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Estimated Maximum Net Insurance And Net Reinsurance Losses For The Third Quarter Of 2017 Attributable To Hurricane Maria

Chubb Limited has announced estimated maximum net insurance and net reinsurance losses for the third quarter of 2017 attributable to Hurricane Maria, which primarily impacted the Caribbean region including Puerto…
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Disaster Preparedness Recovery News

  • UnitedHealthcare And Optum Take Action To Support People Affected By Wildfires In Northern California
    UnitedHealthcare and Optum, the health benefits and services companies of UnitedHealth Group are taking action to help people affected by the wildfires in Northern California. Support includes assisting health plan participants who may need to make alternate arrangements to access care and early prescription refills, as well as offering a free emotional-support line to help people who might be affected. Help Finding a Network Care Provider, Early Refills: Plan participants who need help finding a care provider in the UnitedHealthcare network or obtaining early prescription refills can call customer care at the number located on the back of their medical…
    Written on Thursday, 12 October 2017 07:08 in iPMI Magazine Disaster Preparedness Recovery News
  • Estimated Maximum Net Insurance And Net Reinsurance Losses For The Third Quarter Of 2017 Attributable To Hurricane Maria
    Chubb Limited has announced estimated maximum net insurance and net reinsurance losses for the third quarter of 2017 attributable to Hurricane Maria, which primarily impacted the Caribbean region including Puerto Rico, of $220 million pre-tax, or approximately $200 million after tax. The estimated maximum net loss for Hurricane Maria for the company's commercial and personal property and casualty insurance businesses is $152 million pre-tax, or $135 million after tax, and for the company's reinsurance businesses is $53 millionpre-tax and after tax. These figures are net of reinsurance. Estimated reinstatement premiums are an additional $15 million pre-tax. The company also reported…
    Written on Wednesday, 04 October 2017 06:23 in iPMI Magazine Disaster Preparedness Recovery News
  • Aetna Offers Assistance To Members Affected By Hurricane Irma
    Aetna is offering resources to members who have been affected by Hurricane Irma in Puerto Rico, the U.S. Virgin Islands, Florida, South Carolina, North Carolina and the counties of Atkinson, Bacon, Brantley, Bryan, Bulloch, Burke, Camden, Candler, Charlton, Chatham, Clinch, Coffee, Echols, Effingham, Emanuel, Evans, Glynn, Jenkins, Jeff Davis, Liberty, Long, McIntosh, Pierce, Screven, Tattnall, Toombs, Treutlen, Wayne and Ware in Georgia. Aetna members can refill their prescriptions early, if needed. Those members who use Aetna’s mail-order pharmacy can either get a prescription at an alternate delivery location or refill a prescription that may have been lost, damaged or destroyed.…
    Written on Monday, 11 September 2017 16:19 in iPMI Magazine Disaster Preparedness Recovery News
  • AIG To Donate $1 Million For Hurricane Harvey Relief And Recovery Efforts
    AIG has announced that it is providing $1 million in aid to organizations focused on emergency relief and ongoing recovery following Hurricane Harvey. AIG will allocate $500,000 to Houston-based nonprofits for immediate local relief efforts. The company and its Houston employees have a long history of working with these organizations through years of volunteerism and employee contributions. The remaining $500,000 will go toward critical medium- and longer-term recovery efforts in partnership with The Center for Disaster Philanthropy (CDP), a leader in strategic disaster-related giving. “We support and applaud the efforts of our local nonprofit partners who are well-placed to meet…
    Written on Wednesday, 06 September 2017 03:23 in iPMI Magazine Disaster Preparedness Recovery News
  • Four AXA Financial Insurance Companies Relax Premium-Payment Grace Period To Assist Those Impacted By Hurricane Harvey
    Four AXA Financial, Inc. insurance companies. are relaxing the premium-payment grace period for policyholders affected by Hurricane Harvey in the counties declared disaster areas by the states of Texas and Louisiana. Details follow below. The four companies are: AXA Equitable Life Insurance Company (formerly known as The Equitable Life Assurance Society of the U.S.) AXA Equitable Life and Annuity Company (formerly The Equitable of Colorado, Inc.) MONY Life Insurance Company of America (MLOA) U.S. Financial Life Insurance Company The companies listed above will extend the grace period to Oct. 31, 2017, for the cancellation/non-renewal of policies for non-payment of premiums…
    Written on Tuesday, 05 September 2017 08:46 in iPMI Magazine Disaster Preparedness Recovery News
  • Hurricane Harvey: Direct Relief Providing Emergency Funding for Texas Community Health Centers
    Direct Relief, in consultation with the Texas Association of Community Health Centers, announced today an initial $350,000 for emergency operating grants of up to $25,000 each for community health centers in Texas to help address immediate financial needs that have arisen from the devastation caused by Hurricane Harvey. "Direct Relief has worked closely with health centers in Texas for the past 12 years and, as always, they are playing a critical role providing health services for people – in the flooded communities, in shelters, and in communities to which they have evacuated," said Direct Relief President and CEO Thomas Tighe.…
    Written on Tuesday, 05 September 2017 05:13 in iPMI Magazine Disaster Preparedness Recovery News
  • Ping An Launches Special Initiatives to Support Jiuzhaigou Earthquake Disaster Zone
    iPMI Magazine Disaster Recovery News: Ping An Insurance (Group) Company of China, Ltd. has announced that its Insurance (Life, Property & Casualty, Annuity, Health), Bank (Consumer Credit, Credit Card), Investment (Securities, Trust, Fund) and other 10 financial institutions have jointly launched an emergency initiative in the disaster area of waiving and extending the payment of premiums, as well as a rapid settlement of claims, to support the victims of the Jiuzhaigou earthquake, helping them to resume daily life as soon as possible. The waiver of premium payments is for the parents of those who lost their lives in the earthquake…
    Written on Thursday, 10 August 2017 05:07 in iPMI Magazine Disaster Preparedness Recovery News
  • Humana Offers Storm Season Preparedness Tips
    Disaster Preparedness and Recovery News: With the start of the 2017 Atlantic hurricane season, Humana Inc. encourages people to take steps now that will help ensure they can maintain good health in the event of severe weather or an evacuation. “Hurricanes, particularly in the event of a coastal evacuation, pose a higher risk to seniors and residents with chronic health conditions,” said Humana South Florida Medicare Medical Director Dr. Louis Fernandez. “There are simple things that seniors and their families can do ahead of the severe weather to ensure their health isn’t jeopardized by a disaster.” Here are seven severe…
    Written on Thursday, 08 June 2017 08:16 in iPMI Magazine Disaster Preparedness Recovery News
  • Cyclone Debbie Costs Approximately $350M
    Swiss Re estimates its claims burden from Tropical Cyclone Debbie in Australia at approximately USD 350 million, net of retrocession and before tax. Swiss Re expects Cyclone Debbie to have resulted in a higher share of large commercial and corporate losses compared to similar events in the past. The total insured market losses for wind, flood and storm surge damages are estimated to be approximately USD 1.3 billion. Tropical Cyclone Debbie made landfall on 28 March 2017 as a category 4 hurricane; making it the strongest cyclone to hit the Australian region since 2015. The eye of the storm came…
    Written on Wednesday, 19 April 2017 05:30 in iPMI Magazine Disaster Preparedness Recovery News
  • Severe US Weather Expected To Cost Insurers More Than $2bn
    Impact Forecasting, Aon Benfield's catastrophe model development team recently launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during March 2017. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE: AON). The report reveals that an extremely active period for severe weather persisted in the United States throughout March, as four separate significant outbreaks led to extensive damage in central and eastern parts of the country. The most prolific outbreak from March 6-10 resulted in major damage from tornadoes, large hail…
    Written on Tuesday, 18 April 2017 12:07 in iPMI Magazine Disaster Preparedness Recovery News
  • Early Start To Severe Weather Season Takes Its Toll On US Economy
    Aon Benfield's catastrophe model development team recently launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during February 2017. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON). The report reveals that five outbreaks of severe weather hit the United States during February, one of which comprised 60 confirmed tornado touch-downs in the Midwest, Southeast, and Mid-Atlantic. Among the hardest-hit states were Illinois, Missouri, Indiana, Arkansas, Kentucky, and Tennessee, as large hail and damaging winds also caused substantial impacts to homes,…
    Written on Tuesday, 18 April 2017 12:04 in iPMI Magazine Disaster Preparedness Recovery News
  • Video Info Graphic: Natural Catastrophe Losses At Their Highest For 4 Years
    A number of devastating earthquakes and powerful storms made 2016 the costliest twelve months for natural catastrophe losses in the last four years. Losses totalled US$ 175bn, a good two-thirds more than in the previous year, and very nearly as high as the figure for 2012 (US$ 180bn). The share of uninsured losses – the so-called protection or insurance gap – remained substantial at around 70%. Almost 30% of the losses, some US$ 50bn, were insured. “After three years of relatively low nat cat losses, the figures for 2016 are back in the mid-range, where they are expected to be.…
    Written on Friday, 03 February 2017 14:15 in iPMI Magazine Disaster Preparedness Recovery News
  • Coastal Wetlands Save Hundreds of Millions of Dollars in Flood Damages During US Hurricanes
    As communities across the Southeast U.S. and the Caribbean count the cost of flood damage during Hurricane Matthew, a pioneering study, Coastal Wetlands and Flood Damage Reduction, has quantified how much protection natural coastal habitats provide during hurricanes. Using the latest modelling techniques scientists from the conservation, engineering and insurance sectors studied the impact of Hurricane Sandy in the Northeast U.S. in 2012, when New York and New Jersey were badly hit by storm surges. The study found more than US$625 million in property damages were prevented during this natural catastrophe by coastal wetlands along the Northeast coast. Without them…
    Written on Thursday, 10 November 2016 08:44 in iPMI Magazine Disaster Preparedness Recovery News
  • Tianjin Explosions Cause Biggest Insured Loss
    Global insured losses from natural catastrophes and man-made disasters in 2015 were USD 37 billion, well-below the USD 62 billion average of the previous 10 years. There were 353 disaster events last year. Of those, 198 were natural catastrophes, which is the highest number in one year, according to sigma records. Global insured losses from natural catastrophes and man-made disasters were USD 37 billion in 2015, below the USD 62 billion annual average of the last 10 years; This only covered about 40% of total global economic losses; Explosions at Tianjin port in China were the biggest insured-loss event of…
    Written on Friday, 01 April 2016 09:18 in iPMI Magazine Disaster Preparedness Recovery News
  • Swiss Re And Veolia To Partner Under The Auspices Of The Rockefeller Foundation To Speed Up Recovery In Wake Of Catastrophes
    Cutting edge pre-funded infrastructure resilience partnership – brokered by 100 resilient cities – will help ensure vital recovery of critical infrastructure after disastrous events in cities and countries around the world. The two firms will work with 100RC Cities, including New Orleans, on putting this partnership into practice. The Rockefeller Foundation, Veolia, and Swiss Re Corporate Solutions Ltd, have joined forces to unveil an innovative infrastructure recovery initiative to speed up economic recovery in the aftermath of catastrophic events for cities across the globe. The partnership, designed to support cities worldwide in the areas of climate change adaptation, disaster risk…
    Written on Wednesday, 10 February 2016 07:07 in iPMI Magazine Disaster Preparedness Recovery News
  • Global Economy Faced $123bn Natural Hazard Impact In Warmest Year On Record
    The Annual Global Climate and Catastrophe Report by Impact Forecasting, which evaluates the impact of the natural disaster events that took place worldwide during 2015, is out today. The report reveals that 300 separate global natural disasters occurred in 2015, compared to the 15-year average of 269 events, causing a combined total insured loss of USD35 billion – 31 percent below the 15-year average of USD51 billion, and the lowest annual insured loss total since 2009. The costliest event for insurers was a February winter storm that impacted much of the Eastern United States and resulted in public and private…
    Written on Wednesday, 13 January 2016 15:51 in iPMI Magazine Disaster Preparedness Recovery News
  • Significant Storm Events In The U.S. And U.K. Contribute To $4bn December Insurance Bill
    Aon Benfield's catastrophe model development team launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during December 2015. The study will be shortly followed by Impact Forecasting's Annual Global Climate and Catastrophe report – scheduled to be launched on January 13 – which will offer a comprehensive analysis of the natural disaster events of 2015, and whose preliminary data reveal that despite a higher than normal number of disasters, overall losses were below normal on both an economic and insured loss basis. The United States accounted…
    Written on Wednesday, 13 January 2016 07:10 in iPMI Magazine Disaster Preparedness Recovery News
  • Indian Economy Suffers $3bn Loss From Persistent Floods Amid Low Insurance Penetration
    Impact Forecasting launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during November 2015. The report reveals that an enhanced North East Monsoon – almost certainly impacted by current El Niño conditions – brought weeks of torrential rainfall to southern India and Sri Lanka for much of November and early December, killing at least an estimated 386 people in the heavily impacted states of Tamil Nadu and Andhra Pradesh. The Chennaimetropolitan region in India was particularly damaged by the event. Total economic losses in India were…
    Written on Sunday, 20 December 2015 11:31 in iPMI Magazine Disaster Preparedness Recovery News
  • The $1.3US Trillion Disaster Protection Gap
    Floods, earthquakes, hurricanes and droughts continue to ravage countries and destroy lives and economies. The gap between insured and total losses is widening, while many disaster-prone countries lack financial preparedness. Governments are uniquely exposed to these risks. Innovative insurance tools and solutions can help bridge this gap, but it's crucial to arrange them before catastrophe strikes, says a new Swiss Re publication launched at the World Bank /IMF annual meetings in Lima. In "Disaster risk financing: Smart solutions for the public sector" Swiss Re shows that the economic cost of natural catastrophes has grown markedly in the last 40 years.…
    Written on Tuesday, 01 December 2015 10:43 in iPMI Magazine Disaster Preparedness Recovery News
  • Global Catastrophe Losses In October Expected To Top USD10BN
    Aon Benfield's catastrophe model development team, today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during October 2015. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON). The report reveals that the expected USD2.0 billion minimum economic cost of the South Carolina & eastern U.S. floods will place the event as one of the top 10 costliest non-tropical cyclone flood events in the country since 1980. Public and private insurers have already reported more than USD400 million in payouts. Meanwhile,…
    Written on Friday, 06 November 2015 07:19 in iPMI Magazine Disaster Preparedness Recovery News
  • Medical Aid Blocked From Entering Besieged Area In Taiz
    Despite weeks of intense negotiations with Ansarallah (Houthi) officials, Doctors Without Borders/Médecins Sans Frontières (MSF) cannot deliver stocks of essential medical supplies to two hospitals in a besieged enclave of the city of Taiz, in southern Yemen. "The hospitals in this besieged area are seeing a large number of patients with war wounds," said Karline Kleijer, MSF emergency manager for Yemen. "And yet we have been prevented from delivering essential medical supplies—including chest tubes, anesthetic drugs, IV fluid, sutures, and antibiotics — to help staff provide lifesaving surgery." Residents of the enclave in Taiz speak of increasing restrictions to bring…
    Written on Tuesday, 03 November 2015 07:23 in iPMI Magazine Disaster Preparedness Recovery News
  • Clements Worldwide Partners with Toyota Gibraltar Services (TGS) to Deliver Better Fleet Solutions to Humanitarian Aid Organizations
    TGS and Clements Worldwide offer an end-to-end fleet protection program to humanitarian aid organizations, including anti-theft and safety features, paired with optional driver training from TGS, and customized fleet insurance from Clements. The customized insurance is designed specifically for the challenging circumstances faced by aid workers from extreme weather to war and terrorism, and nascent infrastructure, such as roads and repair facilities. “The need for humanitarian aid has never been greater – and this aid is often delivered through high-performance vehicles that can adjust to any terrain and withstand extreme circumstances,” stated Frederic Burgod, Sales Director of Toyota Gibraltar Services.…
    Written on Thursday, 29 October 2015 13:55 in iPMI Magazine Disaster Preparedness Recovery News
  • New Report Finds Much Has Been Learned To Protect Communities 10 Years After Katrina
    Zurich North America and the Wharton Risk Center today released Beyond Katrina: Lessons In Creating Resilient Communities, a white paper outlining flood resilience strategies implemented since one of the nation’s most destructive storms ravaged New Orleans and the surrounding Gulf Coast region. At the same time, Beyond Katrina acknowledges that many vulnerabilities still exist that put our cities at risk in the face of extreme weather. Combining Zurich’s risk management intelligence with Wharton’s analysis of the economic, financial and insurance impact of natural disasters, Beyond Katrina offers objectives and some solutions that address the vulnerabilities and engender more resilient communities…
    Written on Friday, 21 August 2015 06:36 in iPMI Magazine Disaster Preparedness Recovery News
  • UnitedHealthcare And Optum Act To Support People Affected By Idaho Wildfires
    UnitedHealthcare and Optum are taking immediate action to help people affected by ongoing wildfires in a number of counties across Idaho. This includes a free emotional-support line to help people in the affected communities, and assisting health plan participants who may be affected and need to make alternate arrangements to ensure continuity of care. Free Help Line: Optum, a leading health and behavioral health services company, is offering a free emotional-support help line. The toll-free number, 866-342-6892, will be open 24 hours a day, seven days a week, for as long as necessary. The service is free of charge and…
    Written on Friday, 21 August 2015 06:28 in iPMI Magazine Disaster Preparedness Recovery News
  • Preliminary Sigma Estimates For First-Half 2015: Global Catastrophes Cause Economic Losses Of USD 37 Billion; Number Of Victims Rises
    According to preliminary sigma estimates, total economic losses from natural catastrophes and man-made disasters reached USD 37 billion in the first half of 2015. The global insurance industry covered nearly 45% (USD 16.5 billion) of these losses, which is higher than the previous 10-year average cover of 27%. Around 18 000 people lost their lives in disaster events in H1 2015, up from more than 4 800 in the first half of last year. The earthquakes in Nepal, and a heatwave in India and Pakistan, claimed the highest number of victims. Natural catastrophes caused total economic losses of USD 33…
    Written on Friday, 14 August 2015 08:04 in iPMI Magazine Disaster Preparedness Recovery News