Terrorist attack claims 50 lives in Orlando nightclub
The so-called Islamic State terrorist group says it was behind the tragic event at a Florida nightclub which has claimed the lives of 50 people.
The shootings in The Pulse nightclub in Orlando is the deadliest mass shooting in US history and follows recent terrorist attacks in Europe and Asia.
The gunman Omar Mateen was born in New York and of Afghan descent was not being watched by the authorities but had been questioned by the FBI on two occasions.
A statement by IS said that the shootings were carried out by an IS “fighter”. The terrorist group has called for attacks on the West during Ramadan.
Zurich to combine life and non-life in simplified structure
Global insurer Zurich will simply its structure and combine its life and non-life insurance businesses.
The structural change was announced Friday by chief executive Mario Greco and will include a new regional management structure. Robert Dickie, the insurer’s chief operations and technology officer is leaving the company and Kristoff Terryn will be the new COO.
Mr Greco, who replaced the late Martin Senn, said that the simplified structure will help make Zurich a more agile business and help towards cost savings. The firm’s broader strategy will be unveiled in November.
Hail claims estimated at $7 billion
The cost of insurance claims for vehicles damaged by hail has been estimated at $7.26 billion for the period 2008-14.
A study by the Insurance Institute for Highway Safety analysed claims data from its Highway Loss Data Institute database from companies that specify weather as a cause of loss.
With 1.5 million claims for hail considered, the study found that total claims paid by insurers came to $5.37 billion from 2008 until 2014. The $7.26 billion figure includes estimated claims from insurers who do not specify weather as a cause of loss and those that do not supply information to the HLDI database.
The results showed a frequency of 3.2 claims per 1,000 insured vehicle years during 2008-14, a claim severity of $3,428 and overall losses of $11 per insured vehicle year.
The states with the highest claim frequencies during 2008-14 are South Dakota (26.5), Nebraska (19.1), Oklahoma (18.4) and Kansas (16.5). Other states in the top 10, by order, are Wyoming (15.2), Montana (11.8), Colorado (10), Missouri (9.3), Iowa (7.6) and Texas (6.7).
The worst years for claims during the 2008-14 period were 2011 and 2014 but 2016 could end up worse with severe storms having already hit Texas, Kansas, Missouri and Oklahoma; the Texas storms alone resulted in estimated damage to vehicles from hail of $1 billion.
China’s new insurance exchange launched
As expected, China launched its insurance exchange Sunday with capital of U$341 million from 91 companies and focusing on international reinsurance, shipping insurance and special risk insurance.
Speaking at the launch, Chen Wenhui, China Insurance Regulatory Commission vice-chair, commented: “It’s an important step to promote the upgrading of China’s insurance industry. The new exchange should play an active role in increasing supply of insurance products to meet increasingly diversified market demand and boost the coverage of insurance services.”
