The global economy could withstand widespread disruption from a natural disaster or attack by militants for only a week, as governments and businesses are not sufficiently prepared to deal with unexpected events, a report by a respected think-tank said. Events …
Montana is at risk of becoming less prepared to respond to disasters and public-health emergencies because of state and federal budget cuts. That’s according to a new report by the Robert Wood Johnson Foundation and the Trust for America’s Health. …
Swiss Re describes 2011 as the “year with the highest catastrophe-related economic losses in history, at $350 billion.” It could have been the most costly year ever for the insurance industry, if Japan had been more fully insured. The figures …
Insurance company Nationwide Mutual said profits in the first half of the year fell by more than half after paying claims, like the rest of the industry, for some of the worst tornadoes in U.S. history. Privately held Nationwide, one …
A new special report, compiled by A.M. Best, concludes that the string of major catastrophes, a persistent soft market and the near exhaustion of excess reserves have placed global reinsurers at a “critical” point. The rating firm said that the …
Gradually rising sea levels caused by global warming over the past 30 years have contributed to a growing number of disasters along China’s coast, state news agency Xinhua said on Wednesday. Sea levels along China’s coastline had risen 2.6 mm …
Reinsurance rates may be edging higher only now, but the companies’ shares could still surge amid investor hopes that disasters, including Japan’s earthquake, will result in much higher rates in the future. Going into 2011, brokers and analysts estimated it …
According to Swiss Re’s latest sigma study, worldwide economic losses from natural catastrophes and man-made disasters were $218 billion in 2010, more than triple the 2009 figure of $68 billion. The losses cost the global insurance industry more than $43 …
Bermuda-based RenaissanceRe Holdings Ltd. announced its initial loss estimates for the 2011 Australian flooding as well as the February 2011 New Zealand earthquake. The Company said it currently expects the Australian flooding and the New Zealand earthquake will have a …
In a recent bulletin the Insurance Council of Australia (ICA) said it “has welcomed the National Disaster Insurance Review announced by the Federal Government.” ICA CEO Rob Whelan said the National Disaster Insurance Review has the full support of the …
