Swiss Re expects long lasting economic impact from Thai floods

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, the damage caused by the floods could cost the insurance industry as much as $11 billion. More than 1,500 industrial…

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AIR Worldwide Updates European Wind and Earthquake Catastrophe Models

MONTE CARLO, Sept. 12, 2011 – Catastrophe risk modeling firm AIR Worldwide (AIR) released updates to its Extratropical Cyclone and Earthquake Models for Europe. Both models were significantly expanded to include additional European countries and provide a consistent and comprehensive assessment of the extratropical cyclone and earthquake risk throughout Europe. “AIR Worldwide offers complete and robust extratropical cyclone and earthquake models for Europe,” said Dr. Jayanta Guin, senior vice president of research and modeling at AIR Worldwide. “With the expanded regions and enhancements to these models, insurers and reinsurers now…

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Irene Weakens to Tropical Storm as it Makes Landfall on New York’s Coney Island

BOSTON, Aug. 28, 2011 – According to catastrophe modeling firm AIR Worldwide, Irene deviated slightly from the NHC forecast track yesterday, taking a slight westward shift before resuming its north-northeast direction. This brought the center of the storm into New Jersey, near Little Egg Inlet, for its second landfall at 5:30 am this morning. Sustained winds, as reported by the NHC, were 75 mph. “It is worth noting, however, that as yet there have been no onshore wind observations of greater than tropical storm force since Irene made landfall near…

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Professional Liability Insurance Services Announces its New Bedbug Coverage

The Underwriting Facilities of Professional Liability Insurance Services, Inc. announced that as of the start of June, it is offering an insurance coverage to lodging facilities for business interruption and extra expenses that result from infestations of bedbugs. According to the insurer, it is the first firm to offer this type of coverage. The features of its policy include the following: Expenses of up to $5,000 (no co-insurance applies) related to decontamination of the affected room(s) of the lodging, as well as the room(s) that are immediately adjacent. After the…

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