Insurance news

• RMS: 90% chance Irma loss is sub-$70bn

  09-09-2017 21:11
  The westward movement in the track of Hurricane Irma over the
  last two days means that there is now a 90 percent chance that
  insured losses from the storm will be $70bn or less, according to
  modelling firm RMS.
  This is down from a 90 percent chance yesterday that losses
  would be $85bn or less.
  With these figures based on a 90 percent probability, the
  mid-point of RMS's loss projection based on pre-landfall
  scenarios is likely be a long way...
  
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• Private Harvey loss could be $18bn-$25bn: RMS

  09-09-2017 18:28
  Commercial insurers are facing losses of between $18bn and $25bn
  from Hurricane Harvey, according to an estimate from modelling
  agency RMS.
  RMS said that it expected total insured losses to be in the
  range $25bn-$35bn, with an upper bound of $40bn, but that includes
  a $7bn-$10bn estimate for the state-backed National Flood Insurance
  Program (NFIP).
  If a $7bn NFIP loss is assumed for the lower bound of the
  $25bn-$35bn range and a $10bn NFIP loss for the higher end of...
  
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• Irma could cost insurers $20bn-$65bn: AIR

  09-09-2017 18:28
  Hurricane Irma could inflict insured losses of $20bn-$65bn,
  according to a preliminary estimate from AIR Worldwide, based on
  the current storm track.
  The loss estimate for the wind and storm surge losses comprises
  a $15bn-$50bn range for the US and $5bn-$15bn for selected islands
  in the Caribbean.
  AIR's forecast is based on the National Hurricane
  Center's storm track as of 5am Eastern Time today.
  Irma is currently a category 3 hurricane with maximum sustained
  winds of 130mph, but is forecast...
  
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• Don't dig deep for a pre-paid funeral plan

  09-09-2017 08:00
  About 1.3 million people in the UK have purchased a funeral plan, but experts warn they could become a national scandalTens of thousands of people are at risk of being left out of pocket because of a growing “national scandal” involving pre-paid funeral plans, it was claimed this week. One consumer body that has investigated the sector said it believes some companies offering these plans could be operating a “quasi-Ponzi scheme”, where they allegedly use money from new cu
  
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• State Auto considers Rockhill sale

  09-09-2017 03:15
  State Auto may try to sell its excess and surplus lines
  (E&S) business, including its Rockhill subsidiary, the US
  carrier said today.
  The Columbus, Ohio-based insurer said it would undertake "a
  review of strategic alternatives" for its E&S platform,
  "including a possible sale transaction". It has retained
  Keefe, Bruyette & Woods for advice on its options.
  The company acquired Rockhill in 2009 to enter the E&S
  market and last year brought on former Everest National executive
  Tracy
  
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• Irma threatens 8.5mn Florida structures: CoreLogic

  09-09-2017 03:15
  Hurricane Irma's vast size and expected track taking it into
  Florida by Sunday could put nearly 8.5 million residential and
  commercial properties in the Sunshine State at significant risk of
  wind damage, while storm surge could affect 3.5 million, realty
  data firm CoreLogic said.
  Irma is packing sustained winds of about 155mph (249kph) as it
  moves west off the north shore of Cuba about 345 miles southeast of
  Miami, the National Hurricane Center said late today.
  The forecasting centre has...
  
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• Hub buys Integro (Canada) to expand large risk reach

  09-09-2017 03:15
  Acquisitive broker Hub International has gone back to the land
  of its origins and bought Integro Group's Integro (Canada) Ltd
  unit, including executives Mark Rankin and Robert Dunn.
  Hub also plans to bring Michael Baddeley aboard with the
  acquisition, the terms of which were not disclosed.
  Dunn is chairman of Integro (Canada) while Rankin is president
  and Baddeley is managing principal, based in Vancouver. Dunn
  operates out of Montreal and Rankin from Toronto.
  The unit of New York-based Integro
  
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