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"8% increase in claims cost due to building costs"
https://www.pressreader.com/category/business/en/nz
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Bad night at Papatoetoe !
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Quote:
Originally Posted by
Beagle
The 11 June announcement from TWR (giving an update on the financial impact of the Canterbury floods) noted that the assumption was that TWR was now at a large events cost of $14m for the current financial year and therefore the reinsurance cover would kick in. If the announcement is correct and yesterday’s weather event turns out to be a large event, it should be TWR’s reinsurers rather than TWR shareholders that pick up the financial cost.
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Quote:
Originally Posted by
Southern Lad
The 11 June announcement from TWR (giving an update on the financial impact of the Canterbury floods) noted that the assumption was that TWR was now at a large events cost of $14m for the current financial year and therefore the reinsurance cover would kick in. If the announcement is correct and yesterday’s weather event turns out to be a large event, it should be TWR’s reinsurers rather than TWR shareholders that pick up the financial cost.
Does the reinsurance kick in on a per event basis or per annum basis?
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Quote:
Originally Posted by
aquaman
Does the reinsurance kick in on a per event basis or per annum basis?
Don’t know
If they do need this reinsiurance this year helps this years profit but reinsurance premium / cost will only be higher in subsequent years as no doubt premiums based on past claims experience.
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1 Attachment(s)
Quote:
Originally Posted by
aquaman
Does the reinsurance kick in on a per event basis or per annum basis?
Just answered my own question...see attached from report if interested
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yeh Reinsurance is per event.
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Quote:
Originally Posted by
peat
yeh Reinsurance is per event.
So as the tornado is likely only a 'little event' (insurance wise) no need to call on reinsurance?
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Quote:
Originally Posted by
winner69
So as the tornado is likely only a 'little event' (insurance wise) no need to call on reinsurance?
tornados dont cause much damage cf storms or eq's - they are very localised and the video I saw of the Akl one didnt seem any different.
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1 Attachment(s)
Quote:
Originally Posted by
winner69
So as the tornado is likely only a 'little event' (insurance wise) no need to call on reinsurance?
From previous attached chart it appears there are two elements to the reinsurance.
One being for Catastrophe events with cover the steps in after 10m Tower spend and up to 767m cover with also an additional catastrophe cover extending to 812m. I cant find find definition of what constitutes a "catastrophe event"
The second reinsurance cover appears to be for "events" ( would think this excludes BAU claims) that are not catastrophe events with the first 14M spend per annum covered by Tower and then reinsurance stepping up with up to 7.5m per event once Tower has spent 14M per annum and reinsurance covering up to 34m per annum total
BAU claim spend likely excluded from all these figures.
That's my interpretation.