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Insurance news from Nigeria reveals intentions to triple the country’s marketplace

January 18, 2013January 18, 2013 H. Cutner

If they are successful, it would bring their market up to $6.4 billion in 4 years. The most populated country of Africa, Nigeria, has just declared its latest insurance news, which includes intentions to increase its marketplace by more than three times its current value, and that it will accomplish this goal by 2017. The hope is to be able to achieve this target by improving the industry’s reputation in the nation. This insurance news announcement was made by the country’s insurance commissioner, Daniel Fola. He explained that the people…

News Report from AIR Worldwide Puts Recent Catastrophe Losses in Perspective

January 16, 2013January 16, 2013 Guest Author

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…

Insurance news from Australia shows growing fire damage

January 9, 2013January 9, 2013 Julie Campbell

Warnings have been issued as the flames from the wildfires continue to spread in Tasmania. The latest insurance news from Australia is that the insurers in the country are now issuing warnings to businesses and homeowners in order to be vigilant with their coverage as the wildfires continue to rage their way throughout the island state. The heat wave conditions continue to sizzle throughout the region, giving no respite from the fires. Rob Whelan, the chief executive of the Insurance Council of Australia, has stated that the continuing stream of…

International insurance news from China shows rural medical coverage boost

January 8, 2013January 8, 2013 H. Cutner

Health plans for residents of areas outside of urban and suburban zones will receive larger government subsidies. On Monday, China made international insurance news with its latest announcement from the health minister of the country, Chen Zhu, which stated that the government of the nation would be increasing the subsidies that it provides to the medical coverage available to rural residents in 2013. The annual subsidy will be increased by an average of 40 yuan per person. The government subsidy that will now be available to rural residents in this…

Insurance news from Itochu shows expansion of Lloyd’s of London within U.K Alliance

January 8, 2013April 30, 2013

Lloyd’s insurance claims - Home office building

New partnership between Japanese and British companies works to broaden the industry. Itochu Corp, a company that has set its sights on becoming the most profitable trading house in Japan aside from the mineral resources industry, has announced the latest insurance news of a new alliance with Antares Managing Agency Ltd. from the United Kingdom, in order to broaden the insurance industry. The alliance represents a number of important firsts within the industry in Japan. The partnership with Antares, which is based in London, with Itochu, will represent the first…

Multiple Bushfires Burn More than 60,000 Hectares Across Tasmania

January 8, 2013January 8, 2013 Guest Author

Tasmania Brushfires homeowners insurance

According to catastrophe modeling firm AIR Worldwide, late last week, wildfires exacerbated by hot, dry, and windy conditions spread across parts of southern Tasmania. Temperatures of over 41° C (105.8°F) were recorded in the state capital of Hobart last Friday, the city’s hottest day since recordkeeping began in the 1880s. According to the Tasmania Fire Service, as of 9:30 a.m. (2:30 p.m. UTC) January 7, 2013, thirty-five bushfires are currently active across Tasmania. Six of these blazes have reportedly been contained. Firefighters are still working to control nine more, which…

Insurance news from Bermuda shows an estimated $3 billion in Sandy damages

December 28, 2012April 30, 2013

insurance news - atlantic hurricane season

These estimates include only the insured damages, based on the claims that have been received. According to official insurance news estimates regarding the cost of Superstorm Sandy to Bermuda insurers and reinsurers, the total so far is approximately $3 billion, but that amount may grow to be much larger. Seventeen insurers in the country have now released their preliminary estimates for their storm losses. At the moment, the total of these estimates for the losses related to Sandy have come to $2.987 billion in potential claims. The majority of this…