2012 Starts With Bad Weather Signs for Insurers

News >> News on Insurance

The problem with a potentially rough start to the year is that most insurers expected 2012 to be better than 2011, which was either the worst or second-worst year in industry history, depending on the ultimate losses from flooding in Thailand.

The Insurance Information Institute surveyed executives at its annual industry forum this week and found that 75 percent expect their profits to rise.

Nearly 80 percent said they expect their combined ratio — how much they pay out in expenses and claims versus how much they take in from premiums — to improve after topping 108 in 2011. (The figure means they paid out $1.08 in claims and expenses for every $1 in premiums they collected).

Feb 2010   Chile earthquake               $8.0bn
Mar 2010   Melbourne hail storm         $1.0bn
Mar 2010   Perth hail storm                 $1.1bn
Sep 2010   New Zealand earthquake  $5.0bn+
Jan 2011    Queensland floods            $2.3bn+
Feb 2011   Cyclone Yasi                       $1.2bn+
Feb 2011   New Zealand earthquake  $15.0bn+
Mar 2011   Japan earthquake              $30.0bn
Apr 2011    US Tornadoes                    $14.0bn
Oct 2011 Thailand floods                     $17.5bn+

Read more about this here

Last changed: Jan 17 2012 at 12:08 PM


  1. None Found

Add Comment

Latest News

Finalist in the Insurance Industry Awards

We were pleased to be advised this week that we are a finalist in the Australian Insurance Industry Awards in the category of Most Outstanding Authorised Representative Business for 2019.

Our company very much appreciates the accolade and just being nominated is prestigious to us. The awards ceremony is in August and we will see how we go, but being in the Top 4 is a credit to our team who have worked tremendously hard in the last eight years.

read more

2019 Insurance Brokerage of the Year

CPR Insurance Services are so proud to be awards for the second year in a row, "Australian Insurance Brokerage of the Year (1-5 staff)". To win this award two years running is very much a fantastic achievement and reflects the high standard we have maintained in the last two years.

We very much thank our hard working staff, Ausure Insurance Brokers our licence holder, the Steadfast Group, NIBA and LMI who have supported us with resources and services to meet the demands of our clients.

And of course we thank all our clients for their fantastic support over the eight years of our business, who if not for them, we would not have a business. Thank you.

read more