All natural catastrophe articles – Page 3
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NewsTurkey insurance losses likely to be borne by reinsurers
Claims could potentially reach $1 billion, with total economic losses over $4 billion, says Fitch Ratings
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NewsTürkiye quakes to cost an estimated $1 billion
Devastating earthquakes will add to an already challenging operating environment for Turkish re/insurers, warns AM Best
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NewsRMS: Turkey earthquake largest in 84 years
Tragedy is a reminder that resilience is the main defense against such powerful seismic events
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NewsHesitant capital remains sidelined despite rating improvements - AM best
High levels of nat cat losses, coupled with rising inflation and geopolitical concerns, is denting appetite for property cat
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News“Fingerprints of climate change” evident in 2022 nat cats
2022 is the fifth year since 2017 in which insurance losses have crossed the $100 billion threshold - Gallagher Re
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NewsSCOR names Thierry Léger CEO as Laurent Rousseau resigns
Léger was most recently the chief underwriting officer of Swiss Re and is tasked with practising ‘strict risk management’
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NewsGlobal nat cat losses surpassed $313 billion in 2022 - Aon
$132 billion was covered by insurance, revealing a 58% ‘protection gap’; Hurricane Ian was the most costly event of the year
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NewsAon and top reinsurers launch Open Exposure Data Standard
Initial testing on reinsurance placement data for Japan, Australia and China has proved successful
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NewsMS Amlin APAC renews Phoenix Re sidecar
Secures $45m of additional collateralised capacity after investors show support for ’diversifying region and perils’
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NewsReinsurers’ underwriting margins to expand in 2023
Fitch believes some property catastrophe risks could become uninsurable as industry capital shrinks by 15%
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News2022 nat cats set new records with $120 billion in claims
Hurricane Ian accounted for half of insured losses, making it the second most costly storm in history - Munich Re
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NewsEastern Australia floods top 2022 ex-US cat losses for insurers
The floods cost insurers $4.7 billion, while European winter storms generated $4.2 billion in claims - CRESTA
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NewsKCC puts Winter Storm Elliott losses at $5.4 billion
Estimate includes the privately insured damage to residential, commercial, and industrial properties and vehicles
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NewsClimate change justifies 50% property cat rate hikes - EY
Cat events have cost UK re/insurers more than double over the past six years than the preceding decade
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NewsInflation and nat cats are creating ‘perfect storm’ at 1/1
A sharp reduction in available nat cat reinsurance capacity will make for a challenging renewal season - Clyde & Co
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NewsLloyd’s participants should “lean into” hard market - Tiernan
Market has “headroom” to grow its cat appetite and syndicates with ’capacity, capability and expertise’ should take advantage
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NewsHurricane Ian drives 2022 nat cat losses to $115 billion
Ian is the second-costliest insured loss ever on sigma records after Hurricane Katrina in 2005 - Swiss Re Institute
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NewsMixed picture for global reinsurers’ YTD results
SCOR, Swiss Re and MS&AD experienced the most deterioration in combined ratios following Hurricane Ian - Gallagher Re
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NewsFlorida buyers will struggle for capacity at 1/1 - Fitch
Rating agency predicts double-digit rate rises for property catastrophe cover driven by insured losses of c.$120 billion
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NewsS&P downgrades SCOR to A+ (stable)
Reinsurer is a “negative outlier relative to close peers” with financial results “below expectations”, states rating agency
