Australian summer catastrophe industry losses surpass A$5bn

Insurance and reinsurance market losses from Australia's series of summer catastrophe loss events have now risen to a new high of almost AU $5.1 billion, according to the Insurance Council of Australia. When we last covered these loss events, which range from severe convective weather related hail storms, to flooding and read the full article →

UK winter floods & wind related industry losses said £650m: PERILS

The insurance market loss from flooding that struck the United Kingdom earlier this year is initially estimated to be £279 million (around US $350m), according to PERILS AG, but the overall winter weather hit from floods and wind is estimated as £650 million (around US $810m). PERILS estimate for the insurance read the full article →

Australian east coast low industry loss estimated at A$794m by PERILS

Insurance and reinsurance market losses from a severe east coast low that struck Australia at the beginning of February are estimated to be A$794 million, according to PERILS AG. As we explained yesterday, the Insurance Council of Australia (ICA) pegged the losses from this latest catastrophe to beset Australia during its read the full article →

Loss from Australia’s Feb east coast storms & floods reaches A$677m

Insurance and reinsurance market losses from severe storms and flooding that impacted the eastern coastal region of Australia at the beginning of February are now estimated to have reached A$677 million by the Insurance Council of Australia (ICA). The storms and torrential rains began around February 4th and ran through to read the full article →

Townsville flood insurance market loss finalised at A$1.243bn by PERILS

The insurance and reinsurance market loss to property lines of business from flooding that struck the Townsville and surrounding area of the Queensland region of Australia in 2019 has now been raised 2% and finalised at A$1.243 billion by PERILS AG. PERILS, the Zurich-based and industry backed aggregator of insurance market read the full article →

Australian storms & floods lift catastrophe losses, may drive more reinsurance claims

Insurers in Australia are now facing almost A$2.6 billion of catastrophe losses just from the last five months, with the latest being a spate of extreme rainfall and flooding in recent days that increases the chances of more losses leaking into the reinsurance market from the country. Severe storms brought torrential read the full article →

Townsville flood claims jump to A$606m, reinsurance impact could rise

Insurance claims from the Townsville flooding in Queensland, Australia are now estimated to have reached A$606 million, increasing the likelihood of reinsurance programs being triggered for insurers operating in the region. The Insurance Council of Australia (ICA) said that claims are being handled swiftly, but the ultimate industry loss has risen read the full article →

RMS expands Asia Pacific model coverage, enhances U.S. hurricane & specialty

Catastrophe risk modelling specialists RMS have launched version 18 of their risk model suite, brining with it a raft of additions and expansions, particularly in the Asia Pacific region where new perils have been added including a focus on flood risks. V18 is the latest incarnation of RMS' catastrophe risk modelling read the full article →

AIR launches Japan inland flood model, updates Japan typhoon model

Risk  modelling company AIR Worldwide has announced the launch of an inland flood risk model for Japan, as well as updates to its Japan typhoon risk model, both of which will be useful to reinsurance and ILS funds as they look to the country to underwrite diversifying perils. The new inland read the full article →

PCS to publish NFIP aggregate flood loss data, starting with Harvey

Property Claim Services (PCS), a division of Verisk Analytics, is to publish aggregate flood loss data supplied by the National Flood Insurance Program (NFIP), starting with hurricane Harvey, in a push to provide a more comprehensive view of national catastrophe losses. In the past, NFIP losses have been excluded from insurance read the full article →