Topic
Catastrophes
Magnitude 7.1 quake jolts Alaska; 4 homes lost
January 25, 2016 Mark Thiessen - THE ASSOCIATED PRESSANCHORAGE, Alaska – A magnitude-7.1 quake knocked items off shelves and walls in Alaska, jolting the nerves of residents in this earthquake-prone region. There were no reports of injuries, but four homes were lost to explosions or fire following the…
Nearly $4 billion in insurance-linked securities to mature before July: Swiss Re
January 24, 2016 by Canadian UnderwriterWith nearly US$4 billion worth of insurance-linked securities maturing during the first six months of 2016, Swiss Re Capital Markets Corp. suggests it is “hopeful” there will be new sponsors entering the market this year. In its ILS market update…
U.S. insurers paid out US$2.9 billion in winter-related insured losses in 2015: Insurance Information Institute
January 22, 2016 by Canadian UnderwriterInsurers in the United States paid out an estimated US$2.9 billion in winter-related insured losses in 2015 but remain well-positioned financially to weather the significant storm expected to strike the east coast of the U.S. this weekend, the Insurance Information…
Greater Montreal mayors come out against TransCanada’s Energy East pipeline
January 22, 2016 The Canadian PressMONTREAL – Mayors from the greater Montreal area have come out against TransCanada’s proposed Energy East pipeline. The Montreal Metropolitan Community, which represents 82 jurisdictions, says it is opposed to the project. Montreal Mayor Denis Coderre, the current president, told…
Final touches complete on seismic retrofit to B.C.’s Mission Bridge
January 22, 2016 by Canadian UnderwriterBritish Columbia’s Ministry of Transportation and Infrastructure said that the final touches are now complete on the $21 million seismic safety retrofit to the Mission Bridge crossing of the Fraser River on Highway 11. “We continue to upgrade our infrastructure…
Swiss Re, Veolia, The Rockefeller Foundation team up to help build cities’ resilience to critical risks
January 22, 2016 by Canadian UnderwriterThe Rockefeller Foundation, Veolia and Swiss Re Corporate Solutions Ltd. have unveiled an infrastructure recovery initiative meant to help cities worldwide build resilience to critical risks and speed up economic recovery following catastrophic events. The partnership is designed to support…
Hottest average global temperature ever recorded didn’t apply to Canada in 2015
January 21, 2016 Bruce Cheadle - THE CANADIAN PRESSOTTAWA – Call it cold comfort, but Atlantic Canada was one of the only regions on the planet that had cooler-than-average temperatures last year, according to Environment Canada. On a day when NASA officially announced the hottest average global temperature…
Total cat bond issuance for 2015 reached US$6.9 billion: Aon Securities
January 21, 2016 by Canadian UnderwriterAon Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, said that total catastrophe bond issuance for calendar year 2015 reached US$6.9 billion, down from US$8.3 billion in 2014. Aon Securities released its year-end 2015…
Aviva Canada to acquire RBC General Insurance Company, Aviva/RBC Insurance sign long-term strategic agreement
January 21, 2016 by Canadian UnderwriterAviva Canada and RBC Insurance have signed a 15-year strategic agreement – which includes Aviva Canada’s $582 million purchase of RBC General Insurance Company – that will provide RBC Insurance’s existing and future customers access to a full suite of…
Zurich expects business operating loss of about US$100 million in Q4 2015 due to nat cat claims
January 20, 2016 by Canadian UnderwriterZurich Insurance Group said on Wednesday that it expects its General Insurance business to record a business operating loss in the fourth quarter of 2015, due to natural catastrophe claims, including those related to recent storms and floods in the…
U.S. p&c insurers can expect a challenging 2016, need to emphasize underwriting discipline: p&c forum
January 20, 2016 by Canadian UnderwriterProperty and casualty insurers in the United States can expect a challenging 2016, speakers said at the recent 20th annual Property/Casualty Joint Industry Forum, as the diminishing tailwinds of reserve releases struggle against headwinds of low interest rates. Panel members…
SCOR cat bond covers U.S. named storms, earthquake until end of 2019
January 19, 2016 by Canadian UnderwriterSCOR SE has sponsored a catastrophe bond whose coverage includes earthquakes in Canada, as well as named storms in the United States. The Atlas IX Series 2016-1 will give the Paris-based reinsurer “multi-year risk transfer capacity of US$300 million to…