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November 2012/1

  • Willis Group CEO Joe Plumeri raised the bar for Superstorm Sandy loss expectations when he said that he expected the insured bill to be between $30bn and $50bn
  • Hannover Re has argued in a New York District Court that it should not be obliged to pay the $19mn reinsurance cover at the heart of a facultative property dispute with Allied World.
  • Barclays will be the first bank taken to court in the UK for Libor rate manipulation after a High Court judge found in favour of a care home operator and allowed the damages claim trial to proceed.
  • Lloyd's managing agents still have ground to cover on reporting standards under Solvency II and should keep up momentum despite the latest delays, said Paul Appleton, senior manager of Lloyd's Market Finance
  • (Re)insurers will be spared the full brunt of the losses from Hurricane Sandy by the intervention of the four decade-old National Flood Insurance Program (NFIP).
  • Listed retrocession provider Catco says its 2012 returns could be reduced by up to 10-15 percent net if insured industry losses from Hurricane Sandy reach around $15bn.
  • Industry loss warranty (ILW) limits of between $50mn and $100mn could be on the line for a north-eastern US contract placed at a $10bn industry loss trigger, sister publication Trading Risk has reported.
  • The Swiss Re Global Cat Bond Price Index dropped by 2.5 percent to 93.27 last week (close 2 November), reflecting uncertainty in the secondary bond market over the impact of Superstorm Sandy.
  • US-listed (re)insurance stocks fell heavily last week after Hurricane Sandy lashed the north-east, causing insured losses that could reach $20bn, according to the latest estimates.
  • The reduction of exposure to north-east hurricane risk might be considered a significant early victory in the highly scrutinised tenure of recently appointed Axis CEO Albert Benchimol.
  • (Re)insurers have largely outperformed in the third quarter against Wall Street forecasts on the back of lower cats and higher-than-expected reserve releases that bolstered the bottom line.
  • The industry has now disclosed total crop claims of $795mn to date as a result of severe drought conditions in the US Midwest