Major Losses

More than 40,000 claims have been made in relation to Cyclone Gabrelle.

The current Australian government’s Disaster Ready Fund provides AUS$200mn annually over five years, which the ICA wants extended.

The devastating quake left more than 50,000 dead and destroyed 160,000 buildings in Turkey.

The estimate is an increase on the figure released by Perils in December, which gauged the insured losses at 120bn yen.

Insurers have been flooded with litigation relating to aircraft stranded in Ukraine.

The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.

Following the collapse of SVB, and subsequently Signature Bank, sister publication Inside P&C analysed the exposure of several major insurance firms.

Costs of defending and settling lawsuits are likely to fall on the bank’s D&O insurers.

Insurers including AIG, Fidelis, Swiss Re and Chubb along with several lessors were in favour of merging the aviation war cases, while lessor AerCap wanted a separate, standalone trial for its lawsuit.

The amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.

The loss aggregator raised the quantum from its third estimate of A$6,292mn, put out in early September.

According to the ICNZ, 48,000 claims have been lodged, with NZ$111mn of insurance claims paid so far.