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In this article Follow your favorite stocks CREATE FREE ACCOUNTRyersonclark | E+ | Getty ImagesMaking your home hurricane resistant can be a significant financial undertaking. In 2024, the national average cost to upgrade an entire house with hurricane windows runs between $1,128 and $10,293, or $100 and $500 per window, including installation, according to This Old House. Hurricane resistance is about preventing 'pressurization'Hurricanes are different and unpredictable storms, said Jeff Ostrowski, a housing analyst at Bankrate. If installing new hurricane windows aren't in the budget, shutters are lower-cost options to protect windows and other openings, said Chapman-Henderson. Talk to your insurer about possible discounts Strengthening your home against disasters may help lower your insurance cost.
Persons: Phil Klotzbach, Jeff Ostrowski, Leslie Chapman, Henderson, Jennifer Languell, Chapman, Kin, Melissa Cohn, William Raveis, Bankrate's Ostrowski, Ostrowski, Loretta Worters, Worters, Languell Organizations: Massachusetts Institute of Technology, Hurricanes, National Oceanic, Fluid Dynamics, Climate, Energy Solutions, Swiss, Finance, Colorado State University, Department of Atmospheric, Federal Alliance, Safe, Safe Homes, Department of Energy, Trifecta, William Raveis Mortgage, Insurance, Institute, Homeowners Locations: windstorms, U.S, Florida, In Florida, Alabama, Louisiana, dsireusa.org
The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Sept 5 (Reuters) - S&P Global has raised its view of the global reinsurance sector to stable from negative, it said on Tuesday, due to higher reinsurance rates and increasing investment income, while rival Moody's kept its outlook for the sector stable. The COVID-19 pandemic, war, inflation and climate change-fuelled natural catastrophes have put upward pressure on reinsurance rates in recent years. S&P Global said this "resulted in the hardest market in decades" in some lines of business. "Challenges such as elevated natural disasters, increasing cost of capital, financial market volatility, and inflation risk persist," S&P Global added.
Persons: Brendan McDermid, Moody's, Gallagher Re, reinsurers, Laline Carvalho, Neff, Re, Carolyn Cohn, Jason Neely, Alex Richardson, Sharon Singleton Organizations: REUTERS, Global, P Global, P, reinsurer, Thomson Locations: New York City, U.S, California, Florida, Monte Carlo
Up from $48 billion in the same period a year earlier, the losses were the second highest since 2011, spurred by $34 billion in losses tied to the U.S. storms, the highest ever for a six-month period. Globally, severe convective storms, which can include thunder, lightening, heavy rain, strong winds and sudden changes in temperature caused losses of $35 billion, Swiss Re said. "With severe thunderstorms as the main driver for above-average insured losses in the first half of 2023, this secondary peril becomes one of the dominant global drivers of insured losses," Martin Bertogg, Head of Catastrophe Perils at Swiss Re, said. "The above‑average losses reaffirm a 5–7% annual growth trend in insured losses, driven by a warming climate but even more so, by rapidly growing economic values in urbanized settings, globally." During the same period, overall economic losses - which includes damage that is not insured - were $120 billion, down slightly from $123 billion in the prior-year period, but 46% above the 10-year average, Swiss Re said.
Persons: Greenlee Beal, Martin Bertogg, Simon Jessop, Kirsten Donovan Organizations: REUTERS, Global, reinsurer Swiss, Swiss Re, Swiss, Thomson Locations: Texas, San Antonio , Texas, U.S, United States
A startup using AI to predict climate risks has just raised 13 million euros (around $14 million). A startup using AI to predict climate risk to protect people and assets has just raised 13 million euros (around $14 million) in a round backed by Microsoft. A bevy of voluntary initiatives exist encouraging businesses to report climate risk, while some businesses in Europe must report physical risks associated with climate change. Existing solutions use historical data to predict risk, Mitiga cofounder and CEO Dr. Alejandro Martí told Insider. Mitiga also presents customers with an overall climate risk score and a breakdown of how risks relate to one another.
Climate change drove heat in the city to a record-breaking 48C (118F) in 2016. While traditional insurance can take months to pay, with so-called "parametric" insurance there is no need to prove losses. At annual climate talks in Egypt last year, nonprofits urged richer nations to help finance parametric insurance as a way of compensating victims of worsening weather extremes. At the moment, insurance schemes in the developing world are largely subsidized by nonprofit groups, national governments, or wealthy countries. Insurance payouts allow them to buy things like gloves to protect their hands from scorching hot metal tools, or fans to stay cool and avoid heat exhaustion.
Reinsurers cut Russia, Ukraine from policies on Jan 1 -broker
  + stars: | 2023-01-03 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Jan 3 (Reuters) - Reinsurers are excluding Russia, Ukraine and Belarus from policies offered to their insurance clients and cutting back their exposure to U.S. hurricanes, a report from reinsurance broker Gallagher Re (AJG.N) showed on Tuesday. Reinsurers insure insurers and Jan. 1 is the most important date in the calendar for policy renewals. Some insurers have already backed away from providing cover in Russia, Ukraine and Belarus due to risk of sanctions or of steep losses. Without reinsurance, insurers are likely to be even more reluctant to provide cover for Russia or Ukraine, industry sources say. Aviation reinsurance rates rose by as much as 200% on Jan. 1 for some types of business, Gallagher Re said.
LONDON, Dec 30 (Reuters) - Global insurance losses for natural catastrophes are projected to reach $112 billion in 2022, reinsurance broker Guy Carpenter said on Friday, driven by the impact of Hurricane Ian which hit Florida earlier this year. Flood and hail in Europe, Australian floods and severe storms in the United States also contributed to the total, Guy Carpenter said in a statement. Hurricane Ian and other natural catastrophes caused an estimated $115 billion of insured losses so far this year, well above the 10-year average of $81 billion, reinsurer Swiss Re (SRENH.S) estimated earlier this month. ..the sector has experienced", Guy Carpenter said, adding that the process had been "extremely late". The projected losses do not include the impact of the most recent December natural catastrophes, Guy Carpenter added.
Remains of destroyed restaurants, shops and other businesses are seen almost one month after Hurricane Ian landfall in Fort Myers Beach, Florida, U.S., October 26, 2022. REUTERS/Marco BelloHurricane Ian, a category 4 Atlantic hurricane that struck Florida and South Carolina earlier this year, was the costliest catastrophe and the second-largest insured loss on record after Hurricane Katrina in 2005, according to a new report from reinsurer Swiss Re. Ian caused between $50 billion and 65 billion in insured damages after it made landfall in western Florida in late September with extreme winds and torrential rain. Insurance losses from catastrophes were also high, with estimated damages of $115 billion, higher than the 10-year average of $81 billion, the report said. Insured losses from extreme weather events have been rising as climate change triggers more frequent and destructive hurricanes, floods and wildfires, the reinsurance firm said.
Hurricane Ian claims likely to push Swiss Re to Q3 loss
  + stars: | 2022-10-18 | by ( ) www.reuters.com   time to read: +2 min
CFO John Dacey of the world's second largest reinsurer Swiss Re addresses a news conference to present the company's full year results in Zurich, Switzerland February 21, 2019. REUTERS/Arnd WIegmannSummarySummary Companies Swiss Re estimates Hurricane Ian claims at around $1.3 billionExpects Q3 net loss of around $500 millionSees total Hurricane Ian claims for industry at $50 bln-65 blnZURICH, Oct 18 (Reuters) - Swiss Re (SRENH.S) forecast on Tuesday a third-quarter net loss of around $500 million after the reinsurance company absorbed preliminary claims from Hurricane Ian of approximately $1.3 billion. Register now for FREE unlimited access to Reuters.com RegisterSwiss Re estimated the preliminary total insured market loss from Hurricane Ian at $50 billion–$65 billion. "Swiss Re maintains its very strong capital position, with Group (Swiss Solvency Test) ratio of 274%, as of 1 July 2022. Berenberg analyst Kathryn Fear cut her estimate for 2022 net income to $947 million from $1.72 billion.
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