Insurance industry is seeing a hugely costly winter

insurance industry winter snow ice

Some have said that this will be among the 5 most expensive winters in over 30 years. The Insurance Information Institute has now released its predictions about the costs associated with this last winter for the insurance industry, and has determined that the payments resulting from storms have now reached over $1.5 billion. As this week has shown in many parts of the country, the snowstorms aren’t done for the year. Now, the Verisk Analytics Property Claims Services firm has estimated that there were already about 175,000 claims paid to…

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Insurance industry is seeing heightened East Asian typhoon activity

2017 atlantic hurricane season Insurance industry

Munich Re has warned that this part of the world is experiencing a growing number of violent storms. The insurance industry is recognizing a changing weather trend in East Asia, where the number of typhoons and other highly destructive, violent storms are becoming an increasingly common occurrence. The insured losses over the last thirty years in that region have passed the $6 billion mark. These costs to the insurance industry have come primarily from floods and typhoons. However, over recent years, it has become clear that this is likely to…

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Climate change threatens insurance industry

Natural Disaster damage insurance trends

Climate change may be a significant problem that cannot be ignored Natural disasters are nothing new to the world. Countries have been battered by floods, hurricanes, earthquakes, volcanic eruptions, and other catastrophes since before they were officially countries. In the world of business, few industries are so well acquainted with natural disasters as the insurance industry. The industry, as a whole, is well versed in the monitoring of weather patterns and has been able to accurately predict the impact an effects of several natural disasters around the world. According to…

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Insurance news from Munich Re shows that it will see “profitable growth”

Munich Re Insurance companies News

The reinsurer has announced that it expects to boost its industry coverage business. Munich Re has made insurance news with its latest statement, which has indicated that it expects to be able to increase the size of its industry coverage business, which offers corporate clients both insurance and reinsurance. The last cycle has already shown notable increases, and this does not show signs of halting. The head of the corporate insurance partner unit for Munich Re, August Proebstl, stated that “We have shown that we can achieve profitable growth in…

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Moody’s data shows insurance claims from Costa Concordia may break $1billion mark

According to Moody’s Investors Service, the insurance losses from the capsized Costa Concordia cruise ship from Carnival Corp off the Italian coast could break the $1 billion mark once all of the injuries and environmental damage are included in the tally. James Eck, the senior credit officer at Moody’s published a note that stated that the sunken ship “marks the first major insured loss of 2012 and will result in a drag on first-quarter 2012 earnings for affected firms.” Though the ship’s damage, itself will cost an estimated $500 million,…

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