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TMCNet:  A.M. BestTV: Global Risk Roundup: Hailstorms Take a Surprising Toll

[July 09, 2014]

A.M. BestTV: Global Risk Roundup: Hailstorms Take a Surprising Toll

OLDWICK, N.J. --(Business Wire)--

This episode of A.M. BestTV rounds up the severe weather events that have impacted the global insurance industry, including devastating hailstorms in Europe and the United States that are driving claims for insurers. In addition, floods, windstorms and earthquakes take their toll in China, Thailand and Japan.

Western and Central Europe experienced severe weather in the first half of June, resulting in economic losses of about $3 billion dollars, according to Aon Benfield. This marks Europe's second summer in a row of major hail claims.

In the United States, insurers expect to pay more than $2 billion in claims from May and June storms. The Midwest, Plains, Rockies, Mid-Atlantic and Northeast saw some of the costliest damage. Insurers braced for tropical storm Arthur, the first named storm of the 2014 hurricane season. Chris Hackett, director of personal lines policy for the Property Casualty Insurers Association of America says populations in hurricane prone areas are increasing with homes that are larger and more expensive to replace.

Asia was no stranger to its share of peril. Typhoon Neoguri hit Japan on July 8, striking Okinaway, with 155mph winds. Heavy rain and flooding led to China's combined economic losses of $3.2 billion in May and June. A 6.0 magnitude earthquake struck Thailand causing $15 million in insured losses.

Click on http://www.ambest.comv.asp?v=globalrisk714 to view the episode.


Recent episodes of A.M. BestTV include:

  • First Monday: Leading Analysts, Key Topics: This "First Monday" looks at a sharp decline in U.S. property/casualty impairments; insurance market development in the ASEAN region; and China's approaching solvency system overhaul: http://www.ambest.com/v.asp?v=firstmonday714
  • Global Investment Strategists Cautiously Optimistic for Second Half of 2014: Experts at Prudential's Midyear Global Markets and Economic Outlook media briefing in New York address how economic improvements and growth from emerging markets are expected to lift overall results for 2014: http://www.ambest.com/v.asp?v=prudential714
  • Advances in Patient Safety Shape Medical Liability Coverage: Experts in patient safety say insurers and the medical profession are to bring better standards and new practices to lessening the risk of medical error: http://www.ambest.com/v.asp?v=patient614

A.M. BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M. BestTV episodes at www.ambest.tv.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.


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