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Global Catastrophe Recap

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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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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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New Zealand proposes shaking up earthquake commission scheme to smooth claims resolution

June 27, 2017 by Canadian Underwriter

New Zealand will continue to flesh out the details of proposed changes aimed at simplifying and improving the Earthquake Commission (EQC) scheme to help support more timely response to affected policyholders. Reforms to the Earthquake Commission Act seek to “simplify

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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

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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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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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Southern U.S. crop losses from March storm could exceed $1 billion: Aon

April 7, 2017 by Canadian Underwriter

A weather system that brought sub-freezing temperatures to South Carolina and Georgia, as well as heavy rains in Peru were among the catastrophes with economic losses exceeding $1 billion in March, Aon plc’s Impact Forecasting unit reported Friday in its

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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

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Typhoons in September cost global economy more than US$4 billion: Aon

October 6, 2016 by Canadian Underwriter

Tropical cyclones throughout the world in September have cost the global economy more than US$4 billion, according to the latest edition of Aon Benfield’s Global Catastrophe Recap report, released on Thursday. The Global Catastrophe Recap, from Impact Forecasting, Aon Benfield’s

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Louisiana floods to cost U.S. economy between US$10-15 billion: Aon Benfield’s Impact Forecasting

September 8, 2016 by Canadian Underwriter

The recent flooding in Louisiana is expected to cost the economy of the United States between US$10 billion and US$15 billion, with public and private insured losses expected in the low-digit single billions, according to Aon Benfield’s latest Global Catastrophe

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Worst flooding since 1998 leaves US$33 billion economic toll in China: Aon’s Impact Forecasting

August 4, 2016 by Canadian Underwriter

Flooding in China in July caused an estimated US$33 billion in economic losses, but claims payouts represented less than 2% of the cost, according to Impact Forecasting’s monthly Global Catastrophe Recap. The report from Impact Forecasting, Aon Benfield’s catastrophe model

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Global disasters in May, including Fort McMurray wildfire, leading to US$7 billion in claims: Aon Benfield

June 8, 2016 by Canadian Underwriter

Global disasters in May led to at least US$7 billion in claims, including anticipated insured losses in excess of US$3.1 billion from the Fort McMurray wildfire, according to Aon Benfield’s Global Catastrophe Recap for May. The Global Catastrophe Recap report,