estimate of insured losses from Superstorm Sandy of $18.75bn, unchanged from PCS’s previous estimates.
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May 2013
If the Moore tornado surpasses $2.8bn of insured losses, well within the range provided by RMS, it will become the single most expensive tornado in US history, surpassing the Joplin, Missouri tornado of 2011.
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AM Best says if initial estimates are correct the Moore tornado would be the largest tornado loss ever for insurers, as well as the largest insured catastrophe event thus far in 2013, with regional companies likely to be hit hard by losses.
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The EF-5 tornado that devastated the Oklahoma town of Moore on May 20 is likely to be more expensive than the tornado that struck the town in 1999, according to Moody's, with AIR estimating insured losses at $2.2bn-$6.4bn and Eqecat $2bn-$5bn.
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Losses resulting from the severe tornado that struck Moore, Oklahoma on May 20 are credit negative for Combine Re Series 2012, a $200m indemnity catastrophe bond, according to Moody’s.
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US tornadoes between May 18 and 20 have damaged and destroyed thousands of buildings with insured losses expected to hit $2bn to $5bn, says Eqecat.
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The tornado that ripped through Moore, Oklahoma, on Monday could be the one of the costliest tornado on record, according to reports released today.
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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.
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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.
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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.
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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.
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Insurers have yet to pay out any claims over the horse meat scandal, partly because horse meat is generally much healthier than beef.