natural disaster

SCOR has announced that it has finalised the launch of its new 3 year, €150m natural catastrophe coverage facility. The new facility takes the form of an event driven guaranteed equity as an innovative contingent capital solution. This new contingent capital arrangement extends the protection SCOR has from natural catastrophes (which include other reinsurance and […]

Swiss Re has published some early figures on the amount of economic and insured losses suffered during 2010 from natural catastrophes and man-made disasters around the world. According to Swiss Re’s sigma team, early estimates put worldwide economic losses from natural catastrophes and man-made disasters at a massive $222 billion in 2010 with insured losses […]

Livemint.com, an Indian based financial and business news website, is reporting that Swiss Re has been in talks with the Indian Central and state governments to propose methods to minimise risks to the countries finances and population from natural catastrophes.

2010 is turning into a year of large losses for the re/insurance industry. Frequency of events this year has been extremely high and in the first nine months of the year Munich Re have recorded 725 weather-related natural hazard events, the second highest figure for the January to September period recorded since 1980.

Guy Carpenter have posted a very useful recap of the natural catastrophe events which have occurred during the second quarter of 2010 on their GCCapitalIdeas blog.

The China Daily newspaper is today reporting that the country may have it’s first weather insurance policies before the end of the year. The policies will be designed to help farmers cope with economic losses and hardship resulting from natural disasters.

Swiss Re has published its latest Sigma report which looks at the extent of natural catastrophe and man-made disaster losses during 2009. According to the report catastrophes and disasters caused $26B in insured losses last year and the overall cost to society in economic loss was $62B.

Risk Management Solutions recently published a paper analysing the 1908 Tunguska asteroid event which hit Central Siberia in Russia and looking at scenarios to determine what might happen should a similar event occur today. If a similar event happened above Manhattan today it could cause over a trillion dollars in property losses and around 3.2m […]