Well-above-average hurricane season may not mean higher insured losses
Forecasters predict the Atlantic hurricane season, which officially starts June 1, will see well-above-normal activity, but whether that will equate to higher insured losses depends on multiple factors, with landfall location being a top indicator.
Top insurers admit to leaking customer data to competitors
Japan’s leading insurers, Sompo Japan Insurance Inc., Tokio Marine & Nichido Fire Insurance Co., Aioi Nissay Dowa Insurance Co., and Mitsui Sumitomo Insurance Co., admitted on May 23 to having shared contract information of their auto insurance customer with their competitors.
AUB Group buys 70% stake in Australian specialty underwriting agency
Australia-based insurance broker network AUB Group Ltd. has entered into an agreement to acquire a 70% equity stake in Australian specialty underwriting agency Pacific Indemnity Underwriting Solutions Pty Ltd. in a deal valued at $192 million Australian ($128 million).
Claims paid for Japan quake damages reach over $540 million
Data released by the General Insurance Association of Japan showed that claims paid for the 7.5-magnitude earthquake, which struck the Noto Peninsula in Japan’s Ishikawa prefecture on New Year’s Day, reached $85 billion Japanese yen ($541 million).
GCC insurers’ net profit up over 22%
Data published by Insurance Monitor in association with Lux Actuaries and Consultants showed that the combined net profit after tax of 77 listed insurers in the Gulf Cooperation Council nations grew by over 22% year-on-year to $619 million in the first quarter of this year.
Insurers to play key role in mitigating impact of climate change: Aon
Analysts at Aon’s Strategy and Technology Group said insurers have an important role to play in helping businesses, government, and individuals adapt to and mitigate the impact of climate change.
Tropical Cyclone Remal causes wide-scale damage
Topical Cyclone Remal hit southern India and Bangladesh on May 26, bringing torrential rain and heavy winds, and causing wide-scale damage.
Houthis attack three ships in three seas
Yemen’s Houthi militants have launched attacks on three ships in the Red Sea, Mediterranean Sea, and Arabian Sea, marking the latest in a months-long campaign of strikes against regional shipping.
400,000 chickens to be culled after bird flu outbreak
An outbreak of the highly pathogenic H7N3 virus strain at a second farm at Meredith in Victoria has led to the culling of 400,000 chickens.