natural catastrophes News

Virus Fight Insurers Thought They’d Dodged Is Looming Anyway

For years, property-casualty insurers have sought to protect their business from the ripple effects of a pandemic. The spread of the coronavirus is showing it may not be easy. At issue are business-interruption policies, which tend to pay out only …

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, …

Lloyd’s of London Expects ‘Sobering’ Culture Assessment

LONDON — Lloyd’s of London expects “sobering” results from a survey of the workplace culture at its member firms, the insurance market’s chairman said on Wednesday as a rise in investment income drove a four-fold profit rise. In May the …

Ethiopian Airlines, MAX Claims Put Pressure on Swiss Re Profits

FRANKFURT — Swiss Re’s first-half net profit fell 5.3%, as claims relating to the Ethiopian Airlines crash and the subsequent grounding of the Boeing 737 MAX, plus natural catastrophes took their toll. The world’s second-largest reinsurance company highlighted claims from …

Swiss Re: Much Lower Catastrophe Costs in First Half of 2017 Versus 2016

According to preliminary sigma estimates, global total economic losses from natural catastrophes and man-made disasters in the first half of 2017 were $44 billion. That was well below the first half annual average of $120 billion of the last 10 …

New Resilience Study Aids Governments in Preventing Disaster-Related Loss

Hurricanes, wildfires, tsunamis and other disasters cannot be stopped, but countries can plan for them — something some areas of the world seem to do better than others, according to a new study published in the journal Risk Analysis. Oceania, …

Allstate Eyes Drones to Improve Customer Experience After Catastrophes

Allstate announced a major shift for the insurance industry as it embraces drone technology to further improve customer service. The company has been participating in drone test flights for use in property claims, the company announced. Following years of independent …

Allianz Profit Falls 15% Due to Drop in Asset Management and P/C Earnings

Allianz SE, Europe’s biggest insurer, said third-quarter profit dropped 15 percent as earnings at its property and casualty and asset management units declined. Net income fell to 1.36 billion euros ($1.48 billion) from 1.61 billion euros a year earlier, the …

Extreme Weather Hits U.S. Hard: Munich Re

Over the past years, persistent extreme weather conditions have triggered severe natural catastrophes and caused losses in the billions. There is a growing number of scientific studies that suggest an increase in quasi-stationary weather patterns and their correlation with the …

2014 Cat Losses Low Due to Quiet Weather: MunichRe

The absence of very severe catastrophes and a quiet hurricane season in the North Atlantic meant that losses from natural catastrophes in 2014 were much lower. In North America, overall losses of $30 billion and insured losses of $18 billion …