Tim Grafton, chief executive of the Insurance Council of New Zealand, lives in a country surrounded by risk on all sides, and he’s unabashed in his efforts to use flooding events, frequent storms or other out-of-the-usual weather phenomenon as opportunities …
El Nino weather conditions, which can bring droughts to parts of Asia and affect crops, have emerged but will likely be weak and short lived, New Zealand scientists said on Tuesday. El Nino is a warming of sea surface temperatures …
A.M. Best Co. announced rating actions on both New Zealand’s AMI Insurance Limited, or the old AMI, and AMI Insurance (Operations) Limited, or the new AMI, following a substantial restructuring of the company in the wake of the earthquakes which …
Although everyone is more or less aware that 2011 was a very bad year for losses from natural catastrophes, the figures compiled by Swiss Re evince just how bad they actually were. In its latest sigma study the reinsurer points …
Bermuda-based AXIS Capital Holdings Limited announced that the net financial impact of the severe flooding in Thailand on the Company’s fourth quarter results is expected to be $48 million – net of reinsurance, taxes and reinstatement premiums. AXIS also updated …
Swiss Re’s new report – “Lessons from recent major earthquakes,” focuses on the most recent series of devastating quakes, which have caused extensive loss of life and injuries, along with widespread property damage, over the past two years. The report …
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp, has issued its “Annual Global Climate and Catastrophe Report,” which aggregates and analyses the natural disaster perils that occurred worldwide during 2011, which concludes that the impact of …
A cargo ship grounded off the New Zealand coast since October has split in two, spilling sea containers and debris and sparking fears of a fresh oil spill, maritime officials said Sunday. The wreck of the Greek-owned Rena was described …
Insurance industry damage claims from natural disasters like the earthquakes in Japan and New Zealand reached a record $105 billion in 2011, Munich Re , the world’s biggest reinsurer, said on Wednesday. The cost to insurers from the earthquake and …
Reinsurance broker Guy Carpenter has examined the past year’s natural catastrophes, which it describes as “an unusually eventful year for the (re)insurance sector.” In addition to the ongoing financial crisis, which has produced recessions, or near recessions, in developed countries, …
