Insurance industry sees a decline in insured losses in 2013

insurance industry

Swiss Re report shows that insured losses in 2013 were lower than what they were in 2012 Swiss Re, a leading reinsurance firm, has announced that the global insurance industry has seen losses from natural disasters and man-made catastrophes fall by 44% in 2013. A calm hurricane season help insurers avoid significant losses, but powerful storms in Europe had a significant impact on the insurance industry. Despite this impact, however, insured losses industry-wide were less than what had been seen in 2012. As such, the insurance industry is expected to…

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AIR Estimates Insured Losses from Last Week’s European Windstorm Christian at Between EUR 1.5 Billion and EUR 2.3 Billion

BOSTON, Nov. 7, 2013 – Catastrophe modeling firm AIR Worldwide estimates that  insured losses from Windstorm Christian (known as St. Jude in the UK) will range  between EUR 1.5 billion and EUR 2.3 billion, with the majority of insured losses  occurring in Denmark and Germany. Significant insured losses also occurred in the  Netherlands, France, UK, and Sweden. “Windstorm Christian smashed into southern Britain on Monday, October 28,  knocking down trees, flooding lowlands, and disrupting travel over land, sea, and  air,” said Gerhard Zuba, senior principal scientist at AIR Worldwide.  “Gusts…

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Insurance industry faced with major losses in 2012

insurance industry report

Swiss Re reports on insurance industry losses from 2012 The insurance industry faced massive losses due to natural disasters and man-made catastrophes in 2012, according to Swiss Re, one of the world’s leading reinsurance firms. Over the past two years, the insurance industry has been stricken with several catastrophic events. Hurricanes, earthquakes, and an ongoing financial crisis in Europe have all served as major stumbling blocks for the global insurance industry. According to Swiss Re, many of the companies operating in the industry are still fighting to recover from such…

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Obama signs relief bill for hurricane Sandy but that’s just the start

US Congress Hurricane Sandy Relief Plan

Hurricane Sandy Aid – congress to vote on more funds The $9.7 billion flood relief bill for insurance claims was signed into law by Pres. Obama while House waits to vote on a larger Sandy relief deal worth up to $51 billion. Pressure from FEMA The Federal Emergency Management Agency (FEMA) had pushed for Sandy relief, stating that without addition funding they money to help will quickly run out. The White House reports that over 100,000 claims could not be paid out without more funding from Congress. John Boehner, Speaker…

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Cyclone Lua Poised to Make Landfall on Port Hedland

BOSTON, March 16, 2012 – According to catastrophe modeling firm AIR Worldwide, the fifth cyclone of the season in Australia, Cyclone Lua is poised to make landfall as a strong Category 3 storm (on the Australia tropical cyclone scale) sometime tomorrow morning between Pardoo and Walall. This region is home to Australia’s largest iron ore port as well as several oil and gas facilities. As of the Australia Bureau of Meteorology (BOM) 8:52 p.m. WST advisory today, Cyclone Lua was about 390 kilometers north-northwest of Port Hedland and 495 kilometers…

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Thai floods bring insurance claim predictions to $13 billion

Bangkok is now facing the worst floods that it has seen in many decades, forcing hundreds of factories to keep themselves shut in around the city and impairing global supplies, in addition to leading to billions of dollars in insured losses. It is predicted that Japanese insurers will face the brunt of these claims. The flooding in the country is being caused by the slow runoff from the rainy season which is progressing southward from the plains located north of Bangkok. Over the last three months, there have been approximately…

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FDIC closes more banks – trend could lead to stricter legislations

The Federal Deposit Insurance Corporation (FDIC) announced the closing of three small banks this week, bringing this year’s total to 80 nationwide. Banks, both large and small, have been closing at a rapid pace, most unable to recover from the financial disaster wrought by the 2008 recession. In 2010, the agency shut down a total of 157 banks, costing billions of dollars in insured losses to the federal government. Officials say that the pace of bank closures has slowed for the time being, but that the economic pressure caused by…

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