Australian insurance companies may face massive payouts from Cyclone Debbie

australia insurance companies cyclone debbie

The country’s Insurance Council has cautioned that damage could cost billions of dollars. The Insurance Council of Australia (ICA) has cautioned Australian insurance companies, businesses and residents that the damage from Cyclone Debbie is extensive and will be costly. In fact, the ICA declared it a catastrophe. There has yet to be a final estimate of what the damage total will be but previous ones have been in the billions. Over 90 percent of the residents of North Queensland are covered by some form of insurance policy. The majority of…

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Obama administration makes insurance news with EU agreement negotiations

europe insurance news industry

The U.S. Treasury and U.S. Trade Representative have said they plan to work for a covered agreement. The insurance news announcement has now been made that the U.S. Treasury and the U.S. Trade Representative intend to enter into negotiations with the European Union over a covered agreement regarding insurance. The goal of these negotiations will be to “level the regulatory playing field for U.S-based insurers and reinsurers.” E.U. insurance companies and industry regulators have been expressing frustration with regards to the American reinsurance collateral requirements. The issue at the center…

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Program to protect health insurance companies to be expanded

insurance industry claims

Government plans to expand reinsurance program to protect insurers The Obama Administration has announced that it will be expanding a program that is designed to protect health insurance companies from high claims. The system serve as a reinsurance program, which provides insurers with the protection they need from the risks that they face. Insurers throughout the country will have the chance to pay into the program, which will partially reimburse them for insurance claims that go beyond a certain level. HHS will have the program cover the cost of claims…

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Cyclone program making insurance news in Australia

Austrailia's Cyclone Yasi insurance news

A taskforce is looking into various options such as a reinsurance pool backed by the government. The Abbott government is making insurance news as it considers making financial support available to reduce the premiums that are being paid in certain regions of Australia that are particularly prone to cyclone damage. There have been a number of different potential options presented by the government for this purpose. Among those making the top insurance news include a government-backed reinsurance pool, or a form of coverage specific to cyclones that is provided by…

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Airline insurance for crashed AirAsia plane likely to be well over $100 million

AirAsia airline insurance plane

The jet is the third major airline accident that has happened in 2014, two of which have been in that part of the world. The AirAsia jet that had gone missing and that was recently found crashed in the sea off the coast of Borneo could bring about claims that will be at least $100 million, and this exposure will be placed on Allianz SE, which is the reinsurer for the airline insurance. Tragically, the flight had 162 people on board when it went missing off the Indonesian coast. Allianz…

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Insurance industry benefits from favorable economic climate in the US

State of the Economy - Insurance industry

Report shows that new jobs have been added to the insurance sector A favorable economic and business climate has had a beneficial impact on the insurance industry last month. The U.S. Bureau of Labor Statistics has released a report that shows that the insurance industry has added thousands of new jobs in June, marking modest growth for the industry and highlighting economic activity. The demand for employees among insurers has begun to rise, especially in the health sector where insurers are being forced to comply with new regulations coming from…

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Munich Re Licenses AIR’s Updated Crop Insurance Models for the United States and China

insurance news

BOSTON, Aug. 7, 2013 — AIR Worldwide (AIR) today announced that it has updated its Multiple Peril Crop Insurance (MPCI) Models for the United States and China. These are weather-based models that estimate underwriting gains and losses based on crop yield probabilities in the context of current conditions. Munich Re, a leading global reinsurer, has licensed the updated models to enhance its risk management capabilities for its catastrophe-exposed agricultural treaties. “The risk associated with agricultural insurance portfolios is extremely complex, which makes them challenging for insurance and reinsurance carriers participating…

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Insurance Industry Rapidly Adopts Touchstone, AIR’s Next-Generation Platform

Insurance industry standards and technology

BOSTON, July 18, 2013 — The insurance industry is rapidly adopting TouchstoneTM, AIR Worldwide’s next-generation catastrophe modeling platform. Since the new software’s release in January 2013, Touchstone has gained wide acceptance across the marketplace by some of the largest insurers, reinsurers, and intermediaries. “With the release of Touchstone, AIR is offering a robust and reliable platform that we can easily integrate into our proprietary catastrophe management system, APEX,” said Alan Calder, group head of catastrophe risk at Aspen. “Part of our risk management strategy is to evaluate and understand multiple…

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Premiums set to grow throughout the insurance industry

International Insurance Industry

Swiss Re reports on the state of the insurance industry Swiss Re, a leading global reinsurance firm, has released a new report concerning the state of the insurance industry and the cost of coverage. The global insurance industry has been seeing a great deal of activity recently, some of which has been considered somewhat negative. The negative issues that the industry has had to deal with are largely associated with powerful natural disasters that have occurred in some parts of the world in recent months. The report shows that natural…

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Insurance industry prepared to handle hurricane season

insurance news - atlantic hurricane season

Insurance industry will be capable of handling threats of the 2013 hurricane season There are many concerns swirling around the U.S. concerning this year’s hurricane season. Many of these concerns relate to the impact that 2012’s Hurricane Sandy had on the East Coast. This single event caused more than $75 billion in damages in the U.S. and elsewhere and is considered the second costliest hurricane the country has ever seen. The National Oceanic and Atmospheric Administration recently announced that it predicts as many as 6 major hurricanes to form in…

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