catastrophe News

APCIA: Inflation Outpacing Premium Increases for Auto and Homeowners Lines

US Insurers — already hammered by extraordinary losses caused by natural disasters — are also failing to raise premiums at a pace that matches an historic inflation rate, the American Property Casualty Insurance Association said Friday. APCIA said private property …

Musk’s Starlink Connects Remote Tonga Villages Still Cut Off After Tsunami

SYDNEY —Elon Musk’s satellite venture has launched a free high-speed internet service to connect remote villages in Tonga that have been cut off since a devastating volcanic eruption and tsunami in January. Tonga’s prime minister, Siaosi Sovaleni, said in a …

Climate Change ‘Steroid’ Contributed to $130B in Insured Losses Last Year-Aon

LONDON–Climate change played a part in insured losses from natural catastrophes that totalled $130 billion globally in 2021, the fourth-highest on record, broker Aon said in a report on Tuesday. Economic losses–the combination of insured and uninsured losses–reached $343 billion, …

COVID-19 Loss of $44B Is 3rd Largest Catastrophe Cost to Insurers – Howden

LONDON–Insured losses of $44 billion from COVID-19 so far represent the third largest cost to insurers of any catastrophe, behind Hurricane Katrina and the 9/11 attacks, insurance broker Howden said on Tuesday. However, initial projections of $100 billion-plus for COVID-19 …

Canada Flood Shows How Climate Change Could Fuel Atmospheric River Storms

Atmospheric rivers of the kind that drenched California and flooded British Columbia in recent weeks will become larger — and possibly more destructive — because of climate change, scientists said. Columns in the atmosphere hundreds of miles long carry water …

Insurer Hiscox Earmarks $150M For Hurricane, Flood Losses

Hiscox has set aside $150 million to cover losses linked to Hurricane Ida and floods in Europe, the insurer said, above analysts’ expectations, while it reported strong premiums written this year thanks to rising rates. The Lloyd’s of London insurer …

Property Insurers Exposed to $12.5B in ‘Silent Cyber’ Losses, Market Analysts Say

US property insurers are exposed to $12.5 billion in non-physical cyber losses that are not expected and not priced by underwriters, according to a report released Tuesday. CyberCube, AM Best and Aon teamed up to calculate the “silent cyber” exposure …

Extreme Weather Sounds Alarm For Under-Insured China

BEIJING — Devastating summer floods in the populous province of Henan in central China are a wake-up call for local authorities to seek better insurance cover against natural disasters, potentially opening up a huge market for insurers in the country. …

Cyber Insurance Rates Fail to Match Catastrophe Risk-Chubb CEO

Rising prices of insurance against cyber attacks fail to take account of the potential catastrophic effects of a widespread attack, Chubb Ltd. Chief Executive Evan Greenberg said on Wednesday. “The pricing environment is pretty good,” Greenberg said on a conference …

Claims Business: Charles Taylor, Friss and Matterport

Charles Taylor Acquires Syndicate Claim Services London-based Charles Taylor Adjusting, a provider of insurance services, claims solutions and technology platforms to the global insurance market, has acquired Syndicate Claim Services Inc., an independent adjusting and claims services business, based in …