Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp., has released the latest edition of its Monthly Cat Recap report, which reviews the natural disaster perils that occurred worldwide during February. The report, published by Impact Forecasting, …
Bermuda-based Tokio Millennium Re Ltd. (TMR), a subsidiary of Japan’s Tokio Marine & Nichido Fire Insurance Co., Ltd., announced that the Australian Prudential Regulation Authority (APRA) has authorized TMR’s Australian branch to carry on insurance business in the country. Tokio …
The Australia-based QBE Group reported net after tax profits of *$1.278 billion for 2010, a 17 percent decrease from the $1.532 billion reported for 2009. However, the decline was almost entirely due to a drop in investment income from $1.532 …
Worsening weather and better forecasting methods could push the mining sector to change force majeure provisions in supply contracts and sharpen how blame is allotted when storms or floods disrupt regular business. Climate scientists predict global warming will trigger greater …
The La Nina weather pattern, which recently brought record floods and cyclones to Australia, is weakening, but there is a small risk that it could reform within the southern autumn season, Australia’s weather bureau said on Wednesday. “All available climate …
A surge in weather-related disasters in Australia could push global mining firms to overhaul supply contracts and rethink how bad weather will affect their operations and customers worldwide. Climate scientists say a warmer world will cause greater extremes of weather …
Wildfires tore through the suburbs of an Australian city on Sunday, destroying a number of homes, news reports and authorities said. There were no reports of injuries. Two fires fanned by hot summer winds were burning in forested areas to …
Bank of America agreed to offload its Balboa insurance portfolio to Australia’s QBE Insurance for more than $700 million, the latest in a string of asset sales by the U.S. lender as it recovers from the global credit crisis. Bank …
Catastrophe modeling firm AIR Worldwide has issued early estimates indicating that insured losses to properties and business income from the Category 5 (Australia Bureau of Meteorology intensity scale) cyclone Yasi that struck Australia at midnight local time, Wednesday, February 2, …
