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Catastrophes


News CatastrophesInsuranceMarkets / Coverages

As water falls slightly at California dam, next storm looms

February 13, 2017 Olga R. Rodriguez and Don Thompson - THE ASSOCIATED PRESS

OROVILLE, Calif. – The water level dropped Monday at the nation’s tallest dam, easing slightly the fears of a catastrophic spillway collapse that prompted authorities to order nearly 200,000 people to leave their homes downstream. But with more rain expected

News CatastrophesInsuranceLegalPersonal Lines

Lawsuit filed in connection to explosion in Fort McMurray fire aftermath

February 13, 2017 The Canadian Press

FORT MCMURRAY, Alta. – A proposed class-action lawsuit has been filed against natural gas company Atco (TSE:ACO.X) in an explosion last May that damaged several homes in Fort McMurray, Alta. The blast took place in the Dickinsfield neighbourhood while the

News CatastrophesInsurance

Tough slogging expected across Atlantic Canada in wake of major storm

February 10, 2017 The Canadian Press

Schools were closed and travel hampered in much of Atlantic Canada on Friday due to a fast-moving and powerful winter storm that blew in from the United States on Thursday night. Environment Canada had issued multiple snow, storm surge and

News CatastrophesCommercial LinesInsurancePersonal Lines

U.S. National Weather Service issues flash flood warning after dam fails

February 9, 2017 The Associated Press

ELKO, Nev. – An earthen dam failed in a rural area of northeastern Nevada and caused flash flooding that threatened homes, sent waters over low-lying roads and farms and forced the rerouting of trains, officials said. The National Weather Service

News CatastrophesCommercial LinesInsurancePersonal Lines

U.S. severe weather, flooding leads to billion-dollar cost for insurance industry in January: Aon Benfield

February 9, 2017 by Canadian Underwriter

Major severe weather and flood events in the United States in January led to billion-dollar cost for the insurance industry, according to Aon Benfield’s latest Global Catastrophe Recap. The January report noted that separate major severe weather outbreaks swept across

News CatastrophesReinsurance

Wildfire has ‘very very different pattern’ of impacted areas: CatIQ Catastrophe Conference speaker

February 8, 2017 Greg Meckbach, Associate Editor

When determining accumulation of risk, wildfire presents an “additional complexity” for insurers and reinsurers, a speaker suggested at a recent conference. “Wildfire is a really complex peril,” said Manuel Chirouze, managing director, natural hazards and geoscience for the Americas at

News CatastrophesEarnings / RatingsInsurance

Personal lines cat ratio up 9.3 points at Intact due in part to Fort McMurray

February 8, 2017 by Canadian Underwriter

Intact Financial Corp. released Wednesday its financial results for 2016, reporting a 5% increase in direct premiums written and a 40% drop in underwriting income during a year when Canada’s most expensive natural disaster cost the firm $400 million before

News CatastrophesCommercial LinesInsurancePersonal Lines

Dozens injured in tornadoes across southern Louisiana

February 8, 2017 Kevin McGill - THE ASSOCIATED PRESS

NEW ORLEANS – Brittany Ross remembers she was savoring the smell of her aunt’s simmering white beans when the storm that injured about 40 people in southeastern Louisiana hit. “The place started shaking, kind of twisting,” she said Tuesday as

News CatastrophesCommercial LinesInsurancePersonal LinesReinsurance

Munich Re posts profit of 2.6 billion euros for 2016; Fort McMurray wildfire cost 404 million euros

February 7, 2017 by Canadian Underwriter

Munich Re reported on Tuesday a consolidated result of 2.6 billion euros for 2016, including a 0.5 billion euro profit in the fourth quarter of 2016 ending Dec. 31 compared to 0.7 billion euros in the previous year quarter. Munich

News CatastrophesEarnings / RatingsInsurance

Q3 combined ratio improves 2.1 points for Allstate

February 6, 2017 by Canadian Underwriter

The Allstate Corp. has released its financial results for 2016, reporting catastrophe losses of $2.572 billion for the calendar year, up 49.6% from $1.719 billion in 2015. All figures are in United States dollars. The combined ratio for Northbrook, Ill.-based

News CatastrophesInsuranceMarkets / Coverages

Chief in Bella Bella, B.C. demands action on wildfire near coastal community

February 6, 2017 The Canadian Press

BELLA BELLA, B.C. – The chief of a village near British Columbia’s Great Bear Rainforest says members of the First Nations community fought a wildfire on their own this weekend after they were unable to get help from provincial government

News CatastrophesInsuranceMarkets / CoveragesTechnology

Global IoT insurance market to reach nearly US$43 billion by 2022: study

February 6, 2017 by Canadian Underwriter

The global Internet of Things (IoT) insurance market is estimated to grow dramatically at a compound annual growth rate (CAGR) of 65.89% to reach US$42.76 billion by 2022 from 2016, according to a new report from Research and Markets. The