Financial

It’s up to insurance, reinsurance and ILS market participants to improve the acceptability of parametric insurance structures across the Asia Pacific region, say industry experts at ILS Asia 2020. Although leveraged more widely in the Indian agricultural sector and the Japanese catastrophe arena, parametric insurance remains a relatively new concept across much of the APAC…

The estimate of insurance and reinsurance market losses from a severe east coast low pressure storm that struck Australia at the beginning of February, has risen some 21% at the second reporting to A$958 million, according to PERILS AG. Sydney flooding image from ABC News’ Oscar Coleman. PERILS latest estimate, which is its first update…

Zurich Insurance Group (Zurich) reported its results for the second-quarter and first-half of 2020 today, revealing an elevated level of catastrophe claims, with the U.S. civil unrest and rioting a key driver of impacts. Zurich reported growth in commercial insurance and an ambition to take advantage of the improvements being seen in pricing around the…

QBE, the Australian headquartered global insurance and reinsurance group, said this morning that its claims from the Covid-19 pandemic have taken it very close to attaching its aggregate reinsurance cover. The company also explained that it expects any business interruption claims from the pandemic will be covered under its catastrophe reinsurance treaties. QBE reiterated its…

According to global reinsurance giant Swiss Re’s latest data, the first-half of 2020 saw US $31 billion of global insured property losses from disasters, up by roughly 35% on the prior year. Of US $75 billion of economic losses to property from natural catastrophes and man-made disasters, only some 40% were covered by insurance and…