A 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,”…
Changing climate patterns are putting additional strain on both power generation and transmission, and presenting another risk factor for natural disaster mitigation and recovery in North America’s Pacific Northwest region, suggests a new study from Swiss Re and the Johns…
The Canadian Council of Insurance Regulators (CCIR) has published its strategic plan for 2017-2020, which focuses its efforts on cooperative supervisory activities, fair treatment of consumers, risks and coverages related to nat cats, and a cooperative approach to financial services…
RSA Canada witnessed increased underwriting profit and a solid combined ratio for 2016 despite what can only be described as a challenging year that featured Canada’s most costly insurable nat-Cat ever and a host of other adverse weather events. “We’re…
Three hundred and fifteen natural catastrophe events in 2016 generated economic losses of US$210 billion, the highest loss amount in four years and 21% above the 16-average of US$174 billion, according to Aon Benfield’s 2016 Annual Global Climate and Catastrophe…
XL Group Ltd.’s insurance and reinsurance segments are almost evenly split with regard to accounting for the company’s approximately US$245 million, natural catastrophe net loss estimate for the fourth quarter of 2016. The preliminary loss estimate “is pre-tax and net…
The US$175 billion in natural catastrophes losses in 2016 – the lion’s share of which were uninsured – dwarfed those in the previous year and were just shy of 2012’s US$180 billion total, Munich Re reports. The research released Wednesday…
Total economic losses from natural and man-made disasters in 2016 were at least US$158 billion, 68% higher than the US$94 billion losses in 2015, according to preliminary Swiss Re sigma estimates released on Thursday. The US$158 billion estimate in total…