Topic
Catastrophes
Wind, hail storms in Texas contribute to $318m in Q1 catastrophe losses for Travelers
April 26, 2016 by Canadian UnderwriterThe Travelers Companies Inc. reported catastrophe losses of $318 million during the three months ending March 31, up 96% from $162 million during the same period in 2015, while Q1 earned premiums in personal insurance rose 6.2% year-over year. All…
Aviva Canada, ICLR team up for free emergency preparedness mobile app
April 26, 2016 by Canadian UnderwriterAviva Canada has partnered with the Institute for Catastrophic Loss Reduction (ICLR) for the creation of a free emergency preparedness mobile app. The free Plan & Protect app, announced on Tuesday, can be downloaded to mobile devices, where users will…
Everest Re Group’s net income almost halved to US$171.7 million in 2016 Q1 from prior-year quarter
April 26, 2016 by Canadian UnderwriterNet income available to common shareholders of Everest Re Group Ltd. was US$171.7 million in the first quarter of 2016 compared to US$323.0 million in the same quarter of 2015, the company reported Monday. The after-tax operating income available to…
Third Texas hail storm in less than a month could push state’s year-to-date damage beyond nine-year average for U.S.: A.M. Best
April 25, 2016 by Canadian UnderwriterTexas’s third major hail storm in less than a month on Apr. 11 could push the state’s damage so far this year to beyond the nine-year average of US$1.2 billion for the whole of the United States, notes a report…
At least US$350M in insured losses from Ecuador quake that killed more than 500: AIR
April 22, 2016 by Canadian UnderwriterAs Ecuador continues to suffer aftershocks from a major earthquake the evening of April 16, catastrophe modeling vendor AIR Worldwide estimates insured losses could exceed $1 billion. In an alert published Thursday, Boston-based AIR Worldwide said it estimates that industry…
As PM signs UN climate treaty, now comes the hard part: respecting it
April 22, 2016 Alexander Panetta - THE CANADIAN PRESSUNITED NATIONS, N.Y. – Prime Minister Justin Trudeau joined world leaders Friday to help formally ratify a global treaty on climate change. Putting his signature to the Paris accord was the easy part. The hard part comes next: reducing Canada’s…
Catastrophic earthquake could threaten Canada’s p&c industry, government backstop needed for “unthinkable” events: IBC
April 22, 2016 by Angela StelmakowichA catastrophic earthquake could threaten Canada’s property and casualty industry, clearly illustrating the need to have in place a government backstop, Sylvie Paquette, chair of the Board of Directors for Insurance Bureau of Canada (IBC), said following IBC’s Annual General…
Houston, Texas airport has second wettest day on record: RMS
April 21, 2016 by Canadian UnderwriterWeather events this week in Texas may be producing “one of the most severe flood events” in history, in Houston, not caused by a tropical cyclone Risk Management Solutions Inc. stated Thursday. The Associated Press reported that the Houston area…
$25B in outstanding cat bonds as of March 31: Aon Benfield
April 21, 2016 by Canadian UnderwriterOverall investor demand remains high in the insurance-linked securities market, with US$2.215 billion in new issuance of catastrophe bonds – one of which covers Canadian earthquake risk – in the first three months of 2016, Aon plc reported Wednesday. Chicago-based…
2,000 evacuated, 13 killed after explosion at Mexican vinyl chloride plant
April 21, 2016 Peter Orsi And E. Eduardo Castillo - THE ASSOCIATED PRESSMEXICO CITY – An explosion killed 13 people and injured scores at a petrochemical plant on Mexico’s southern Gulf coast. The blast and ensuing fire caused evacuations in the area as a fire billowed a toxin-filled cloud into the air.…
March storm in Ontario tops $25 million in insured damage: CatIQ estimate
April 20, 2016 by Canadian UnderwriterThe cost of insured damage caused by the ice storm that swept through southern Ontario between March 23 and 26 is estimated at more than $25 million, according to preliminary estimates provided by Catastrophe Indices and Quantification Inc. (CatIQ). CatIQ…
45 new wildfires burn in northeast British Columbia over two-day period
April 20, 2016 by Canadian UnderwriterThe BC Wildfire Service has responded to 45 new wildfires in northeast British Columbia over a two-day period, the Ministry of Forests, Lands and Natural Resource Operations said on Tuesday. The ministry said in a statement on Tuesday evening that…