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Nat cat losses reached $150B in 2019; Generali closes Portuguese insurer deal

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Nat cat losses reached $150B in 2019; Generali closes Portuguese insurer deal

S&P Global Market Intelligence offer our top picks of insurance news stories and more published throughout the week.

Munich Re estimates $150B of natural disaster losses in 2019

* Natural catastrophes caused overall losses of $150 billion in 2019, of which $52 billion were insured, in line with the inflation-adjusted average of the past 30 years, according to a report by Munich Re Co.

Overall losses from the European summer storms were $2.5 billion, of which approximately $900 million were insured, the company noted.

EU greenlights Santander's purchase of Allianz unit

* The European Commission approved Banco Santander SA's acquisition of a 60% stake in Allianz Group's Spanish insurance subsidiary Allianz Popular SL after determining that the deal would not pose any competition issues due to "limited horizontal and vertical overlaps between the activities of the companies."

Deal completions

* Generali completed the acquisition of Portugal-based insurer Seguradoras Unidas SA and service company AdvanceCare - Gestão de Serviços de Saúde SA from entities majority-owned by investment funds managed by certain affiliates of Apollo Global Management Inc. for a consideration of €510 million and €90 million, respectively.

* Aon PLC completed the purchase of CoverWallet Inc., a digital insurance platform that serves small and medium-sized businesses.

* Germany-based Gossmann & Cie acquired Schwarzmeer und Ostsee Versicherungs AG SOVAG, through its holding company Minerva Capital GmbH, for an undisclosed sum.

* Iceland-based Tryggingamiðstöðin hf. completed its acquisition of Lykill fjármögnun hf. from Klakki ehf. for 9.25 billion Icelandic kronur.

In other news

* American Financial Group Inc. is placing Lloyd's of London insurer Neon Underwriting Ltd. into runoff. The exit from the business will allow American Financial to reallocate capital to its other insurance businesses and opportunities that have the potential to earn targeted returns on investments.

* Beazley PLC is seeking additional catastrophe cover for cyber events through a reinsurance product jointly launched with RenaissanceRe Holdings Ltd.

* Cosmos Insurance Co. Public Ltd said Ioannis Mavrides resigned as CFO of the Cypriot insurer for professional and personal reasons, effective Dec. 31, 2019.

* Medical professional liability insurance provider Coverys launched Coverys European Holdings Ltd., which will be led by former Generali executives.

Featured during the week on S&P Global Market Intelligence

Tremors shine light on scale of Puerto Rico's earthquake insurance market: Although U.S. states along the Pacific coast tend to be most commonly associated with seismic activity, recent earthquakes in Puerto Rico offer a reminder of the varied geographic scope of the potential risks.

Insurance for individual terror victims could be on cards, says Pool Re CEO: Julian Enoizi said victim compensation "is an interesting question for the future" following the U.K. terrorism reinsurer's efforts to plug commercial insurance coverage gaps.

Could the basis risk 'bogeyman' threaten the rise of parametric insurance?: The mismatch between payment and incurred losses can be troublesome, but specialists argue that basis risk is more a feature of parametric products than a bug.