Keyword
insured losses
What the industry learned from a 20-year-old wildfire
January 11, 2024 Jason ContantThe devastation of British Columbia’s Okanagan Mountain Park wildfire in 2003 was unlike anything Janna Smart had adjusted before. “It was full of raw emotion, chaos, destruction, and limited experience in handling a wildfire in a densely populated area. It…
How insurers can manage losses as NatCat events ramp up
December 18, 2023 Philip PoradoWhatever’s driving increasingly devastating storms over the past decade, one thing is certain — insurers have watched NatCat losses ramp up over the past decade. “It used to be an unusual year where you’d have more than a billion dollars…
Price tag for the insured wildfire losses in Northwest Territories
November 20, 2023 by David GambrillInsured wildfire damage in Hay River and Yellowknife, NWT, during the summer — which led to Canada’s largest evacuation ever — cost the P&C insurance industry a total of more than $60 million, Catastrophe Indices and Quantification (CatIQ) Inc. reported…
Where brokers writing construction coverage may see bottlenecks
March 31, 2023 Philip PoradoA significant rise in construction projects being submitted in Canada means lead underwriting time is critical, according to a 2023 Q1 Global Construction Rate Trend Report from WTW. “Staffing shortages and underwriting approval processes are causing delays in quote turn-around,”…
Where 2022 tallies for insured damages in Canada
January 18, 2023 Canadian Underwriter StaffSevere weather events in 2022 gave Canada its third worst year for insured damage in the country’s history. Insured damage for severe weather events across Canada hit $3.1 billion last year, the third-highest total of NatCat losses in the nation’s…
Why the hard market may be here to stay
November 15, 2022 by Alyssa DiSabatinoDespite 17 quarters of rate increases, insurers return on equity (ROE) is still below target, and these hard market conditions may not be going anywhere for awhile, a Gallagher executive said during an industry webinar. Broker’s clients may be able…
Swiss Re report shows trajectory of insured flood losses
September 2, 2022 by Alyssa DiSabatinoInsured flood losses doubled to $80 billion during 2011-20 compared to the previous decade, and global flood losses reached $20 billion alone in 2021, Swiss Re reports. “Increased wealth, larger populations and urbanization have raised flood risk exposures across the…
After Dorian: Will Canada hit $2 billion in insured losses again this year?
October 7, 2019 by Jason ContantCanada has already surpassed $1 billion in insured losses with nearly three months left in 2019, according to Catastrophe Indices and Quantification Inc. (CatIQ). “Last year, insured damage from severe weather across Canada exceeded $2 billion, the fourth-highest amount of…
Economic losses top US$300 billion in 2017
December 20, 2017 by Canadian UnderwriterInsured losses from natural catastrophes in 2017, at more than US$130 billion, were more than double the average of the previous 10 years, and more than US$90 billion in losses is probably from three hurricanes alone, Swiss Re said Wednesday.…
Insured losses from October wildfires top $3 billion, California insurance department reports
November 2, 2017 by Canadian UnderwriterInsured losses from California’s October wildfires now top US$3 billion – a three-fold increase in just two weeks – according to updated claims loss data from the California Department of Insurance. Fifteen major insurers reported the updated $3.32 billion estimate…
Insured losses from Hurricane Irma already US$5.3 billion: Florida Office of Insurance Regulation
October 25, 2017 by Canadian UnderwriterTotal estimated insured losses from Hurricane Irma in Florida have already topped US$5 billion, the Florida Office of Insurance Regulation (FOIR) has reported. Aggregate information compiled from claims data filed by insurers shows that total estimated insured losses are US$5,311,772,141.…
Karen Clark & Company estimates insured losses from Hurricane Maria at US$30 billion
September 29, 2017 by Canadian UnderwriterInsured losses from Hurricane Maria will total almost US$30 billion, according to a flash estimate from catastrophe risk management firm Karen Clark & Company (KCC). The majority of losses – US$28.35 billion – will be from Puerto Rico, KCC said…