Insurance industry in the Middle East and North Africa primed for growth

International Insurance Industry

The Zurich Insurance Group report has shown that the sector in these regions is ready to expand. According to a new report from Zurich, the insurance industry is ready for a considerable amount of growth in both the Middle East and North Africa, and this could lead to a significant level of economic growth in those regions. At the same time, it noted that while there is growth potential, there remain several challenges in the way. The insurance industry in the Middle East and North Africa (MENA) region currently has…

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Report highlights effect of natural disaster on insurance industry

Insurance Industry

Insurance industry continues to wrestle with catastrophes Aon Benfield’s Impact Forecasting, the catastrophe modeling division of the company, has released its latest Global Catastrophe Recap report. These reports are issued monthly and highlight the natural disasters that have occurred around the world and details what impact they may have had on the insurance industry. The latest report provides some insight on the natural disasters that struck throughout the U.S. in April. The report makes note of several severe events that have caused significant damage in some parts of the country.…

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Meteor Blast Impacts Russia: AIR Worldwide

Russia Meteor

According to catastrophe modeling firm AIR Worldwide, on Friday, February 15, a meteor exploded over the city of Chelyabinsk (population: 1 million) in Russia’s central Ural Mountains, injuring hundreds and causing damage to buildings in six cities. According to the Russian Academy of Sciences, the massive meteor weighed 10 tons and entered the earth’s atmosphere at a speed as high as 33,000 mph. Most of the damage was caused by the shock waves as the meteor broke up in the atmosphere. The force of the explosion was enough to shatter…

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News Report from AIR Worldwide Puts Recent Catastrophe Losses in Perspective

Insurance News on catastrophe insurance losses

BOSTON, Jan. 16, 2013 – In 2011, insured losses from global natural catastrophe losses exceeded USD 110 billion according to industry sources, the second-highest figure ever recorded. A new report from catastrophe modeling firm AIR Worldwide reveals that there is nearly a 7 percent probability that the global insurance industry will experience this loss level or greater in any given year (translating to a 15-year return period loss). AIR’s report titled Taking a Comprehensive View of Catastrophe Risk Worldwide not only puts the 2011 losses in perspective but also examines…

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Insurance industry warning released by Lloyd’s of London

International Insurance Industry

The oldest market of insurers in the world has issued a caution to the globe. Lloyd’s of London, the oldest coverage market worldwide, has issued a warning to the insurance industry, cautioning it that if a natural disaster should strike in emerging economies, the cost of rebuilding could be enormous. It has included over a dozen emerging economies in its warning against tremendous rebuilding bills. In fact, it pointed out that there is currently a global insurance industry deficit worth £104 million ($168 million), and that this is now affecting…

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