Tsunamis to Further Burden Reinsurers
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Major reinsurers will face new costs after the catastrophe caused by the tsunamis in southern Asia, though experts say the financial impact is likely to less than that of other disasters this year.
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Lloyd's of London, the world's largest insurance company, said Wednesday it expects to pay about 100 million pounds (&#36;188 million) in claims related to Asia's tsunami.
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Swiss Re has estimated its losses to the Indian Ocean tsunamis at less than 100 million Swiss francs, reinforcing observations that victims of the disaster had little insurance coverage.
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Global warming will lead to heftier insurance claims in the long-term, insurer Swiss Re has warned.
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The survivors of the tsunami in South Asia face a long and fairly predictable list of threats to their health, starting with injuries sustained in the event itself, progressing to water- and
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The Swiss reinsurance company Converium, whose finances have already been dented by US casualty losses, said that a string of hurricanes and typhoons that hit the US and Japan this year would cost the company 90 million dollars (73.2 million euros).
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European insurers face new costs and travel firms could lose business after tsunami waves killed more than 21,500 in Asia this weekend, but the financial impact is expected to be limited compared with other disasters this year.
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Advertisers are seeking ways to show that they care about the tsunami, but they are also striving to avoid the appearance of capitalizing on the disaster.
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A leading Swiss wave specialist has warned that predicting the effects of giant waves, such as the Indian Ocean tsunami, will remain difficult.
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Club of sovereign lenders next meets on January 20 and it hopes it will free up more funds for reconstruction. The proposal came amid concerns over ballooning costs of reconstruction from the tsunami that killed over 45,000 people in Indonesia.
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With Hurricane Frances careering toward Florida and expected to hit as soon as today, insurers are facing the growing likelihood of getting smacked with two massive storms, back to back.
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New Delhi, Dec. 29: If the Indian government has its way, tsunami-hit Thai and Indonesian hotels and tourism firms are likely to take another hit, this time round from Indian tour operators trying to lure away their clients.
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The world's biggest reinsurer said Tuesday that the deadly Indian Ocean tsunamis likely will cost it less than 100 million euros (&#36;136 million), saying its exposure to the extensive damage would be limited by low insurance coverage.
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Shares in insurance and travel companies continued to fall yesterday as the scale of the disaster in the Indian Ocean hit home. Swiss International Air Lines&#39; share price fell 5.2% after the company said it
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Delays in getting aid to survivors of the Indian Ocean disaster could cost thousands more lives, aid agencies say.
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Hurricane Frances threatens to deliver a powerful blow to private insurers and reinsurers and could cause severe challenges for some companies, Standard &amp; Poor&#39;s said on Friday.
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Swiss Re, the world's second-largest reinsurer, said it expects its losses from the tsunamis that devastated Indian Ocean coastal areas will remain below 100 million Swiss francs (US$88.2 million). The claims ...