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Alta Wildfires 20160507
News CatastrophesCommercial LinesInsurancePersonal Lines

PCS estimates $3.98 billion in insured damage from Fort McMurray wildfire in final re-survey

November 17, 2016 by Canadian Underwriter

Property Claim Services (PCS) has updated its insured damage estimate for the Fort McMurray wildfire to $3.98 billion, down from its August estimate of $4.67 billion. Of the $3.98 billion estimate, the majority is in personal lines ($2.9 billion), with

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News InsuranceMarkets / CoveragesProfessional DevelopmentReinsurance

Canadian insurers ‘in a tough time for investments,’ A.M. Best analysts warn

November 15, 2016 Greg Meckbach, Associate Editor

Mergers and acquisitions in the reinsurance sector sometimes involve carriers acquiring managing general agents, while in Canada, M&As have involved insurers trying to “beef up certain parts of their enterprise,” analysts from A.M. Best Company Inc. suggested at a recent

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News InsuranceMarkets / CoveragesTechnology

More than half of polled P&C insurers aware of implications and potential of blockchain: Strategy Meets Action

November 11, 2016 by Canadian Underwriter

More than half of P&C insurers surveyed by insurance strategic advisory firm Strategy Meets Action (SMA) are at least aware of the implications and potential of blockchain in the industry, a new report from the company has found. In particular,

CRAFT Alta Wildfire Newspaper 20161108
News CatastrophesInsuranceMarkets / CoveragesReinsurance

Canadian insurers covering Fort McMurray property ‘learned a lot’ from 2011 Slave Lake wildfire: A.M. Best’s Silverthorn

November 10, 2016 Greg Meckbach, Associate Editor

The insured loss from the wildfire in May in Fort McMurray, Alta. will be “somewhere between” $3.6 billion and $4.6 billion, with European reinsurers covering nearly half of the loss, analysts from A.M. Best Company Inc. suggested Thursday. “The reinsurers

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News CatastrophesEarnings / RatingsInsuranceReinsurance

Munich Re posts profit of 684 million euros in third quarter

November 10, 2016 by Canadian Underwriter

Munich Re has posted a profit for 684 million euros in the third quarter of 2016 ending Sept. 30, up from 525 million euros in the same quarter last year. For the first nine months of the year ending Sept.

Wendy Gable, with Southern Baptist Convention Disaster Relief, throws wood onto a pile that was removed from a home that was heavily damaged by floodwaters caused by rain from Hurricane Matthew in Nichols, S.C., Thursday, Oct. 27, 2016. Nearly a month since floodwaters consumed the town, few have returned. The fear is that many never will. A stew of contaminants stood inches to feet deep in homes for a week. As it receded, toxic black mold grew rampant, leaving nearly all of the town’s 261 homes uninhabitable. Few, if any, had flood insurance. (AP Photo/Mike Spencer)
News CatastrophesCommercial LinesConstructionInsurancePersonal Lines

Hurricane Matthew causes up to US$15 billion impact to U.S. and Caribbean economies in October: Aon Benfield

November 9, 2016 by Canadian Underwriter

Hurricane Matthew, which swept through parts of the Caribbean and United States last month, is expected to cost up to US$15 billion to both economies, according to Aon Benfield’s latest Global Catastrophe Recap. Released on Wednesday, the report from Aon

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

Fort McMurray will hit Canadian’s p&c industry financial results in 2016: A.M. Best

November 9, 2016 by Canadian Underwriter

Current-year financial results for Canada’s property and casualty industry – which were once again strong in 2015 – are expected to take a hit in the wake of the Fort McMurray wildfire loss, notes a new report from A.M. Best.

Burrard Inlet at sunset, aerial view from a mountain at sunset time
News CatastrophesClimate ChangeCommercial LinesInsuranceLegalLegislation / RegulationReinsurance

Oceans Protection Plan includes robust polluter-pay approach to abandoned, derelict and wrecked vessels

November 8, 2016 by Canadian Underwriter

Canada’s new $1.5 billion national Oceans Protection Plan involves a raft of measures to help protect the country’s marine environment, including a pollution-pay approach with regard to abandoned, derelict and wrecked vessels The national plan was announced Monday in St.

News Commercial LinesEarnings / RatingsInsuranceReinsurance

Hurricane Matthew ‘will not be material’ to Berkshire Hathaway’s financial results

November 7, 2016 by Canadian Underwriter

Berkshire Hathaway Inc. reported Friday a 13% drop in its property & casualty premiums earned at its reinsurance group, while the primary insurers had a combined loss ratio of 61% during the third quarter of this year. For the three

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News InsuranceReinsuranceTechnology

Technology innovation top growth opportunity for (re)insurers in 2017: Guy Carpenter survey

November 7, 2016 by Canadian Underwriter

Technology innovation will provide the biggest growth opportunities for (re)insurers in the year ahead, according to Guy Carpenter’s annual Market Pulse Survey, released on Monday. Now in its fifth year, the survey polled 107 insurance and reinsurance professionals during the

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News Commercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

Net earnings for Fairfax Financial Holdings Limited US$1.3 million in 2016 Q3 compared to US$424.8 million in 2015 Q3

November 7, 2016 by Canadian Underwriter

Net losses on investment contributed to Fairfax Financial Holdings Limited seeing net earnings drop to US$1.3 million in 2016 Q3 compared to US$424.8 million in 2015 Q3. The results reflect “strong operating income offset by net losses on investments,” notes

News InsuranceProfessional DevelopmentReinsuranceTechnology

Ed launches global cyber academy

November 4, 2016 by Canadian Underwriter

Ed, the global reinsurance, wholesale and specialty broker, announced on Friday the launch of what it is calling the insurance industry’s first global cyber academy. The Ed Cyber Academy, which will be led by Peter Hacker, the company’s group chief innovation officer,