South Carolina floods a “1000 year event” says governor
Flooding which hit South Carolina over the weekend has been described as a “1000 year event” by the state governor. Nikki Haley spoke following the flash floods which claimed the lives of 5 people Sunday. CNN reports that Mount Pleasant had 24 inches of rainfall, with Charleston hit by 20 inches and 18 inches in Gills Creek. South Carolina Department of Insurance is expected a high volume of claims. The Post and Courier reports that director Ray Farmer said home and auto claims will make up the bulk but that it’s too early to assess the level of damage. The Department will release a preliminary estimate later this week. Mr Farmer said that he hoped that most of the homes and businesses affected would have coverage under the federal National Flood Insurance Program and he will be talking to officials Monday.
Japanese insurance firms international M&A surges to new record
The international mergers and acquisitions of Japanese insurance companies have hit a new record high. Advisory firm Recof Corp says that deals announced from January to September 2015 reached 9.03 trillion yen and could be 10 trillion yen by year-end. The figure is 94.4 per cent higher than 2014 following deals including the acquisition of US firm HCC Insurance Holdings Inc. by Tokio Marine & Nichido Fire Insurance Co. in June.
Insurance premiums for law firms become more competitive
Insurance firms are entering a price war in order to win a bigger slice of the market for insuring law practices. A report by thisismoney.co.uk reports that Qatari insurers are leading the way by slashing premiums by up to a quarter. The drive for business comes at a time when professional indemnity claims by law firms have been falling, however cover against cyberattacks is becoming more important.
Europe launches new risk manager certification
The Federation of European Risk Management Associations (FERMA) formally launched its programme of European Certification for professional risk managers Monday. It is the first such designation and is designed to reinforce the standing of the profession in Europe. The certification will focus on four pillars; knowledge, experience, continuous professional development (CPD) and a code of ethics.