Study warns of increased extreme weather for Pacific coast
A new study says climate change will bring increased burdens for insurers as Pacific coast weather systems change. The study published in Nature Communications warns that El Nino and El Nina could lead to at least doubling extreme droughts and floods in California later this century.
"Wet and dry years in California are linked to El Nino and La Nina. That relationship is getting stronger," said atmospheric scientist Jin-Ho Yoon of the Department of Energy's Pacific Northwest National Laboratory. "Our study shows that ENSO will be exhibiting increasing control over California weather."
Although the study was focused on California in light of the current severe drought, it reflects temperature changes in the Pacific Ocean would could have serious impacts along other parts of its coast.
Economical Insurance views demutualization
Ontario-based insurer Economical Insurance says it is considering becoming a publicly-listed company. It would be the first mutual P&C insurer to make the move under new regulations. Economical says that launching an IPO would allow it to compete better in the market and to raise capital. Changing its status would mean that its mutual policyholders would receive cash or shares for their share of the company. The plan has been considered for a number of years and if it decides to become a public company it would take around 2 years.
Ameritas to acquire Security Life
Ameritas Life, based in Nebraska, is to acquire Minnesota-based Security Life at the end of the year. The deal which is subject to regulatory approval will mean that Ameritas would operate the existing dental and vision insurance business through Security Life’s network of agents. Details of the financial transaction and any impact on jobs have not been disclosed.
Insurance bodies link across continents
The International Underwriting Association of London (IUA) and the Singapore Reinsurers’ Association (SRA) have announced an affiliated partnership that will enable the two organisations to better serve their common membership. In addition, the partnership will enable Singapore companies to tap into ongoing developments on the London Market’s modernisation initiatives.
The partnership comes as Lloyds of London announced the opening of its new office in Singapore to provide tailored risk solutions across the Asia-Pacific region.
