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China urges focus on disaster insurance product development

The Chinese government via its regulator has urged its insurance and reinsurance industry to focus on developing new products for disaster risk transfer and to help in covering more of the natural catastrophe risk in the country, given the current evident protection gap that exists. Recent flooding in Henan province in read the full article →

China’s Henan floods a record industry loss, show need for reinsurance

The recent severe flooding in China’s Henan province is expected to result in the largest catastrophe insured losses in history for the country, clearly demonstrating the need for more reinsurance protection, as well as faster roll-out of primary covers. AM Best said yesterday that it anticipates insurance and reinsurance industry losses read the full article →

Germany flood loss near EUR 5bn, likely a single event for reinsurance: AIR

Catastrophe risk modeller AIR Worldwide is in close agreement with the German insurers association, in saying that it expects the insurance and reinsurance market will face close to EUR 5 billion of losses from flooding that hit the country recently. AIR explained that low pressure system “Bernd” was relatively stationary across read the full article →

Flood insured losses now seen up to EUR 5.5bn in Germany: GDV

German insurance association, the GDV, has raised its estimate of insurance market losses for damage from the recent flooding event to between EUR 4.5 billion and EUR 5.5 billion. Last week, the GDV had issued an estimate of insurance market losses just for flood damage in the North Rhine-West­pha­lia and Rhi­ne­land-Pala­ti­nate read the full article →

Insured losses from China’s Henan floods could exceed $1.25bn, says Fitch

The recent severe flooding in China's Henan province is expected to suppress underwriting margins for the China non-life insurance and reinsurance industry in 2021, with total industry losses expected to exceed US $1.25 billion, according to Fitch Ratings. At this level of insurance and reinsurance industry loss, it would account for read the full article →

European floods: Aon says economic loss very likely over $10bn

Economic losses from the recent severe flooding across Europe is likely to exceed US $10 billion according to insurance and reinsurance broker Aon, a figure we expect will end up being eclipsed once all the losses are counted across the impacted regions. It's another data point that shows the impacts of read the full article →

China’s Henan floods: Tens of thousands of claims filed, typhoon In-Fa follows

China's province of Henan has been hit by what is being termed a 1-in-1000 year flood event, after a year's worth of rainfall fell in just three days. But the insurance and reinsurance market claims impact may be most severe on the auto side, rather than property claims, while supply-chain read the full article →

ICEYE updates Europe flood data to minimum 71,859 buildings impacted

Yesterday we reported that data from satellite specialist ICEYE showed that upwards of 43,400 buildings were estimated to have been impacted by the recent severe flooding across Europe. ICEYE has now updated its analysis and added significantly to the figure, saying that almost 72,000 buildings, perhaps more as these are still read the full article →

Insured flood loss just in part of Germany said EUR 4 to 5 billion: GDV

The German insurance association, the GDV has said today that it estimates insurance market losses just for flood damage in the North Rhine-West­pha­lia and Rhi­ne­land-Pala­ti­nate regions will be between EUR 4 billion and EUR 5 billion. This doesn't include any losses from the damage experienced in the Saxony and Bavaria regions, read the full article →

Minimum 43,400 buildings impacted by European floods: ICEYE

Upwards of 43,400 buildings are estimated to have been impacted by the recent severe flooding in Europe, a minimum 7,500 of which are thought to have been impacted by high flood waters and so likely will drive relatively significant insurance claims, data from ICEYE shows. Update: ICEYE released an update to read the full article →