Terrorist attack strikes Belgian capital
A series of explosions have rocked the capital of Belgium and the European Union this morning. The terror attacks hit the city’s main airport Zaventem, with thirteen people reported dead in early reports; another blast near the EU buildings in the city has killed at least ten.
Belgium’s federal prosecutor has confirmed that the airport blasts were carried out by a suicide bomber. All trains to and from the city have been cancelled and the Association of British Insurers says that people should check official advice before traveling to Brussels.
2015 was strong El Nino year says Guy Carpenter
Last year marked one of the strongest El Niño periods on record, while a positive phase of the North Atlantic Oscillation (NAO) was evident both at the beginning and close of the year.
That’s according to Guy Carpenter’s Global Catastrophe Review 2015 which reports that although these prominent climate drivers were associated with an exceptional tropical season in the Pacific and severe windstorms and flooding in Europe, 2015 was a quiet year in terms of global insured losses, which totaled around U$30.5 billion. Insured losses were below the 10-year and 5-year moving averages of around U$49.7 billion and U$62.6 billion, respectively.
Last year also marked the lowest total insured catastrophe losses since 2009 and well below the U$126 billion seen in 2011. The most destructive and deadliest catastrophic event of 2015 came in the form of the powerful Mw 7.8 earthquake that struck Nepal in April.
Wood buildings insurance costs more than 6 times those for concrete
A report released this week finds that wood framed buildings cost around 6 times as much to insure as concrete ones. The study of mid-rise residential properties by GLOBE Advisors for the Concrete Council of Canada drew from relevant published literature and consultations with brokers, underwriters and property managers. Fire peril, climate change, higher moisture risk and low supply of insurance products for wooden structures all contribute to the higher cost the report found.
Liberty Mutual launches online health insurance in India
US insurer Liberty Mutual has launched an online health insurance product, Liberty Health Connect. It’s part of a joint venture between Videocon Industries and Liberty City-state Holdings Pte Ltd, part of Liberty Mutual Insurance Group.
