Category: Geo-Political

March 24, 2023

The Insurance Council of New Zealand (ICNZ) has recorded more than 40,000 claims for Cyclone Gabrielle totalling approximately $890 million, of which roughly $70 million has been paid. Cyclone Gabrielle caused significant flooding and landslides across the North Island of […]

March 13, 2023

Insurers led by AIG are asking London’s High Court to merge various lawsuits brought by aircraft lessors against insurance companies refusing to pay out claims for jets effectively confiscated in Russia. AerCap Holdings NV, the world’s biggest jet lessor, is […]

March 6, 2023

With strikes, riots and civil commotion (SRCC) around the world expected to rise, businesses need to remain vigilant about the different threats this heightened risk environment can pose, as this can result in significant loss of income, according to an […]

February 28, 2023

Analysts at the World Bank have estimated that the recent devastating earthquakes that occurred in Turkey will result in some $34 billion of economic costs, based on direct physical damages. At this level, losses from the February quakes would be […]

February 14, 2023

The impact of investment losses, Hurricane Ian, and the ongoing war in Ukraine has seen MS Amlin post a net loss of £305 million for the period January to end of September 2022, as the firm’s combined ratio weakened to […]

January 30, 2023

A new report from J.P. Morgan has stated that the recent California floods are unlikely to be a huge loss for the insurance industry. The California floods hit from late December to early January. The state was hit with extreme […]

January 18, 2023

Parametric flood insurance company FloodFlash has announced that it has entered the US insurance market. The UK-based company said it is the first insurance provider to pay catastrophic flood claims in as little as four hours. In the wake of […]

January 4, 2023

The geopolitical and macroeconomic shocks of the past year have led to a highly challenged and complex January 1 renewal period, according to global broking group Howden. In its renewal report titled The Great Realignment, Howden noted how high inflation, […]

January 3, 2023

CRESTA, the re/insurance industry organisation that provides a global standard for risk accumulation zones and cat industry losses, has released its Q4 update of the CRESTA Industry Loss Index (CLIX), highlighting a significant rise in weather-related catastrophe losses over the […]

December 28, 2022

Ship insurers said they are canceling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance […]

December 27, 2022

The Japanese government has asked insurers to take on additional risks to continue providing marine war insurance for liquefied natural gas (LNG) shippers in Russian waters, a senior official at the industry ministry said. The Financial Services Agency and Agency […]

December 9, 2022

Hurricane Ian is seen as an additional catalyst for hardening reinsurance rates, by global giant Swiss Re, who warns that its impact “will extend beyond Florida and add to pre-existing drivers of rate increases such as claims inflation.” Reinsurance capacity […]

November 16, 2022

Analysts at S&P Global Ratings note in a new report that EMEA insurers are facing a “perfect storm” of capital market volatility, recessionary risks and heightened inflation, even as rising interest rates support investment income. But Credit Analyst Volker Kudszus […]

November 11, 2022

Hurricane Lisa’s landfall in Belize on November 2nd has triggered an innovative parametric insurance product that provides a form of protection to fund repairs following storm damage to the largest barrier reef in the Atlantic Ocean. The Mesoamerican Reef system […]

November 7, 2022

The National Hurricane Center (NHC) warns of a “prolonged period of hazardous weather” for much of Florida state as subtropical storm Nicole has formed northeast of the Bahamas and is expected to bear down on Florida’s east coast, with near […]

October 24, 2022

Climate change remains at the top of insurance companies’ biggest concerns even as Russia’s invasion of Ukraine stokes geopolitical and energy-related fears within the industry. Global warming is considered as the biggest risk to society in the next five to […]

October 19, 2022

Hurricane Fiona is estimated to have caused C$660 million (US$436.8 million) in insured damage, according to the Insurance Bureau of Canada (IBC), which quoted initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Hurricane Fiona is the most costly extreme […]

October 7, 2022

Initial data from the Florida Office of Insurance Regulation (FLOIR) reveals that more than 375,000 claims have been filed after hurricane Ian, mostly related to residential property, as the entity reports total estimated insured losses of close to $3.28 billion. […]

October 4, 2022

Insured losses to onshore property from Hurricane Ian could range between $42 billion and $57 billion, according to a new estimate from Verisk Extreme Event Solutions. The projection includes estimated wind, storm surge, and inland flood losses resulting from Ian’s […]

October 3, 2022

Hurricane Ian is one of the most severe tropical cyclones to make landfall in Florida – and its resulting economic loss could break records, a new report from DBRS Morningstar has found. The global credit rating agency has projected that […]