Munich Re News

Sources: Insured Losses From Beirut Blast Seen Around $3 Billion

Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say. The blast on Tuesday, the biggest …

Zurich Drops Cover for Canada’s Trans Mountain Oil Pipeline

Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups. All financial services companies are under pressure from …

Claims People: SCA, AqualisBraemar and Munich Re

SCA Appraisal Appoints Director and Managers SCA Appraisal has created a new Customer Success division and appointed Monica Diaz as its senior director. SCA, based in Burbank, California, appointed Lucano Figueroa to lead the division’s Financial Services/Government Group, Yesenia Barreto …

Munich Re Expects $1 Billion Bill For Coronavirus Claims

FRANKFURT — Munich Re said on Thursday it expected to receive claims for canceled or postponed events because of the coronavirus crisis in excess of 1 billion euros ($1.08 billion) this year after it posted a 65% drop in first-quarter …

Swiss Re, Zurich Insurance in Talks With Watchdog on Virus Shock

Switzerland’s top insurance companies are in talks with the financial regulator about the impact of the coronavirus outbreak on their capital buffers and their business, according to people familiar with the matter. The watchdog contacted Swiss Re AG, Zurich Insurance …

Natural Disaster Losses Decline After Major Storms Spare U.S.

Insurance losses from natural disasters fell last year after the U.S. was spared the full wrath of a major Atlantic hurricane. That’s according to the reinsurance firm Munich Re, which recorded total losses of $150 billion from events like hurricanes, …

Typhoon-Lashed Philippines Taps Catastrophe Bonds

The Philippines, among the world’s most disaster-prone nations, sold its maiden foreign-currency catastrophe-linked bonds to help cover costs of major calamities, in conjunction with the World Bank. The dual-tranche transaction consists of a $150 million issuance against losses from, , …

Business News: FM Global Research Lab, Friss and Munich Re, MedRisk and Raintree

FM Global Expands Research Lab FM Global, an international commercial property insurer, had opened a electrical hazards and gas detection laboratory on its research campus in West Glocester, Rhode Island. The carrier said in a press release that the facility …

Growing Private Flood Market Will Test Claim Professionals

A nudge into the market by carriers offering private flood insurance is becoming more of a shove, which might bring new opportunities for claims adjusters and maybe create a more efficient claims process along the way. An executive for Munich …

Aviation Industry Expects Double-Digit Premium Hikes After 737 MAX Grounding

The aviation industry is bracing for double-digit insurance premium hikes for the first time in about 15 years, as insurers wrestle with higher costs from aircraft groundings, including the grounding of Boeing Co’s 737 MAX jets following two fatal crashes, …