Cat modeler estimates Hurricane Ian losses could hit $47 billion

(Reuters) – Insurers are bracing for a hit of between $28 billion and $47 billion from Hurricane Ian, in what could be the costliest Florida storm since Hurricane Andrew in 1992, according to U.S. property data and analytics company CoreLogic Inc. Wind losses for residential and commercial properties in Florida are expected to be between … Read more

COVID Virus, Like Cat Urine, Can Cause Physical Loss

Citing decisions that found insurance coverage was owed for contamination caused by cat urine and gasoline vapors, the Vermont Supreme Court broke from courts across the nation and found that SARS-CoV-2 can cause a direct physical loss to property. The 3-2 decision released Friday revived a lawsuit filed by Huntington Ingalls Industries — which the … Read more

Hot Stocks: KR rises on earnings; CAT settles with IRS; PLCE dips on CFO departure

Kroger (NYSE:KR) represented a high-profile gainer in Friday’s midday trading. The stock advanced on better-than-expected earnings and raised guidance. Meanwhile, Caterpillar (CAT) received buying interest as well, boosted by news of a settlement with the U.S. tax authorities. Turning to the downside, Children’s Place (PLCE) slipped after it revealed the departure of its CFO. At … Read more

German insurers suffer $3 billion loss from nat cat events

German insurance industry association GDV said that natural catastrophes, including the winter storms in February, caused an estimated €3 billion ($3 billion) in insured damages in the first half of the year, Reinsurance News reported. Of the total estimated damages, €2.5 billion relates to the damages to businesses, residential buildings and household goods.   … Read more

ILS, cat bond activity decrease, but forecasts promising: Aon

The $8 billion in insurance-linked securities issued in the first half of 2022 was off $500 million from last year’s record-setting first half, but the sector shows a “robust” pipeline going forward, according to a report Tuesday from Aon PLC. Similarly, for the year ended June 30, 2022, the $12 billion of property/casualty catastrophe bonds … Read more

Cat bond issuance hit by broader economic woes

Catastrophe bond issuance fell during the second quarter as wider economic conditions influenced investor decisions, but changes in appetite among insurers for property catastrophe risks should lead to a rebound, experts say. A tightening in retrocessional reinsurance capacity could also lead to more demand for insurance-linked securities, they say. Second-quarter new issuance of cat bonds … Read more

‘We can help with cat claims hold-ups’: brokers – The Broker 1 – Insurance News

Brokers say that building delays and communication issues following natural catastrophe claims can be less painful if consumers work with an intermediary. As has reported, a study by Melbourne researchers found that some claimants find the process of dealing with insurers more traumatic than the disaster itself. As insurers work through more than 230,000 … Read more

Liberty Specialty Taps Zurich’s Dutta for Financial Risks; Canopius Hires WTW’s Saville for Cat Research; HDI UK & Ireland Promotes Lavey in Liability Team

This edition of International People Moves details appointments at Liberty Specialty Markets, Canopius Group, and HDI Global SE – UK & Ireland. A summary of these new hires follows here. Liberty Specialty Markets Taps Zurich’s Dutta for Financial Risk Solutions Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, announced the appointment of Ankita … Read more

Florida’s Ag Commissioner Wants Lower Retention for Cat Fund

New You can now listen to Insurance Journal articles! Florida’s agriculture commissioner, a Democratic candidate for governor, is on board with what many in the insurance industry have been asking for: utilizing the state’s hurricane catastrophe fund to provide lower-cost reinsurance to more property insurers. Commissioner Nikki Fried, who noted that her office acts as … Read more

91% disposal rate for CAT in 5 years, more than UPA’s rule: Jitendra Singh

Union minister Jitendra Singh on Saturday said the Central Administrative Tribunal, which adjudicates government employees service matters, has achieved a disposal rate of over 91 per cent in five years. He said the higher disposal rate was achieved from 2015 to 2019 under the Narendra Modi government, while it was around 89 … Read more