Keyword
Reinsurance
Free online offering hopes to bolster catastrophe modelling understanding
September 5, 2017 by Canadian UnderwriterWhat has been described as the first free and neutral open online catastrophe modelling course was launched today to help those working in climate change and disaster loss mitigation, academia and insurance better understand the use of models in nat-Cat…
Cat Claws
August 15, 2017 Angela Stelmakowich, EditorCan a single catastrophic event turn the reinsurance market? With the influx of capital, excess capacity and competition for business high – perhaps as high as it has ever been – is the notion that an event can right the…
Retroactive reinsurance contracts, Ogden rate reduction produce underwriting losses for Berkshire Hathaway
August 8, 2017 by Canadian UnderwriterBoston-based Berkshire Hathaway Specialty insurance, which announced its entry in 2015 into the Canadian market, had a 23% increase in premiums written for the first half of 2017 versus 2016, while the Berkshire Hathaway Reinsurance Group had liabilities for losses…
Q2 commission, fee growth flat at Willis Towers Watson
August 4, 2017 by Canadian UnderwriterWillis Towers Watson plc reported Thursday its commissions and fees from corporate risk and broking were $624 million during the three months ending June 30, a slight drop from $627 million during the same period in 2016. “North America organic…
Fire Stopper
August 3, 2017 Greg Meckbach, Associate EditorThe Alberta government reports it is currently implementing most of the 31 recommendations contained in two commissioned reports exploring what worked and what did not in the wake of the massive Fort McMurray wildfire. And while Canada’s most costly natural disaster ever will not necessarily change how reinsurers here conduct business, there are rumblings of its potential impact on pricing.
XL Group Ltd. sees net income soar in 2017 Q2 over prior-year quarter, focus on executing strategy continues
July 27, 2017 by Canadian UnderwriterBoth net income attributable to common shareholders and operating net income for Bermuda-based XL Group Ltd. skyrocketed in 2017 Q2 compared to 2016 Q2, with the former increasing six-fold to US$301.6 million. Specifically, net income attributable to common shareholders amounted…
Pitch Perfected
July 20, 2017 Angela Stelmakowich, EditorReinsurance pricing has hit a low note. Global conditions continue to put downward pressure on rates, but forces are in place that could foster more effective and efficient response. Will innovation and partnerships both within and outside the industry allow reinsurers to hit a higher note in future?
Judicial determination on interpretation of property Cat XOL with reinsurers sought
July 18, 2017 by Angela StelmakowichAlberta Motor Association Insurance Company is looking to divide the loss arising out of the Fort McMurray wildfire, which exceeded a duration of 168 hours, into six multiple loss occurrences in line with its reading of its property catastrophe excess…
Trisura licensed to sell insurance in the U.S.
July 14, 2017 by Canadian UnderwriterTrisura Group Ltd., a surety and commercial specialty insurer that was spun off this year from Toronto-based Brookfield Asset Management Inc., plans to begin writing insurance in the United States. In a July 12 press release, Trisura said it “has…
Intact Financial Corporation announces $105 million Cat loss for 2017 Q2
July 6, 2017 by Canadian UnderwriterIntact Financial Corporation’s (IFC) estimated catastrophe losses, net of reinsurance, for 2017 Q2 is about $105 million on a pre-tax basis, reports Canada’s largest provider of property and casualty. On an after-tax basis, the estimated loss amounts to $77 million…
New Zealand proposes shaking up earthquake commission scheme to smooth claims resolution
June 27, 2017 by Canadian UnderwriterNew 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…
AIR Worldwide releases probabilistic crop hail model for Canada
June 26, 2017 by Canadian UnderwriterAIR Worldwide has released what the catastrophe risk modelling firm calls the industry’s first crop hail model to provide stakeholders across the crop insurance value chain with a probabilistic view of the effects of hail on Canadian crops. Currently available…