Tag: reinsurance companies

2017 catastrophes will send global insurance and reinsurance losses over $100 billion

H. Cutner
hurricane harvey damage global insurance and reinsurance

Fitch forecasts showed that this could be a record year for losses and they could be as great as $190 billion. Catastrophe global insurance and reinsurance losses are likely to break previous records, says Fitch Ratings. Its current predictions suggest that losses could be greater than $100 billion and may even rise to nearly $190 billion. Should the damage from Hurricane Maria be as great as expected, it could lead to rating downgrades. Fitch cautioned that the hurricane season is only just past half over and global insurance and reinsurance…

Read More

Terrorism insurance policies sought by Pakistani corporations

H. Cutner
pakistan terrorism insurance

Some strategic moves have been made within the country in order to help to mitigate the terror risk. The chief regulator in Pakistan has been trying to encourage the Pakistan Reinsurance Company Ltd. to write terrorism insurance policies for businesses within the country, in order to protect them against the damage and the liabilities from that kind of attack. So far, the reinsurer has expressed no discernible interest in providing that type of coverage. That firm has managed to completely sidestep the efforts of the chief regulator that would have…

Read More

Climate change and the insurance industry

Note From The Editor
Climate Change Insurance agents Industry

Insurance industry shows concern over climate change Climate change is often a controversial topic, especially when it comes to whether or not humans are having an impact on climatic events. Usually, the issue is politicized, with certain factions providing some extreme viewpoint on climate change and others suggesting that it is little more than a myth. While the truth of climate change may reside somewhere in between extremes of perception, one thing is certain: The insurance industry is not keen to leave itself exposed to the risks that come with…

Read More

Insurers show tentative interest in New Zealand insurance market nearly a year after devastating earthquake

A devastating earthquake struck New Zealand early this year, causing widespread damage throughout the region of Canterbury. In the wake of the quake, insurance companies fled the nation, paying out policies and refusing to sell insurance in the region until recovery had been achieved. In the months following the disaster, the New Zealand government offered to purchase the properties that had been damaged, all of which were completely uninsurable. Recently, however, insurance agents and underwriters have been visiting Christchurch, the city most affected by the disaster, looking to assess the…

Read More

Thailand floods could cost the global insurance industry $10 billion

Devastating floods in Thailand may have a global impact, according to insurers. Thailand is a critical point in the global supply chain, says Gary Lynch, head of supply chain risk at Marsh Risk Consulting. Widespread flooding has closed more than 14,000 businesses, including distribution centers for Sony, Canon and Nissan. The disruption in the supply chain could have far reaching consequences in the U.S., the UK and throughout Europe. Lloyd’s of London is now petitioning Thailand insurance and risk firms to assess the risk exposure they see in the nation.…

Read More