Jamaica to review disaster insurance fund with CCRIF

Published:Wednesday | September 27, 2017 | 9:22 PM

  •  Shaw made the announcement while responding to questions in Parliament yesterday.  This after the island was unable to get a drawdown from the Fund because the country’s insurance policy did not cover damage associated with excess flooding.  In April and again in May, heavy rains caused flooding, landslides and breakaways across several parishes.
  • The damage was estimated at more than $4 billion.
  • Finance Minister Audley Shaw
  • Meanwhile, the finance minister disclosed that the allocations in the budget for natural disasters have already been depleted due to damage sustained from heavy rains that lashed the island earlier this year.
  • More than a year ago Jamaica upgraded its CCRIF policy after the country sustained massive flooding following the passage of tropical storm Erika in 2015.
  • Citing the damage sustained by several Eastern Caribbean countries in the aftermath of two powerful hurricanes in the space of a week, Shaw said there is a need for Jamaica to enhance its insurance coverage.
  • Finance Minister Audley Shaw says the government will be reviewing the insurance policy with the Caribbean Catastrophe Insurance Fund (CCRIF) given the severity and frequency of natural disasters affecting the region.

Lloyd’s of London reports £1.22bn profit – but it hasn’t factored in Hurricanes Harvey, Irma and Maria yet

Caitlin Morrison

Lloyd’s of London has announced a 16 per cent dip in profit for the first half of 2017, and the group said it has not yet taken stock of the effects of recent devastating hurricanes in the Caribbean and United States.

However, chief executive Inga Beale told Reuters that net losses from the storms could reach $4.5bn (£3.4bn).

“There was limited major claim activity in the first half. There’s a very different second half emerging – it’s not only the hurricanes but we’ve got the Mexican earthquakes, floods in Asia, typhoons in Asia,” she said.

“The hurricane season is still in play, earthquakes can happen at any time.”

The insurance market reported pre-tax profit of £1.22bn, compared with £1.46bn this time last year.

Gross written premiums increased to £18.9bn, and the combined ratio improved to 96.9 per cent, from 98 per cent.

“These results highlight the continued strength of the Lloyd’s market, but they do reflect the challenging conditions that have shaped the sector over recent years,” said Beale.

“Our focus on maintaining a strong underwriting discipline and concentrating on profitable lines of business is showing signs of success, but we cannot allow that focus to waver if we are to continue to ensure the Lloyd’s platform is the most attractive option for customers.

“Whilst these results do not cover the current hurricane season in the Caribbean and United States, the market is assessing claims and starting to make payments that will help local communities and businesses get back on their feet as quickly as possible. It is our ability to respond quickly and effectively in times like these that differentiates the Lloyd’s market and is ultimately what we are here to do.”

Beale previously said insurers could rack up losses of $200bn (£150m) due to the recent storms on the other side of the Atlantic.

 

 

Lloyd’s of London insurer Beazley hit by $275m bill for Harvey, Irma, Maria and earthquakes

Oliver Gill

One of Lloyd’s of London’s best-known insurers today revealed a series of natural catastrophes are to cost the firm up to $275m (£206m).

London-listed Beazley estimated the fall-out of hurricanes Harvey, Irma and Maria alongside earthquakes in Mexico would reduce bottom line earnings by $150m.

However, it added: “Currently there is significant uncertainty surrounding the cost of these events.”

Further details will be provided in Beazley‘s third-quarter trading update in November.

Earlier this week Lloyd’s of London boss Inga Beale said the summer storms that lashed the Caribbean and United States would lead to net losses of $4.5bn for the corporation.

Lloyd’s profits dipped 16 per cent to £1.2bn for the first half of 2017, though the figures did not take into account the impact of recent natural catastrophes.

Insurers are hoping that 2017’s catastrophes will reverse a trend of lowering insurance pricing for natural disasters.

Lloyd’s firms, which are one of the world’s largest underwriters of catastrophe policies, are dependent on the occurrence of natural disasters to prop up demand for such policies. Analysts have predicted that a summer of storms will at least halt the decline in premiums and could see them return to more profitable levels.

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