Last year costliest in past 4 years for natural disasters
Natural catastrophe losses were the highest for four years in 2016 with a total of $175 billion, Munich Re reports.
The total was an increase of two thirds from 2015 and was almost up to the $180 billion of 2012. Uninsured losses remained high at 70 per cent with around $50 billion in insured losses.
“After three years of relatively low nat cat losses, the figures for 2016 are back in the mid-range, where they are expected to be. Losses in a single year are obviously random and cannot be seen as a trend”, said member of the Board of Management Torsten Jeworrek.
Jeworrek added that the high level of uninsured losses, largely in emerging markets, remains a concern.
Flood-related losses showed a particular rise, accounting for 34 per cent of the total compared with the ten-year average of 21 per cent. Earthquakes, storms, droughts and heatwaves were all above the ten-year average.
North America suffered higher-than-usual losses due to events such as the wildfires in Canada and floods in southern US states.
Hospitality coverage program launched by Allied World
Allied World has announced a new program aimed at the hospitality sector to provide P&C insurance for hotels, motels, apartments, condominiums, garden style co-ops, and a variety of mixed schedules.
The program is being offered with Walnut Advisory Corporation of New Jersey and is offered on a non-admitted basis nationwide except for in Florida, Texas, and Alaska.
“We have worked with Walnut Advisory Corporation to design a competitive offering for the habitational and hospitality industries,” Grace Meek, Senior Vice President, Programs for Allied World, commented.
AXA announces promotion for annuity head
Todd Solash, head of the Individual Annuity business at global insurer AXA, has been promoted to head its new Legacy Book Management Unit. Reporting to AXA US chairman and CEO Mark Pearson, Solash will drive the strategic management of the insurer’s legacy life and annuity business.
“Todd successfully led the Individual Annuities business through an especially challenging market,” said Pearson. “He has been a pioneer in the industry for managing inforce books and coming up with innovative strategies for clients.”
Solash was with the insurance practice of consulting firm Oliver Wyman and Jefferson National Life before joining AXA.