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HCC expects $20mn Q1 cat cost

16 April 2010

HCC Insurance Holdings has estimated it will take a pre-tax hit of $20mn from first quarter catastrophe activity. The company said the after-tax impact of catastrophes, including the earthquakes in Chile and Haiti and European windstorm Xynthia, will be $13mn. HCC added the loss would primarily result from the Chilean earthquake… Read more

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Perils estimates EUR1.28bn Xynthia loss

16 April 2010

The Perils industry loss collation service has estimated losses from Windstorm Xynthia at EUR1.28bn. The estimate represents the ultimate gross losses as reported by primary insurance companies, and excludes losses indemnified by the French government's natural catastrophe scheme… Read more

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Qinghai province struck by 6.9 magnitude temblor

16 April 2010

At least 400 people have been reported dead, with an unknown number trapped, after a 6.9 magnitude earthquake hit Qinghai province in north-west China on 14 April. Many of the buildings in Yushu, a county with a largely Tibetan population of about 250,000, were thought to be wooden-framed constructions. This latest disaster follows the 2008 earthquake in neighbouring Sichuan province, about 800km from Yushu, which left 87,000 people dead or missing and five million homeless… Read more

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Greater effort needed to tackle piracy

16 April 2010

(Re)insurers must take on more responsibility in the fight against piracy in the Gulf of Aden, a report by the UK's House of Lords has concluded… Read more

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Airbus faces probe after AeroUnión crash

16 April 2010

Lloyd's broker Colemont placed the insurance programme for the Airbus A300 cargo aircraft that crashed late Tuesday evening (13 April) in Mexico, Inside FAC understands.Chartis led the programme for the third incident involving the A300 model since the beginning of March… Read more

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Massey faces Senate scrutiny

16 April 2010

The Massey Energy coal explosion that killed 29 workers on 5 April will come under scrutiny in the US Senate at the end of April, when a congressional committee holds a hearing on the accident… Read more

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April sees 2010 claims burden relent

16 April 2010

After a torrid first quarter of claims, which is expected to cost the market in the region of $16bn, the start of this month has seen a brief respite for the industry despite significant continuing earthquake activity… Read more

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Market escapes Japan hit

23 March 2010

The market looks set to escape any significant losses despite a strong earthquake occurring off the eastern coast of central Japan on 14 March, rattling buildings across a broad swath of the country, including the crowded Tokyo capital… Read more

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Munich Re reduces risk appetite following credit loss

23 March 2010

Munich Re has withdrawn from writing most structured trade credit reinsurance and reduced its appetite for all credit risks after the recession drove this part of its business to EUR510mn losses in 2009… Read more

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Pilot concerns raised over Ethiopian crash

10 February 2010

The pilot of an Ethiopian airliner that crashed off the Lebanese coast - with 90 feared dead - did not respond to a request to change direction before contact was cut, the Lebanese transport minister said… Read more

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