Topic
Catastrophes
Insured losses from Japan earthquakes in April could be between US$1.7 billion and US$2.9 billion
May 12, 2016 by Canadian UnderwriterInsured losses from the two earthquakes that struck Japan in April could be as high as US$1.7 billion to US$2.9 billion, with economic losses of US$5.5 billion to US$7.5 billion, industry experts suggested on Wednesday. Guy Carpenter & Company, a…
Economical Insurance initially estimates $35 million to $45 million in losses from Fort McMurray wildfire
May 11, 2016 by Canadian UnderwriterEconomical Insurance estimates its pre-tax losses related to the Fort McMurray wildfire will be $35 million to $45 million, net of reinsurance recoveries and reinstatement premiums. Economical Insurance said in a statement on Wednesday that its catastrophe reinsurance coverage commences…
Hannover Re’s 2016 Q1 net income down without elimination of positive special effect in prior-year quarter, up 12.7% with elimination
May 10, 2016 by Canadian UnderwriterHannover Re’s sharply improved underwriting results in property and casualty reinsurance for 2016 Q1 – coupled with the elimination of a positive special effect in 2015 Q1 – helped the world’s third largest reinsurer post a 12.7% hike in Group…
Causation, aggregation and contingent business interruption issues likely to emerge for reinsurers from Fort McMurray wildfire: CMS London lawyer
May 10, 2016 by Jason ContantThe Fort McMurray wildfire has the potential to give rise to “much more complex issues for the reinsurance market than may appear at first sight,” particularly surrounding issues of causation, aggregation and contingent business interruption (CBI), said a partner with…
String of wildfires in British Columbia believed to be arson, BC Wildfire Service says
May 10, 2016 by Canadian UnderwriterInvestigators with the BC Wildfire Service and provincial natural resource officers have found evidence to suggest at least 10 separate wildfires in three distinct areas have been deliberately set. Extra conservation officers have been brought in to help with the…
As risk of farm losses rise, so too do number of farmers buying crop insurance
May 10, 2016 Ian Bickis - THE CANADIAN PRESSCALGARY – Kelly McIntyre has tilled the soils of northwestern Alberta for more than 30 years, but only this spring did he conclude that he needed crop insurance. “There just seems to be increased risk, more risk all the time,”…
Premiums earned up 4%, catastrophe losses up 181% at Allstate
May 9, 2016 by Canadian UnderwriterFirst-quarter underwriting income dropped about 73% year-over-year for The Allstate Corp. in the wake of two large hailstorms in late March in the southern United States. The Northbrook, Ill.-based insurer reported May 4 that catastrophe losses were $827 million during…
Update puts buildings lost in Fort McMurray at 2,400, but 25,000 saved
May 9, 2016 By Lauren Krugel - THE CANADIAN PRESSEDMONTON – Alberta Premier Rachel Notley says the “ocean of fire” that hit Fort McMurray burned about 10 per cent of the buildings, but the hard work of firefighters saved the bulk of the city so it can be rebuilt.…
Intact’s assessment of insured damages from Fort McMurray wildfire estimated at $1 to $1.20 per share
May 9, 2016 by Canadian UnderwriterIntact Financial Corporation’s (IFC) assessment of its insured damages from the Fort McMurray wildfire using satellite imagery and its exposure geocoding technology ranges from $1 to $1.20 per share, the insurer said on Monday. The assessment range, while early, is…
Fort McMurray wildfire could hurt 2016 Q2 results for some Canadian p&c insurers, companies offering help
May 9, 2016 by Angela StelmakowichCredit rating agency Moody’s does not anticipate the massive wildfire in and around Fort McMurray will be a credit event for Canada’s property and casualty industry, but is likely to have an impact on 2016 Q2 results for property insurers.…
A look at how a wildfire consumed large parts of Fort McMurray
May 8, 2016 The Canadian PressFORT MCMURRAY, Alta. – A wildfire has devastated the community of Fort McMurray. Here is a timeline of events: Sunday – A fire starts in a remote part of forest southwest of Fort McMurray. Investigators don’t know how it started,…
Officials say it could take months to extinguish massive Alberta blaze
May 7, 2016 By John Cotter - THE CANADIAN PRESSFORT MCMURRAY, Alta. – Fire officials are bracing themselves for a long, long fight against the blaze that forced the evacuation of Fort McMurray and has eaten up more than 1,500 square kilometres of northern Alberta forest. “Unless we have…