Posts Tagged ‘nat cat’



May 16th, 2017

Public Sector Risk Financing Perspectives in Asia Pacific: Part II: Highlights of Recent Initiatives

Posted at 1:00 AM ET

graham-jones-smGraham Jones, Senior Vice President

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In July 2016, the China Residential Earthquake Insurance Pool (CREIP) was jointly established by the China Insurance Regulatory Commission (CIRC) and Ministry of Finance. In development since 2014, the scheme consists of 45 insurers distributing policies with basic limits of USD 7,500 and USD 3,000 for urban and rural residents, respectively. Coverage up to a maximum limit of USD 150,000 is negotiable. The claims process has been simplified with payouts equaling zero, 50 or 100 percent of the policy limit based on five damage levels.

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May 15th, 2017

Public Sector Risk Financing Perspectives in Asia Pacific: Part I

Posted at 1:00 AM ET

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Graham Jones, Senior Vice President

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According to United Nations estimates, 54 percent of the world’s population lives in Eastern, Southern and Southeastern Asia. The region hosts 778 million urban inhabitants and seven out of the world’s top ten most populated cities. The region is also home to every major peril - from cyclone to tsunami - and has experienced some of the world’s largest catastrophes based on economic loss. While there are natural catastrophes all over the world, Asia is a unique confluence of people and perils.

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May 12th, 2017

Canada Flood Events, May 6 - 11

Posted at 7:06 AM ET

canadaflood-5-11-map-smA slow-moving upper-level weather pattern with an embedded frontal system has brought periods of heavy rainfall to areas of eastern Canada to include the Saint Lawrence, Ottawa and Rideau Rivers and surrounding watersheds. The heavy rainfall together with melting snow has caused significant flooding for areas of southern Québec and eastern Ontario to include areas of Montréal and the National Capital Region. Flood control measures in north Montréal were also compromised, causing the flood threat to amplify. At least 4,141 homes have been flooded in Québec. More heavy rainfall is expected over the coming days.

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May 10th, 2017

Guy Carpenter Hosts International Forum: Building Sustainable Flood Insurance Solutions

Posted at 10:30 PM ET

Guy Carpenter & Company hosted an international forum entitled “Building sustainable flood insurance solutions” in Berlin on May 9-10. The event brought together leading figures from science and academia, non-governmental organizations and the (re)insurance industry to examine the rapidly growing impact of flooding and explore measures to significantly reduce that impact.

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May 4th, 2017

Midwestern United States Flood/SCS Event, April 28 – May 4

Posted at 2:36 PM ET

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A significant severe thunderstorm outbreak with heavy rainfall has affected areas from the Southern Plains to the Great Lakes and Northeast, with historic flooding in parts of the Central Mississippi Valley. Significant rainfall amounts of over ten inches occurred over saturated soils of the Central Mississippi Valley and surrounding watersheds. The rainfall produced historic flooding on some rivers, and the Mississippi River itself is expected to approach record flood stage at Cape Girardeau over the coming days. Flood impacts have been locally severe and include reports of property damage, numerous road closures, evacuations and water rescues. A levee breach has forced evacuations near Pocahontas, Arkansas.

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April 25th, 2017

Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: Part IV: Closing the Protection Gap

Posted at 1:00 AM ET

whitmore_charles_photo-sm4Charles Whitmore, Managing Director

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These trends are likely to support broader product offerings and greater market stability around which the private sector may close the protection gap in EMEA and in other regions:

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April 24th, 2017

Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: Part III: Highlights of Recent Public Sector Initiatives

Posted at 1:00 AM ET

whitmore_charles_photo-sm3Charles Whitmore, Managing Director

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Following years of planning by the insurance Industry and negotiation with a wide group of stakeholders including the government, Prudential Regulatory Authority (PRA), the Financial Conduct Authority (FCA) and others, Flood Re launched in April 2016. The overarching aim of the market-based scheme is to ensure better access to more affordable household insurance for those in high flood risk areas.

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April 20th, 2017

Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: Part II: Public Sector Strategic Initiatives in EMEA

Posted at 1:00 AM ET

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Charles Whitmore, Managing Director

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Organizations throughout EMEA have significantly increased the establishment of strategic initiatives to close the protection gap and improve society’s ability to recover from the devastating impact of natural catastrophe losses. Marsh & McLennan Companies’ Risk & Insurance Services Segment, comprised of Guy Carpenter and Marsh, have developed resources and expertise to help clients in this area.

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April 19th, 2017

Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: Part I

Posted at 1:00 AM ET

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Charles Whitmore, Managing Director

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On a global basis, approximately 70 (1) percent of the economic loss caused by natural catastrophe events is not covered by insurance. This gap, the cost of uninsured events, frequently falls on governments through disaster relief, welfare payments and infrastructure repair and rebuilding. The ultimate cost of these responses causes a strain on public balance sheets and an increase in public debt, ultimately burdening taxpayers. The protection gap is increasing in emerging economies especially where the amount of natural catastrophe economic loss covered by insurance dropped from 25 percent in 2002 to approximately eight percent in 2014.

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March 29th, 2017

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part III: A Lesson in Resilience from Mexico

Posted at 1:00 AM ET

aidan-pope-headshot-sm24Aidan Pope, Managing Director

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The Mexican federal government’s risk management strategy exemplifies a modern, resilient disaster preparedness plan, including pre- and post-event approaches and public-private partnerships. Following the 1985 Mexico City earthquake, the Mexican National Civil Protection System (SINAPROC) was created, establishing a multi-level system to integrate stakeholders from the three levels of government, the private and social sectors, academia and scientific organizations. Its purpose was to provide an institutional framework for the improved coordination of emergency response. Its capacities in the areas of risk assessment, early warning, preparedness and disaster risk financing were developed. As SINAPROC evolved, it added risk reduction practices to shift from a reactive to a preventative, holistic and integrated risk management plan.

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