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Though it is far too early to pin down an exact number for the amount of money the Japan quake will cost insurers, initial estimates have started to surface for some of the hardest hit insurers and reinsurers. Swiss Re, the world’s second-biggest reinsurer, has estimated it will face claims of about $1.2 billion from [...]
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Investors are looking to recoup money lost in the recession by betting on the likelihood that a catastrophe will soon strike. They are investing in catastrophe bonds at an unprecedented level in expectation that a massive hurricane, large earthquake or torrential floods will take place at some point, somewhere. It is a hedging technique used [...]
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In the video below, Swiss Re has done a marvelous job using new media to help advocate its position against “The Neal Bill” (HR 3424) that is aiming to impose a new tax on foreign reinsurers – something most of the stakeholders in the insurance industry are against. The Risk and Insurance Management Society (RIMS), a nonprofit organization that represents risk managers (and [...]
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Last Wednesday I blogged about the Chilean earthquake costing insurers up to $8 billion. That number has since been revised by Swiss Re — the world’s second largest reinsurer claims the impact on the sector would be between $4 and $7 billion. Swiss Re says “it’s own losses from last month’s 8.8 magnitude earthquake would [...]
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