Insurance News Daily

Insurance news… AIR Worldwide (AIR) announced today that it has expanded its suite of Catastrophe Risk Engineering (CRE) solutions to help quantify, mitigate, and manage the risk associated with the impact of catastrophes on supply chain networks. AIR’s new offering will help risk managers better assess and reduce their risk from catastrophic perils such as hurricanes, earthquakes, floods, tornadoes, and tsunamis. This includes risk not only from physical damage but also…

Companies that have been waiting to resume business following the massive flooding last year are now struggling to restart their production again as a result of an insurance capacity that has been significantly reduced, and because those coverage options that are available have significantly higher prices and stricter terms. According to Aon Benfield, the insurance industry in the country saw significant losses which reached an estimated $10 billion as a…

Swiss Re, a global reinsurance corporation, has released its estimates of the damage done by the recent flooding in Thailand. Heavy rainfall in July caused widespread flooding in many parts of Thailand. Waters first began receding in late October and many parts of the country are still inundated. More than 600 people have lost their lives to the disaster with many thousand more losing their homes. According to Swiss Re,…

BOSTON, Nov. 9, 2011 – According to catastrophe modeling firm AIR Worldwide, historic flooding in Thailand continues to damage residential properties and has interrupted operations for numerous businesses. At the start of this year’s monsoon season in late July, Tropical Storm Nock-Ten brought high precipitation levels that swelled the Yom and Nan rivers in the north of Thailand, forcing the evacuation of 650,000 people. Since then, persistently heavy rains have…