Topic
Catastrophes
Intact Insurance to launch revised water peril product in 2016
October 26, 2015 Jason Contant, Online EditorIntact Insurance will launch a revised water peril product next year, the company’s president said last week at the Insurance Brokers Association of Ontario’s (IBAO) 2015 convention in Toronto. Jean-François Blais made the announcement during the CEO Panel at the…
Patricia-related insured losses to onshore properties in Mexico estimated not to exceed US$200 million
October 26, 2015 by Canadian UnderwriterOnshore properties in Mexico escaped major damage when Hurricane Patricia made landfall, with catastrophe modelling firm AIR Worldwide estimating Sunday that insured losses to those properties will not exceed US$200 million. When at its height earlier, the National Hurricane Center…
Jackson, Mississippi ranked as windiest U.S. city in new CoreLogic data
October 23, 2015 by Canadian UnderwriterJackson, Mississippi is the windiest city in the United States, recording a maximum wind speed of 99 miles per hour (about 159 kilometres per hour) and 153 separate wind events over a nine-year period, according to new data released on…
Tianjin explosions contribute to Allied World’s net loss for 2015 Q3
October 23, 2015 by Canadian UnderwriterAllied World Assurance Company Holdings, AG this week reported a net loss of US$51.6 million for 2015 Q3 compared to net income of US$30.9 million in 2014 Q3, partly driven by catastrophe and investment losses. “Net income for the quarter…
Q3 cat bond issuance down 19%: Willis report
October 22, 2015 by Canadian UnderwriterCatastrophe bond issuance for the third quarter of 2015 was roughly double that of Q3 2014, though year-to-date issuance was down 19% year over year, Willis Capital Markets and Advisory (WCMA) said in a recent report. In its insurance-linked securities…
Travelers’ record NWP in 2015 Q3 over prior year quarter helps net income increase to US$928 million
October 22, 2015 by Canadian UnderwriterRecord net written premiums (NWP) for The Travelers Companies, Inc. in the third quarter of 2015 helped buoy the company’s net income the quarter, which reached US$928 million compared to US$919 million in the same period of 2014. The 1%…
Insurance industry needs to better understand the consequences of large aggregation scenarios: AIR Worldwide
October 21, 2015 Angela Stelmakowich, EditorThe cyber risk the insurance industry seems most concerned about currently relates to large aggregation scenarios – such as the impact of an attack on the power grid or the cloud – but that concern has not necessarily translated into…
North American insured losses exceeded US$12.6 billion in the first nine months of 2015: PCS
October 21, 2015 by Canadian UnderwriterInsured losses from catastrophe events in North America in the first nine months of 2015 topped US$12.6 billion, according to a report released on Wednesday by Property Claim Services (PCS), a Verisk Analytics business. The PCS report, titled Events Rise,…
Hail-resistant roofing should be added to Canadian building codes: ICLR
October 21, 2015 Greg Meckbach, Associate EditorMore needs to be done to address insured losses from hail, an official with the Institute for Catastrophic Loss Reduction suggested Tuesday. During a presentation at a seminar organized by AIR Worldwide, ICLR Managing Director Glenn McGillivray showed attendees a…
ACE sees net income in 2015 Q3 drop 32.7% from 2014 Q3, record P&C underwriting income
October 21, 2015 by Canadian UnderwriterACE Limited reported Tuesday its net income for the third quarter of 2015 was US$528 million, down 32.7% from the US$785 million in the same quarter of 2014. Operating net income, net of tax, showed a slight increase, reaching a…
Clients looking to be more involved to understand how Cat events can affect their books of business: AIR Worldwide
October 20, 2015 Angela Stelmakowich, EditorAn evolution has occurred in the catastrophe modelling market in which clients are looking to be more involved so that they can better understand and own their risk, Rob Newbold, a senior vice president with AIR Worldwide, told Canadian Underwriter…
Billions in U.S. tropical cyclone economic losses could be attributable to climate change: study
October 20, 2015 by Canadian UnderwriterBetween US$2 billion and US$14 billion of recorded annual economic losses related to tropical cyclones in the year 2005 in the United States could be attributable to climate change, suggests a study published Monday in the journal Nature Geoscience. The…