A week after Hurricane Helene brought 140mph winds and flooding across 9 US states, KCC have estimated privately insured losses will hit $6.4bn. One of the largest insurance disputes for the English High Court kicked off in London this week, in which aircraft lessors are taking on insurers for payouts related to jets stranded in Russia. Cyber attacks are on the increase according to a new report from QBE, revealing the number has doubled from 2020 to 2024.
KCC pegs privately insured loss from hurricane Helene at close to $6.4bn (Source: Reinsurance News)
The estimate is based on “the high-resolution KCC US Hurricane Reference Model, and includes privately insured damage to residential, commercial, and industrial properties and automobiles, as well as business interruption”.
MGAs represent ‘innovation sandbox’ for insurers (Source: CIR Magazine)
According to a new report, working with MGAs offers a “route to agility and innovation” for insurers. It also revealed that “Asia-Pacific is expected to be a significant growth area for MGAs”.
Annual global cyber-attacks double from 2020 to 2024: QBE (Source: QBE)
The report reveals cyber-attacks will increase to 211 compared to 103, 4 years ago. It also said that the average ransom payment in 2023 “increased five-fold to USD$2m compared to USD$400,000 the previous year”.
DAE, AXA Clinch Deal as UK Battle Over Jets ‘Lost’ in Russia Kicks Off (Source: Claims Journal)
A “full and final settlement” has been reached between DAE and AXA but the ‘mega-trial’ continues with insurers arguing there is no evidence the aircraft can’t be recovered still.
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