An estimated $163bn of assets are underinsured in the world today, leaving an exposure gap that poses a “significant threat” to livelihoods and global prosperity, according to new research from Lloyd’s and the Centre for Economics and Business Research (CEBR).
Zurich-based catastrophe modelling firm Perils has expanded its wind cat forecasting platform to include Australia.
US insurance behemoth American International Group said it expects to report third quarter pre-tax catastrophe losses of as much as $1.5bn to $1.7bn from natural disasters including Hurricane Florence and typhoons Jebi and Trami.
Ratings agency Standard & Poor’s has reaffirmed the financial strength rating of Asia Capital Reinsurance Group at A- (Strong) with a stable outlook.
Lloyd’s insurer ArgoGlobal has appointed Michael Scala as chief underwriting officer for the Asia Pacific region.
Chaucer has appointed Rajeev Menon as regional treaty underwriter with responsibility for building the insurers treaty portfolio in Asia, the Middle East, North Africa and the Indian-Subcontinent.
Canopius has named Natt Wattanaumphaipong Asia Pacific head of reinsurance.
Cat risk modelling firm AIR Worldwide has said insured losses across mainland China, Hong Kong, and Macau from Typhoon Mangkhut are likely to be between $1bn and $2bn.
Premiums written on the Lloyd’s China platform have shrunk by 30 percent following the retrenchment by a number of syndicates in the past year.
Typhoon Jebi, which pounded Japan last week, looks set to hit the lower layers of the cat excess of loss treaties bought by the Japanese “big three” insurers MS&AD, Tokio Marine and Sompo Japan Nipponkoa.
Typhoon Jebi, which pounded Japan last week, is the largest cat loss of 2018 to date with early unofficial estimates of an insured loss of $5bn-$6bn.
In the first of a two-part series on connected risk, Russell Group founder Suki Basi – who has spoken on the topic at the Bank of England and Chatham House – reveals a fault line in our interconnected world.
Fosun-owned Asian Hong Kong-headquartered reinsurer Peak Re booked $671.2mn in gross written premium in the first six months of 2018, an increase of 42 percent compared to the first half of last year.