Multiple U.S. severe weather outbreaks, including tornadoes, hail, and flooding, resulted in losses of more than $1 billion for public and private insurers during March, with economic costs approaching $2 billion, according to Aon’s monthly Global Catastrophe Recap report, which …
Insured losses from Australia’s March floods are expected to hit general (or property/casualty) insurers’ underwriting margins and earnings in 2021, while putting more upward pressure on reinsurance rates, according to a report from AM Best. The floods, expected to be …
Severe weather events and demographic challenges will continue to strain government finances, a trend that will require “a rethink of how catastrophic events are funded” and push the need for greater use of public-private partnerships to manage risk, a new …
The Insurance Council of Australia (ICA) has expanded the footprint of the latest insurance catastrophe to include the east coast of Victoria and Tasmania’s northern and eastern coastlines. The declaration increases the insurance claims and losses attributable to the severe …
The Insurance Council of Australia (ICA) has declared an insurance catastrophe after the storms that pounded the east coast of Queensland and New South Wales (NSW) over the weekend. By Monday, June 6, insurers had received more than 11,150 claims …
Bermuda-based Endurance Specialty Holdings Ltd. announced that its “initial loss estimate related to the floods which occurred in Queensland, Australia in January of 2011 is $15 million.” The specialty insurer’s initial loss estimate “related to the earthquake which occurred in …
