Total economic losses for typhoon Hagibis are expected to exceed $10bn with insured losses minimally in the billions, according to Aon's latest monthly 'Global Catastrophe Recap' report which evaluates the impact of the natural disaster events that occurred worldwide during October 2019.
The role of loss adjusters will remain relevant into the future provided they evolve into digital partners for insurers to harness new technology in delivering a superior claims outcome.
Following constant calls for a dramatic increase in funding for mitigation efforts, the senate or the upper house of Australia's bicameral parliament recently decided to increase mitigation spending by A$50m ($46.78m) on a yearly basis. This will make a significant difference to communities exposed to extreme weather and natural disasters which have become more prevalent over the last few years.
Clyde & Co partner Nick Sykes recently issued an alert on the significant insured losses that could arise from typhoon Hagibis, which made landfall in Japan on 12 October.
Given their appropriate catastrophe risk management and strong capitalisation levels, Japan's three major non-life insurers - MS&AD Insurance, Sompo Japan Nipponkoa Insurance and Tokio Marine & Nichido Fire Insurance - are unlikely to be affected by the recent mega-typhoons in the country according to a new AM Best commentary.
AIG has appointed Steve Gibbs as Asia Pacific head of claims, general insurance.
Insurers may have to rely on what are called proxies that are very personal and individually identifiable but at the same time strongly correlated to the risk which they are underwriting, says Mr Yashish Dahiya, CEO and co-founder of insurance aggregator Policybazaar.com.
AIR Worldwide forecasts that insured losses from Typhoon Faxai will be between JPY340bn ($3bn) and JPY740bn. The loss estimates include insured damage to property (residential, commercial, industrial and agricultural/mutual), both structures and their contents as well as automobiles from wind and storm surge.
Still reeling from previous Nat CAT losses, Japan was once again struck by another Nat CAT earlier on Monday when the powerful Typhoon Faxai struck Tokyo and nearby regions, signifying a potential for relatively high insurance losses as the country gets ready to host the Rugby World Cup later this month and the 2020 Tokyo Olympics next year.
State-owned general insurer National Insurance Company has been handed a INR10,000 ($139) penalty by a regional district consumer disputes redressal forum for not paying the claim of a customer whose phone had suffered damages after an accident, reported the Times of India.