Global insurer warns changing weather entails higher risk of losses
Global Insurer Munich Re is warning that increasing and changing weather risks are necessitating risk management adjustments to reflect the higher risk of insured losses.
Fitch: global reinsurers report solid profits as catastrophes remain manageable
A new report from ratings agency Fitch says that global reinsurers posted solid underwriting gains in 2013, as catastrophe-related losses were manageable and loss reserve development remained favourable.
Property owners face flood risk and insurance quagmires
Mike Norbury, Research Hydrologist for Water-Value, based in the firm’s Northumberland office at Alnwick, comments on the government’s new insurance scheme and its impact on flood risk and/or previously flooded property.
Ratings agency says UK storm and flood losses “manageable” for insurers
Fitch Ratings believes that the losses relating to the 2013/2014 winter floods and storms will be manageable for UK non-life insurers, according to a new report published this morning.
Insurance chiefs confirm flood insurance commitments
The CEOs of Aviva, Direct Line Group, Axa, Lloyds Banking Group and Ageas, along with the Claims Director of RSA and the Association of British Insurers have restated their commitment to voluntarily maintaining the 2008 Statement of Principles on flood insurance until the guaranteed affordable flood insurance scheme, Flood Re, is delivered in 2015.
Insurers start hunt for Flood RE Chief Executive
The Association of British Insurers has started the search for a new Chief Executive to be at the helm of the new Flood Re not-for-profit reinsurance scheme in partnership with the Government.
Flood insurer posts €3.3bn profits in 2013
Munich Re, one of the world’s leading insurance companies, has posted a €3.3 billion profit for 2013 (2012: €3.2bn) and announced an increased dividend of €7.25 per share.
Flood Re scheme has not taken climate change into account, report says
The proposed new scheme for flood insurance in the UK may not be sustainable because the impacts of climate change have not been taken into account, according to a new policy paper published today.
Insurers pay out £17 million a day during wettest June on record
Insurers are set to pay up to £500 million - £17 million every day - to customers who have suffered flood and storm damage during the wettest June on record, according to latest estimates from the Association of British Insurers (ABI).
Chancellor to inject £50bn into infrastructure projects
Chancellor George Osborne has unveiled a government plan to underwrite up to £50 billion of investment into UK infrastructure and exports.
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