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PERILS upgrades windstorm loss forecast tool, expands it to Australia

Catastrophe data aggregator PERILS AG has upgraded its European windstorm industry loss forecasting software tool and expanded it to cover Australian tropical cyclones as well.PERILS launched the tool named Wind-Jeannie in 2015, to provide forecasts of potential insurance or reinsurance industry losses from European windstorms as they approached the continent.The read the full article →

NZ’s Canterbury earthquake loss estimate creeps up to $22.3bn

Further demonstrating the long-tail that earthquake claims can have, the insurance and reinsurance market loss estimate for the 2010 and 2011 Canterbury, New Zealand earthquakes continues to rise, with the latest figure now $22.3 billion, according to the Insurance Council.We’ve written a number of times in recent years about the read the full article →

Insured disaster losses hit record $144bn in 2017: Swiss Re

The insurance and reinsurance industry was on the hook for a record $144 billion of disaster losses in 2017, which was largely driven by natural catastrophe events and the three major U.S. hurricanes, Harvey, Irma and Maria, which alone drove $92 billion of industry losses, according to Swiss Re.Global insurance read the full article →

Canterbury & Kaikoura quake claims still creeping for insurers

There is evidence that claims from the New Zealand earthquakes continue to impact insurers and be passed on to reinsurance capital as a result, with IAG and Suncorp both reporting more claims coming in from Canterbury and Kaikoura quake events.The Canterbury earthquakes are now a distant memory for many in read the full article →

Aon puts 2017 global catastrophe insured losses at $134bn

Impact Forecasting, the catastrophe and weather risk analysis arm of reinsurance brokerage Aon Benfield, has estimated the insurance industry losses from 2017 catastrophes and severe weather events at $134 billion, just slightly below the record high seen in 2011 of $137 billion.Aon's $134 billion estimate, from its new Weather, Climate & read the full article →

Insured catastrophe losses hit record $135bn in 2017: Munich Re

Reinsurance giant Munich Re said that natural catastrophe events in 2017 have caused record insurance and reinsurance market losses, with the total industry bill estimated at $135 billion, but insurance only covered 41% of the damage as the economic loss from 2017 disasters is pegged at $330 billion.Fellow reinsurance firm read the full article →

2017 global insured disaster losses estimated at $136bn: Swiss Re

Reinsurance giant Swiss Re has estimated that global insured losses from natural and man-made disasters will hit $136 billion, the third highest figure on record but still trailing well below an expected $306 billion of economic impact.Economic losses are significantly higher than seen in 2016 ($188bn) and losses that will read the full article →

Kaikoura earthquake claims reach NZ $2 billion

Insurance claims filed in both personal and commercial business lines that will fall to the private market for payment after the 14th November 2016 Kaikoura earthquake have now risen to NZ $2 billion (US $1.46 billion) according to the Insurance Council of New Zealand.The earthquake struck the Kaikoura region of read the full article →

Swiss Re: H1 2017 insured disaster losses $23bn, 30% below average

Reinsurance firm Swiss Re has given a preliminary estimate for global economic and insured losses from natural and man-made disasters of just $23 billion for the first-half of 2017, which is down 36% on the prior year and 30% below average. Economic losses are estimated at just $44 billion, down read the full article →

Suncorp’s Canterbury quake loss rises again, reinsurers continue to assist

Australia and New Zealand insurer Suncorp Group has continued to suffer from additional over cap claims and loss creep from the Canterbury, NZ earthquakes, reporting an increase to its ultimate net loss for the events of $129 million.Suncorp has been burning through its reinsurance provisions over the last year, with read the full article →