News

The Risk to our cities

News >>

Lloyd’s has launched a ground-breaking new study that for the first time quantifies the potential economic impact of various manmade, natural and emerging threats on the world’s leading cities.

Lloyd’s City Risk Index 2015-2025 looks at the projected GDP of 301 cities over a ten-year period and calculates how much of it is at risk from 18 specific threats. That figure totals $4.56 trillion, which represents a significant drag on future economic development.

The Index, developed in partnership with Cambridge University’s Centre for Risk Studies, can be analysed by location and threat type.  Data on each of the cities can be downloaded from the site, with further analysis available for 50 of the main locations.

Case studies for each threat analyse real-world disasters, and their social and financial consequences.  Examples of Lloyd’s insurance cover for risks associated with each threat are also included.

The Index is intended to stimulate discussion – and, where appropriate, prompt innovation – between insurers, governments and businesses to help to improve resilience, mitigate risk and protect infrastructure.

To explore Lloyd’s City Risk Index 2015-2025, go to Lloyds City Index

Last changed: Sep 09 2015 at 11:15 AM

Comments

  1. None Found

Add Comment

Latest News

D&O premium pool ‘must treble’ to return to profitability

A new report – called "Show Me The Money!" by insurer XL Catlin and law firm Wotton + Kearney – is the second in a series of three white papers on securities class actions and their impact on the Directors & Officers Liability (D&O) market. The main conclusion is that Directors’ and officers’ (D&O) insurance premiums are under-priced significantly and need to rise strongly to restore profitability. The main risk areas are those exposed to securities class actions, 

It says Directors & Officer's Side A, Side B and Side C cover has been chronically underpriced since at least 2011, while the frequency of class actions is increasing as more plaintiff lawyers and litigation funders enter the space.

The analysis suggests last year’s overall premium pool of about $210 million would need to increase by at least three times to establish a profitable market, if it is assumed all other factors stay unchanged.

“Recent market developments would indicate most D&O insurers are now endeavouring to restore some semblance of profitability to their portfolios after years of market losses,” the report says.

read more

75% of Cyclone Debbie claims settled

In the 6 months since Cyclone Debbie devastated Queensland and parts of northern New South Wales:

• more than 31,000 homes and business have been repaired or received settlements from their insurance company

• more than 20,000 families have had possessions replaced

• more than 4,500 motor vehicles have been repaired or new vehicles provided

• hundreds of local builders and trades have been working on properties to repair the damage and destruction caused by the cyclone

• over $5 million has been paid EACH DAY to assist local communities, residents and businesses.

read more