The Philippines feels the force of nature
Hurricane Hagupit has dealt a devastating blow to The Philippines with winds gusting at over 100 mph destroying trees, property and infrastructure. Around a million people have been evacuated from their homes with flooding and mudslides creating added risks. It is the largest peacetime evacuation in the country’s history involving soldiers and other emergency agencies. The storm has weakened towards the capital Manila but is another stark reminder of the threats that nature poses to communities and business travelers who can all too easily find themselves caught up in natural disasters.
Insurance sector should help with student loans
The insurance industry is well placed to advise the government on student loans according to the chairman of AIG. Peter Hancock, the insurer’s CEO told a conference in New York that student loans amount to $1.2 trillion in the US with most of that figure backed by the federal government. He said that the insurance industry would be able to help mitigate the risk by encouraging people to spend their education funding on courses leading to sustainable careers. Although the company says it has no plans to offer student loans, Hancock says that it’s an area where government competes with the private (insurance) sector and that stifles innovation.
Banks understating the scale of fraud
A British government committee has heard evidence that some of the country’s biggest banks may be understating the extent of fraud and theft from customers accounts. Crime agencies also say they have no real idea of how much cybercrime is taking place in the banking sector. An independent study reports that Britain’s banking industry fraud may be understated in official figures by 3.6 million incidents.
November’s weather related impact
Aon Benfield has published its Global Catastrophe Recap for November, highlighting weather related incidents in the month. The United States endured four separate winter weather events during the month, including the first polar vortex of the season and a near record-breaking snow event in the northeast. A later storm system caused disruption for 20 million people and 29 died as a result of November’s incidents. Meanwhile, one of the most significant hailstorms in decades to affect Australia’s greater Brisbane metropolitan region struck at the end of November, injuring at least 12 people. Tennis ball-sized hail, high winds, and flooding rains caused considerable damage to residential and commercial properties and vehicles, with the Insurance Council of Australia indicating that nearly 69,000 claims had been filed amid preliminary payouts totaling AUD482 million (USD404 million). China, Morocco and Italy were also affected by weather incidents. Read the full report.
