Keyword
Cyclone Debbie
Insured losses from Cyclone Debbie reach AUS$1.5 billion, 85% of claims closed
November 7, 2017 by Canadian UnderwriterInsurers have paid AUS$1 billion in claims related to Cyclone Debbie, with more than 85% of claims now closed, the Insurance Council of Australia (ICA) reported on Monday. Cyclone Debbie now ranks as the second-most expensive cyclone in Australian history,…
Insured costs for Cyclones Debbie and Cook in New Zealand upgraded to NZ$109 million from NZ$84 million in June
August 28, 2017 by Canadian UnderwriterThe Insurance Council of New Zealand (ICNZ) has upgraded the insured costs associated with Cyclones Debbie and Cook to NZ$109 million from the NZ$84.4 million estimate in June. The two cyclones swept through New Zealand during April (Cyclone Debbie from…
Fewer and less intense cat events significantly lower global economic losses to US$44 billion in H1 2017: Swiss Re
August 17, 2017 by Canadian UnderwriterTotal global economic losses from disasters were US$44 billion in the first half of 2017, down significantly from US$117 billion in H1 2016, as a result of fewer and less intense events, according to preliminary sigma estimates from Swiss Re.…
Australian insurers welcome Senate committee call for government to rethink funding for natural disaster mitigation
August 14, 2017 by Canadian UnderwriterInsurance Council of Australia (ICA) has welcomed a report by the Senate Economics References Committee supporting the council’s call for the federal government to invest in natural disaster mitigation and resilience, as well as back risk-based pricing. This spring, ICA…
Net income for Swiss Re US$1.2 billion in 2017 H1, down from about US$1.9 billion in 2016 H1
August 4, 2017 by Canadian UnderwriterDisciplined underwriting and strong investment returns contributed to Swiss Re recording net income of US$1.2 billion for the first half of 2017, although catastrophe claims served to reduce the total from the comparable period in 2016. Net income for Swiss…
Cyclones Debbie, Cook in New Zealand combine to produce insured losses of NZ$84 million so far
June 19, 2017 by Canadian UnderwriterThe two cyclones that pounded New Zealand in April have spurred insured costs of NZ$84 million to date, setting the stage for what could become one of the most damaging year in recent years and leading to wrong-headed government actions…
North American combined ratio up 2.2 points for Zurich Insurance
May 14, 2017 by Canadian UnderwriterZurich Insurance Company Ltd. recently reported a 2.2-point deterioration in its first-quarter combined ratio in property and casualty insurance in North America, while the worldwide combined ratio increased 3.4 points, due in part to a recent change in the way…
Hannover Re Group net income down 2.4% to 264.8 million euros in 2017 Q1 compared to 2016 Q1
May 10, 2017 by Canadian UnderwriterGroup net income for Hannover Re contracted to 264.8 million euros in the first quarter of 2017, but was in line with the prior-year quarter’s exceptionally good results, positioning the reinsurer well for achieving its financial targets this year. Group…
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 UnderwriterFlooding 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…
Munich Re’s operating result up to 952 million euros in Q1 2017 from 726 million euros in Q1 2016
May 9, 2017 by Canadian UnderwriterMunich Re has reported an increased operating result for the first quarter of 2017, from 726 million euros in Q1 2016 to 952 million euros in the most recent quarter. The reinsurance field of business contributed 466 million euros to…
Q1 insurance premiums up 95% at Berkshire Hathaway after adverse development reinsurance agreement with AIG
May 8, 2017 by Canadian UnderwriterBerkshire Hathaway Inc. announced Friday it recorded insurance premiums earned of $21.7 billion during the three months ending March 31 – up 95% from $11.1 billion in Q1 2016 -while Cyclone Debbie affected the Omaha, Neb.-based firm’s underwriting result by…
P&C reinsurance premiums down 17.6% for Swiss Re
May 4, 2017 by Canadian UnderwriterSwiss Re Ltd. reported Thursday a 2.3-point increase in its first-quarter combined ratio, as the reinsurer expects more than $300 million in claims from Cyclone Debbie, which caused widespread flooding in late March in Australia. Zurich-based Swiss Re released May…