Low insurance penetration rates across Mexico, particularly in residential lines, has prompted RMS to issue a preliminary estimate that insured losses from the Puebla earthquake in central Mexico on Sept. 19 will not exceed US$1.2 billion. “This estimate accounts for…
Flood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of…
As Tropical Storm Irma moves north through Florida, a group whose members include insurers is urging American politicians to reform the National Flood Insurance Program, which expires Sept. 30. SmarterSafer announced Sept. 7 it “continues to support a reauthorization of…
Insured flood loss for homes in Texas and Louisiana affected by Hurricane Harvey is estimated to be between US$6.5 billion and US$9.5 billion, according to preliminary loss estimates from CoreLogic. Irvine, Calif.-based CoreLogic, a global property information, analytics and data-enabled…
The president and CEO of the Property Casualty Insurers Association of America (PCI) is calling on the U.S. Congress to pass at least a six-month extension of the National Flood Insurance Program (NFIP). David A. Sampson said in a press…
Harvey-related winds and storm surge in Texas are expected to produce industry insured losses amounting to between US$1.2 billion and US$2.3 billion, AIR Worldwide reported Monday afternoon as flooding in southeastern Texas continued to strand residents and wreak havoc. Included…
Global reinsurers’ first half 2017 results provide further evidence of continuing pressure on pricing and earnings, Fitch Ratings said in a report released on Monday. “Intense competition among global reinsurers and the abundance of capital invested in the sector mean…
If Hurricane Andrew were to occur today, 25 years after its original landfall, the expected total industry insured losses (based on today’s exposures) would be approximately US$56 billion in the United States, catastrophe risk modelling firm AIR Worldwide reported on…
Total global economic losses from disasters were US$44 billion in the first half of 2017, down significantly from US$117 billion in H1 2016, as a result of fewer and less intense events, according to preliminary sigma estimates from Swiss Re.…
With property catastrophe prices dropping during the 2017 renewals, combined with natural catastrophe losses exceeding US$50 billion last year, global reinsurers are at greater risk of having negative underwriting results and will tend to “shy away” from property catastrophe business,…
Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) announced that they have entered into an agreement whereby Impact Forecasting’s cat event response flood footprints for Canada will be made available as a layer on CatIQ’s CatHUB module. “Aon Impact Forecasting’s Canadian…
A modern-day Hurricane Andrew would cost an estimated US$80-100 billion in economic damage, up dramatically from the US$26.5 billion cost in 1992 dollars, according to a new report from Swiss Re. The hurricane in August 1992 destroyed more than 25,000…