Hannover Re has predicted an increase in top line growth in its global facultative business for the 2013 financial year and expects the division's year-end result to come out above the cost of capital.
Catastrophe modelling firm AIR Worldwide (AIR) has issued an estimate for insured losses from October storms in Europe of between EUR1.5bn and EUR2.3bn ($2bn-$3bn).
An increase in Catlin's non-marine facultative business was the main driver behind the 12 percent top-line growth in the firm's property division for the first three quarters of the year.
As news pours in of the damage to insured commercial property from the typhoon that devastated parts of the Philippines, initial loss estimates appear to have been unduly optimistic, say market sources.
The fire damage to a Korean-owned Chinese microchip factory in September, which is set to be the largest single-risk loss this year, is understood to have increased to a $1.3bn, Inside FAC has learned.
The total insured losses from storm damage sustained to the Gryphon floating production storage and offloading unit in 2011 have been confirmed at $1bn by a claims expert.
The derailment on 8 November of a 90-car train carrying crude oil near Aliceville, Alabama, is unlikely to cause a significant (re)insured property loss, although the cost of environmental cleanup has yet to be assessed.
As 1.1 renewal activity starts to heat up this month, the Singapore market has been hit by further deterioration of one of its largest losses since the devastation of the Thai floods in 2011.
A UK court has ruled against Lloyd's insurer Novae after it refused to pay a facultative retro claim to Tokio Marine Europe Insurance (TMEI) as it claimed the 2011 Thai floods were multiple events.
US commercial and industrial property giant FM Global has promoted Randall Schreitmueller to the newly-created position of vice president, manager of broker relations.