Disaster Losses for Insurers Double
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"The relatively low losses can be explained by the tracks of the hurricanes _ no major hurricanes reaching the US mainland, as in 2006"  Losses to insurers from natural disasters nearly doubled this year to just below $30 billion globally after an unusually quiet 2006, a leading reinsurer said Thursday, from winter storms in Europe, flooding in Britain and wildfires in the U.S.Munich Re warned that climate change could mean a growing number of weather-related catastrophes in coming years.'The trend in respect of weather extremes shows that climate change is already taking effect and that more such extremes are to be expected in the future,' board member Torsten Jeworrek said in a statement. 'We should not be misled by the absence of megacatastrophes in 2007.' Read more
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Hurricane Ivan, which slammed into the US Gulf coast today, may cost insurers $4 billion to $10 billion, rivaling hurricanes Charley and Frances, Risk Management Solutions Inc.
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TALLAHASSEE, Fla.  - Hurricane Frances caused $2  billion to $4 billion in insured damages in Florida, according  to early estimates, a state official said on Tuesday.
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Insurers could face their biggest-ever hurricane damages bill following a spate of storms in the Caribbean, an industry body says.
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Insured losses from California wildfires could exceed $1.6 billion if the fires continued to spread, a risk modeling firm said on Thursday.
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The property insurance industry had record third-quarter losses this year after a series of storms, including a string of hurricanes, according to an actuarial firm&#39;s preliminary estimate.
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The world&#39;s largest reinsurer, Swiss Re, on Monday said that damage claims for natural disasters for the year were likely to nearly triple and cost the industry an estimated 35 billion dollars in 2007.
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Chinese insurers have paid more than 1.2 billion yuan, or $165 million, for deaths and damage from snowstorms that killed at least 107 people, said officials quoted Wednesday by a state news agency.
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Munich Re, the world&#39;s biggest reinsurer, has issued a bulletin concerning possible losses from the tidal waves that struck many countries around the Indian Ocean on Dec. 26, which estimates the company&#39;s
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The tsunami catastrophe in Asia has wreaked economic damage of more than $13.6 billion, the world&#39;s largest reinsurer estimates.
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INSURERS and travel firms across Europe took a knock yesterday after the devastation caused by the South Asian tsunami sparked fears of substantial financial costs.
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The Asian earthquake and tsunami catastrophe has unleashed financial damage in the tens of billions of dollars but foreign insurers will get off lightly, according to a top US industry body.
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LONDON (CBS.MW) - The costs of Hurricane Charley in Florida to the insurance industry were becoming clearer on Thursday after two major Swiss insurers estimated their claims stemming from the storm last week.
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Hurricane Charley could cost insurance companies at least $7.4 billion to pay for damaged homes and businesses, according to estimates released Wednesday by the Insurance Information Institute.
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The government pressed insurance industry chiefs Tuesday to urgently process up to 1.5 billion pounds worth of claims after serious flooding in central and northern England.
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Damages from Sundayâs tsunami seem unlikely to wreak devastation on the insurance industry after Swiss Re, the worldâs second-largest reinsurer, said on Thursday that disaster would cost it less than SFr100m ($88m).
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Straining under the looming pension crisis in the airline industry, the federal pension benefits insurer yesterday reported that its deficit more than doubled from a year earlier.