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Estimated insured damage for June storm in central Alberta upwards of $30 million

July 17, 2017 by Canadian Underwriter

A severe storm that swept through central Alberta in the third week of June is estimated to have caused more than $30 million in insured damage, reports Insurance Bureau of Canada (IBC), citing figures from Catastrophe Indices and Quantification Inc.

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James Kent appointed to lead Willis Re as John Cavanagh announces retirement

July 7, 2017 by Canadian Underwriter

Willis Re, the reinsurance business of global advisory, broking and solutions company Willis Towers Watson (WTW), has announced that James Kent will succeed John Cavanagh as he steps down from his position as global CEO. Cavanagh will retire from WTW

News CatastrophesCommercial LinesInsurancePersonal Lines

Saskatoon thunderstorm estimated to cost over US$30 million, floods and convective storms cost global economy US$5 billion in June: Aon Benfield

July 6, 2017 by Canadian Underwriter

A thunderstorm over Saskatoon on June 2 that spawned ping pong ball-sized hail is estimated to cost more than US$30 million, Aon Benfield said in its Global Catastrophe Recap report for the month of June. The fast-developing thunderstorm caused the

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May storms in Ontario, Quebec and the Maritimes caused hundreds of millions in damage and damaged more than 5,200 homes: Aon Benfield

June 8, 2017 by Canadian Underwriter

Several low pressure systems that brought heavy rainfall to portions of Ontario, Quebec and the Maritimes last month caused “hundreds of millions” in U.S. dollars and damaged more than 5,200 homes, according to Impact Forecasting’s latest Global Catastrophe Recap for

News CatastrophesInsuranceMarkets / CoveragesPersonal Lines

PERILS discloses second loss estimate of 259 million euros for extratropical cyclone Zeus

June 6, 2017 by Canadian Underwriter

PERILS AG has disclosed a second loss estimate for extratropical cyclone Zeus of 269 million euros. The revised estimate, released on Tuesday, is for the property insurance market loss, said PERILS, an independent organization based in Zurich, Switzerland that provides

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Ontario government ‘taking lessons learned’ from Fukushima nuclear disaster: Lalonde

May 23, 2017 by Canadian Underwriter

Ontario’s community safety and correctional services minister is calling on “everyone interested” to comment on proposed changes to the Provincial Nuclear Emergency Response Plan. The province is home to the world’s largest nuclear operating facility, Bruce Power reports on its

News CatastrophesInsuranceMarkets / CoveragesPersonal Lines

Too early to confirm costs from flooding in B.C., Ontario, Quebec and Maritimes: Aon

May 11, 2017 by Canadian Underwriter

Persistent recent heavy rainfall falling across several Canadian provinces has led to increasingly rising rivers, streams and lakes this week, as communities “raced to protect from water inundation,” Impact Forecasting said on Thursday in an Aon cat alert. Financial losses

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Flooding in Ontario and Quebec in April and May estimated to cost “well into the millions” in U.S. dollars: Aon Benfield

May 9, 2017 by Canadian Underwriter

Flooding in multiple communities in southern Ontario and Quebec in April and into May is estimated to cost “well into the millions of dollars (USD)” in economic losses, Impact Forecasting said on Tuesday in its Global Catastrophe Recap report for

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Global reinsurer capital up by 5% to US$595 billion as of year-end 2016: Aon Benfield

April 11, 2017 by Canadian Underwriter

Global reinsurer capital rose by 5% to US$595 billion at Dec. 31, 2016, according to the latest edition of the Aon Benfield Aggregate (ABA) report. The report, released on Tuesday, highlights trends in property and casualty reinsurance through the analysis

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The Guarantee launches two new water endorsements

March 28, 2017 by Canadian Underwriter

The Guarantee Company of North America has announced two water endorsements, which came into effect on Monday for new businesses and on May 23 for renewals. The GUARANTEE GOLD H2O+ and Guarantee SUPERIOR H2O+ endorsements are comprehensive, read-in coverage that

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Severe weather outbreaks in U.S. in February lead to billion-dollar payout for insurance industry: Aon Benfield

March 8, 2017 by Canadian Underwriter

Prolific severe weather outbreaks in the United States lead to an expected billion-dollar payout for the insurance industry as no fewer than five outbreaks of severe weather impacted portions of the country during February, according to Impact Forecasting’s latest Global

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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