According to British risk assessors Maplecroft, the U.S. and Japan have the highest economic exposure to natural disasters, while Asia’s emerging countries– namely, China, India and Indonesia – pose the most risk to investors due to a lack of capacity to combat the impacts of a major disaster.Read More
Topic: Catastrophe Claims
Deepwater Horizon: Mississippi AG Files Lawsuit Against BP Alleging Misconduct With Its $20 Billion Claim Fund
The Associated Press reports that Mississippi Attorney General Jim Hood is suing Kenneth Feinberg, administrator of the Gulf Coast Claims Facility (GCCF), BP Plc’s (BP) $20 billion oil spill fund to get access to claims filed by coastal residents.Read More
BP Plc (BP) wants to significantly limit future claims related to its Deepwater Horizon disaster as the region’s economy recovers, the oil company said in a document made public on Friday and reported by Reuters.Read More
Transocean Ltd. said Friday that insurers of its sunken Deepwater Horizon drilling rig have asked a federal judge to decide if BP Plc and other owners of the Macondo well are entitled to any insurance coverage for the April 20, 2010 disaster.Read More
A recent Business Insurance article reported that Japanese insurers have paid almost $2.27 billion to cover approximately 125,000 claims associated with earthquake damage to personal dwellings stemming from the March 11 tsunami and earthquake that devastated Japan. According to the General Insurance Association of Japan (GIAJ), the number of claims is expected to increase as efforts continue to restore heavily damaged areas of the country.Read More
Don’t Miss the U.S. Re Under 40s Group’s Next Event – What Aftershocks Will the (Re)Insurance Industry See from the Great East Japan Earthquake and Tsunami?
The U.S. Re Under 40s Group’s next event – What Aftershocks Will the (Re)Insurance Industry See from the Great East Japan Earthquake and Tsunami? – will take place on May 25 in Swiss Re’s midtown office.Read More
UK: Leading UK Digital Technology Developer Hit By Disruption To Supply Chains From Japanese Earthquake and Tsunami
According to Reuters, Pace Plc, a global market leader in digital set-top boxes, which is listed on the London Stock Exchange, has warned that its full-year profits are likely to fall short of internal forecasts as a result of disruption to supply chains from the Japanese Earthquake and Tsunami, which, among other things, devastated Japanese seaports in March 2011.Read More
Recent global catastrophes are likely to erase close to 25% of first quarter profits for reinsurers with exposure to the Japan and New Zealand earthquakes as well as the Australia floods, a recent MarketWatch article reported.
BP’s Claims Administrator Argues Court Intervention Regarding $20 Billion Fund is ‘Unlawful’ and ‘Unnecessary’
Attorneys for Kenneth Feinberg, the administrator of BP’s $20 billion claims fund for the Deepwater Horizon disaster argued Tuesday that the Louisiana federal judge overseeing the multidistrict litigation against BP plc lacked legal authority to regulate the claims process.Read More
Japan is planning to raise the nuclear alert level at the Fukushima Daiichi power plant to a maximum seven (“Major Event”) on the International Nuclear and Radiological Event Scale (INES), putting this emergency on a par with the 1986 Chernobyl disaster.Read More