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September 2010
Hurricane Earl weakened slightly to a Category 3 storm on Thursday as it approached the North Carolina Coast, reports Reuters.
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The reinsurance sector will be exposed to insured loss from the Atlantic storm season as their reserve capital was used to offset low premiums, according to Fitch Ratings, Reuters reports.
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Typhoon Kompasu hit South Korea on Thursday morning, killing three people, reports CNN,
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As Hurricane Earl approaches the east coast of the US, AIR Worldwide has estimated that already insured losses from Hurricane Earl’s passage near the northern Leeward Islands earlier this week are between $50m and $150m.
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August 2010
Hurricane Earl is moving up the eastern US seaboard. If its course follows the western most forecasts, Earl could make contact with the US coast this weekend, according to catastrophe modelling firm AIR Worldwide.
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The sixth, seventh, and eighth named storms of the northwest Pacific season are approaching the Asian mainland bringing high winds and expected heavy rains, according to catastrophe risk modelling firm AIR Worldwide.
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Tropical Storm Earl became a hurricane over the weekend and is likely to become a category three hurricane later today, before heading north towards the US East Coast, reports the RMS/Reactions catastrophe centre.
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Second-quarter 2010 earnings for US publicly traded property/casualty insurers were down, largely as a result of catastrophe losses, but capital positions remain solid, according to Moody's Investors Service.
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The insurance-linked securities market had an impressive second quarter. It was so good some believe full year cat bond issuance could now beat last year’s total.
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Hurricane Danielle has reached major hurricane status, becoming the most intense storm of the 2010 season, while Tropical Storm Earl is likely to intensify to a hurricane in the next few days, according catastrophe modelling firm Risk Management Solutions.
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Swiss asset manager, Alternative Beta Partners, has unveiled a securities cat bond index, Reuters reports.
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The system over the open waters of the Atlantic has strengthened to become Hurricane Danielle – the second hurricane of the 2010 Atlantic season, reports the RMS Catastrophe Centre.
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Despite a challenging capital markets environment, ILS continue to provide value to sponsors and investors, according to Aon Benfield Securities, the investment banking division of Aon Benfield.
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The US National Hurricane Centre has said that the Tropical Storm Danielle may become a hurricane by the night of Tuesday August 24.
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Reserve releases have helped prop up the US property/casualty industry’s results. But releases are running out and a period of reserve deficiencies lies ahead.
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Climate change could increase the risk of hurricanes and storms in the Caribbean and threaten future development in the region, according to a new study released by the Caribbean Catastrophe Risk Insurance Facility
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Aon Benfield Securities has announced the launch of the Aon Benfield ILS Indices, which provide a quantitative view of monthly ILS returns since December 2000.
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The trend of strong returns for the insurance-linked securities market since the financial crisis has continued in the first half of 2010 and could beat last year in terms of issuance, according to a Swiss Re ILS market update.
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RMS has announced the phase one release of its Australia Severe Convective Storm Model, covering damage from hailstorm, water ingress, downburst winds, and tornadoes.
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A 6.3-magnitude earthquake has hit Papua New Guinea, ABC Online reports
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The remnants of Tropical Depression Five have reorganised after losing strength last week and the system has a 60% change of becoming a tropical cyclone in the next 48 hours, according to catastrophe risk modelling firm AIR Worldwide.
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Ecuador and parts of Peru have been hit by a 7.1-magnitude earthquake, AFP reports.
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Florida voters believe changes to the insurance laws over the past four years that promised to improve conditions for consumers have failed, with 86% of homeowners believing their homeowners’ insurance situation has either stayed the same or become worse, according to a public poll.
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Tropical storm Dianmu is approaching the north of Japan, according to the Japan Meteorological Agency, Bloomberg reports.
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As the fifth anniversary of Hurricane Katrina approaches, the Property Casualty Insurers Association of America has released a white paper that shows the lessons learned from the event continue to have a profound effect on the industry.
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As a result of the heavy burden of major catastrophe losses Hannover Re has made net income of Eu310.6m ($412m) in the first six months of 2010, compared with Eu433.5m in the first six months of 2009.
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The Association of Mexican Insurance Companies has said that a hurricane and earthquake that struck northern Mexico earlier this year caused insured losses of about 5.25bn pesos ($414m).
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S&P has affirmed its A counterparty credit rating on Bermuda-based reinsurance holding company PartnerRe and its AA- counterparty credit and financial strength ratings on PartnerRe's core operating subsidiaries.
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Eight catastrophe bond transactions totalling $2bn in risk capital were completed in the second quarter of 2010, making it the second most active second quarter on record, according to a new report by Guy Carpenter.
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Global insurance broker Aon has responded to the US President's Working Group on Financial Markets' request for comment on the long-term availability and affordability of terrorism risk insurance.
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As of Thursday 5 August, Tropical Storm Colin has regenerated over the Atlantic, just over 48 hours after it dissipated as a tropical system, reports the RMS/Reactions Catastrophe centre.
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New changes to financial services legislation in the US will increase business opportunities for the London market and make it easier for companies to insure US risks, believes Dave Matcham, chief executive officer of the International Underwriting Association.
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The National Oceanic and Atmospheric Administration has cut its forecast for hurricane activity in the Atlantic Basin this hurricane season, but is still expected to be very active.
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Papua New Guinea’s New Britain Island was struck by a magnitude 7.0 earthquake, Reuters reports.
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Bermudian insurer and reinsurer Validus Holdings has reported net income of $179.8m for the second quarter of 2010, compared with net income of $137.6m for the same period in 2009.
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Bermuda is not going away but it is under threat, says Reactions' editor Michael Loney.
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July experienced some of the worst flood events in history, with Asia being particularly affected by losses, according to Aon Benfield’s monthly cat recap report.
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Insurance rates in the power sector are expected to soften further in 2010, despite conditions that would normally foreshadow a hardening market, according to the latest Power Market Review from Willis, a member of Willis Group, the global insurance broker.
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Iran was struck by two earthquakes in less than 24 hours, The Associated Press reports. The first quake had a magnitude of 5.7 and hit villages and towns in the northeast on July 30, injuring more than 200 people.
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July 2010
This week, Swiss Re announced what is says is a first-of-its-kind agreement with the Alabama State Insurance Fund to provide a three-year parametric insurance cover for hurricane exposure. Reactions spoke to Swiss Re to talk about what this means for the state.
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Frank O’Halloran has a tough return target for Australian insurance and reinsurance group QBE and he is not budging, despite stagnant pricing, falling investment returns and first-half catastrophes.
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Catastrophe bond sales in the second half of 2010 will match the $2.4bn sold in the first six months, according to Munich Re, Bloomberg reports.
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Although it is early in the reporting season for US insurance firms second-quarter results, already it can be seen that catastrophe losses are hurting results. Both Chubb and Travelers have reported second-quarter catastrophe losses.
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Floridian homeowners insured by the Citizens Property Insurance will experience an average 10.2% rate hike next year if approved by the Florida Office of Insurance Regulation, reports the Palm Beach post.
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Global reinsurer Swiss Re has announced a first-of-its-kind agreement with the Alabama State Insurance Fund, to provide a three-year parametric insurance cover for the state's primary catastrophic hurricane exposure.
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Montpelier Re Holdings, a Bermuda based provider of short-tail reinsurance and other specialty lines, has reported net income of $70m for the second quarter of 2010.
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Tropical Storm Bonnie could worsen the environmental toll of the oil spill as it crosses the southern Florida peninsula and enters the Gulf of Mexico early Saturday morning, according to catastrophe risk modelling firm AIR Worldwide.
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The plan to set up a state-owned insurer in Brazil has shifted the goalposts for international firms, says Reactions' contributing editor Garry Booth.
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Legislation that would have expanded the National Flood Insurance Program to include wind was pulled from a final vote by the US House of Representatives today.
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Scor Global’s property/casualty and specialty treaty renewals at end of June have resulted in premium growth of 19% at constant exchange rates.
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Typhoon Chanthu is forecast to make landfall in the south of China today, bringing torrential rains to a country suffering its worst flooding in a decade, RMS/Reactions Catastrophe Centre reports.
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Insurance broker Aon Corporation has announced it will start receiving contingent commissions again. Rims is not happy with the decision.
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Willis Group Holdings, the global insurance broker, has responded to the announcement by Aon Corporation that it would resume accepting contingent commissions “where appropriate and legally permissible”.
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Allied World Assurance Company Holdings announced today that approval has been received from the Monetary Authority of Singapore and Lloyd's Asia to register and operate a service company, Capita 2232 Services Pte. Ltd.
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Excess capacity chasing market share in the commercial property/casualty marketplace has resulted in another quarter of declining renewal pricing, according to the CIAB second-quarter Commercial P/C Market Index Survey.
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Catastrophe risk modelling firm AIR Worldwide has released its latest US hurricane model, including updates to the hazard and vulnerability components of the model.
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The Chinese southwest Sichuan Province has been hit by heavy rains causing floods in the area, Bloomberg reports.
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The Brazilian government’s plan to create a state-owned insurer would be a negative credit development for some of Brazil’s private market insurers and could have negative implications for the insurance market’s development.
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Two strong earthquakes struck off the South Pacific island nation of Papua New Guinea on July 18, The Associated Press reports.
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Impact Forecasting, Aon Benfield’s catastrophe model development centre, has launched the first fully functional Asian typhoon model to span the continent.
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Chilean state oil and gas company, Empresa Nacional del Petroleo (Enap), will see smaller quake related losses, The Wall Street Journal reports.
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Torus Executive Risks, the joint venture between Nexus Underwriting Management and global specialty insurer Torus, has entered the professional lines market.
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The value of insurance-linked securities (ILS) listed on the Bermuda Stock Exchange (BSX) has reached more than $1bn.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act financial services regulatory reform legislation has been passed. Trade groups expressed approval of the act, which includes long-awaited surplus lines reform.
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Lloyd’s was once reviled for its Byzantine systems - but now it is leading the way with the new Lloyd's Exchange project. Progress on the Claims Transformation Project is also continuing apace.
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The US House has passed the Flood Insurance Reform and Priorities Act of 2010 – legislation that will extend that National Flood Insurance Program for five years.
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Argo Group International Holdings expects to report around $20m to $25m of pre-tax cat loss provisions, net of reinsurance and reinstatement premium, for the second quarter of 2010.
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Berkshire Hathaway scaled back its most unusual and risky insurance policies as prices declined and the company prepared for its biggest acquisition, Bloomberg reports.
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Once the epitome of old school insurance, the Lloyd’s model now looks so modern it has spawned an imitation. We ask what the market’s strategy for the near future is.
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Reinsurance broker Guy Carpenter today announced the appointment of the head of its London-based marine and energy practice with effect from August 16 2010.
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European catastrophe insurance data provider Perils has reported that total placements of insurance risk transactions based on its industry loss index exceeded $250m in the first half of the year.
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Lloyd’s remains the “go to” market for unusual, hard to place risks. Lloyd’s is famous for insuring the unusual all over the world. But these headline-grabbing policies mask the real value of the market – its ability to insure difficult or emerging risks.
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US property/casualty insurer Hanover Insurance Group has announced estimated second-quarter losses from catastrophes of approximately $85m.
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German reinsurance firm Munich Re has completed a catastrophe bond on behalf of the Massachusetts Property Insurance Underwriting Association.
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The combined impact of lower insurance costs and lower risk management administrative costs led to a 3.1% drop in average total cost of risk (TCOR) per $1,000 of revenue in 2009, according to Rims.
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The New York Insurance Department will hold a public hearing on August 20 to explore the possibility of increasing insurance capacity in New York by easing unauthorised insurers’ access to excess and surplus lines.
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The news that Catlin is to set up shop in Zurich has been headlined as a Solvency II story. But, wonders Reactions' contributing editor Garry Booth, is this really a Bermuda story?
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The first half of 2010 natural catastrophe losses have exceeded the total for 2009, according to Munich Re.
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Tokio Marine yesterday announced plans to expand its international reinsurance and large commercial property operations. Tatsuhiko Hoshina, president and CEO of Tokio Millennium Re, says...
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Several flood and severe weather events in China, Brazil, the US, and parts of Central Europe caused billions of dollars of economic losses in June according to an Aon Benfield report.
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Photos from the Reactions London Market Awards Dinner 2010, which took place at the Grange City Hotel on June 30, are now available for free download.
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US corporate risk managers are reporting a serious and growing detachment between themselves and their insurance brokers and carriers, according to strategy management research firm Greenwich Associates.
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All 16 members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have renewed their policies for hurricane and earthquake coverage for the 2010/11 year beginning on 1 June – the start of the hurricane season.