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Property market loss estimate for Europe’s Cyclone Egon reaches 275 million euros: PERILS

July 13, 2017 by Canadian Underwriter

The latest property insurance market loss estimate for extratropical cyclone Egon, which hit parts of France and Germany in mid-January, has increased to 275 million euros, Zurich-based PERILS reported on Wednesday. Representing the third of four estimates to be issued

News CatastrophesClimate ChangeCommercial LinesConstructionLegislation / RegulationPersonal LinesReinsurance

Maintaining wetlands could slash riverine flooding-related damage, local pilot project has national applicability: study

July 12, 2017 by Angela Stelmakowich

Just leaving current wetlands in their natural state could cause riverine flooding-related flood damage to plummet as much as 38% and should provide the impetus for communities to view natural infrastructure as a climate adaptation solution, notes a study from

News CatastrophesInsuranceMarkets / CoveragesPersonal Lines

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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Intact Ventures becomes strategic investor in Canadian IoT technology company Alert Labs

April 20, 2017 by Canadian Underwriter

Intact Ventures has made its first investment in Canada Alert Labs Inc., an Ontario provider of easy-to-install technology that offers residential and commercial property owners real-time water use, flood, leak, temperature and power alerts. Not only do the alerts generated

News CatastrophesCommercial LinesInsuranceMarkets / CoveragesReinsurance

Swiss Re losses from Cyclone Debbie currently estimated at US$350 million

April 13, 2017 by Canadian Underwriter

Swiss Re currently estimates its claims burden from tropical cyclone Debbie in Australia at about US$350 million, net of retrocession and before tax, while the total insured market losses associated with the event is estimated at around US$1.3 billion. The

News AssociationsCommercial LinesInsurancePersonal Lines

Strong investment gains even out results for Ontario mutual insurers

April 3, 2017 by Angela Stelmakowich

Financial results for Ontario mutual insurers in 2016 were better than expected, with 2016 marking the eighth consecutive year of overall profitability and seventh year in a row of underwriting profit. The aggregate results for Guarantee Fund Mutuals in 2016

News CatastrophesCommercial LinesInsurancePersonal Lines

Insured losses of New Zealand quake could be as much as US$3.5 billion: AIR Worldwide

November 18, 2016 by Canadian Underwriter

The largest earthquake to hit New Zealand since 2009, registering magnitude 7.8, could contribute to insured losses amounting to US$762 million to US$3.5 billion, catastrophe modelling firm AIR Worldwide reported Thursday. The modelled estimates include insured physical damage to property

News CatastrophesCommercial LinesInsurancePersonal Lines

New Zealand insurers settle NZ$19 billion Canterbury claims

November 2, 2016 by Canadian Underwriter

Private insurers in New Zealand have paid out almost NZ$19 billion to settle commercial and residential claims since the Canterbury earthquakes in 2010 and 2011, the Insurance Council of New Zealand (ICNZ) announced Tuesday. Of that total, almost NZ$9 billion

News CatastrophesClimate ChangeCommercial LinesConstructionEarnings / RatingsInsurancePersonal LinesReinsurance

Estimated insured losses for U.S., Caribbean from Hurricane Matthew US$2.5 billion to US$8 billion: RMS

October 21, 2016 by Canadian Underwriter

RMS has estimated Hurricane Matthew will produce insured losses of US$1.5 billion to US$5 billion for the United States and US$1 billion to US$3 billion in the Caribbean, making it the reinsurance industry’s costliest Atlantic hurricane since Sandy four years

News CatastrophesClimate ChangeCommercial LinesConstructionEarnings / RatingsInsurancePersonal LinesReinsurance

Estimated insured losses from Hurricane Matthew for U.S., Caribbean between US$2.8 billion and US$8.8 billion: AIR

October 13, 2016 by Canadian Underwriter

Modelled insured losses from Hurricane Matthew could range from US$2.2 billion to US$6.8 billion for the United States and US$600 million to US$2.0 billion for the Caribbean, notes an estimate issued Thursday by AIR Worldwide. Hurricane Matthew affected the Caribbean

News AssociationsCatastrophesCommercial LinesInsurancePersonal Lines

Floods in U.K. expected to produce repair bill of £1.3 billion, good progress on repairs to date

May 26, 2016 by Canadian Underwriter

The average cost of a domestic claim for the floods caused by Storms Desmond, Eva and Frank – which hit the United Kingdom in December and early January – is higher than usual, with the Association of British Insurers (ABI)