Topic
Catastrophes
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…
Saskatchewan seeks feedback on provincial response to 2015 wildfire season
October 19, 2015 by Canadian UnderwriterSaskatchewan’s Ministry of Government Relations announced on Monday the launch of an online tool to seek public feedback on the provincial response to the 2015 wildfire season in northern Saskatchewan. “This summer, northern Saskatchewan people faced an unprecedented emergency situation,”…
XL Group estimates its preliminary losses for Tianjin, China port explosion at US$100 million
October 19, 2015 by Canadian UnderwriterDublin, Ireland-based XL Group plc said on Monday that its preliminary estimated losses related to the mid-August port explosion in Tianjin, China are approximately US$100 million. The estimate, pretax and net of reinsurance and reinstatement premium, is 30% attributable…
Dual approach seeks to help insurers better understand their specific Cat risk exposures: Willis Re
October 19, 2015 by Canadian UnderwriterWillis Re is hoping to help insurers develop their own independent view of risk with the adoption of a dual approach that involves enhancing and validating output for perils and regions covered by vendor models, as well as building new…
Interesting manoeuvres expected at reinsurance renewal, buyers investigating additional limits: Guy Carpenter
October 19, 2015 by Canadian UnderwriterSome interesting manoeuvers can be expected as reinsurers seek to hold or grow their share of signings in the forthcoming renewals, Nick Frankland, CEO of Europe, Middle East and Africa (EMEA) operations for Guy Carpenter & Company, LLC, suggested Sunday during…
Manitoba announces funding for new Prairie Climate Centre
October 18, 2015 by Canadian UnderwriterManitoba Premier Greg Selinger announced on Friday that the province will invest $400,000 over the next two years in a new Prairie Climate Centre at the University of Winnipeg (UWinnipeg), making it the first province to sign a “right to…
Thunderstorms unleash mudslides on main Southern California highways, stranding drivers
October 16, 2015 Amanda Lee Myers - THE ASSOCIATED PRESSLOS ANGELES – Rescuers threw ladders and tarps across mud up to 6 feet deep to help hundreds of people trapped in cars that got caught in flash-flooding and violent mud flows along a major Southern California trucking route, a…
Amid hot, dry fall, grass fires bring destruction from Wyoming to Iowa; no rain in sight
October 15, 2015 Mead Gruver - THE ASSOCIATED PRESSCHEYENNE, Wyo. – Wildfires burning on prairie land in five states have destroyed more than a dozen homes and killed livestock in the past few days as a region normally accustomed to crisp temperatures and even snow this time of…