Canadian Underwriter


Paper house on cracked earth, crisis concept
News AssociationsCatastrophesCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesPersonal LinesReinsurance

Great British Columbia ShakeOut attracts record number of registrants

October 20, 2016 by Canadian Underwriter

The Great British Columbia ShakeOut is clearly gaining more traction, with a record 800,000 British Columbians registering for today’s “Drop, Cover and Hold On” drill, joining almost 41.5 million others around the world. “This year, we saw the largest number

digital computer blockchain isolated on white
News InsuranceMarkets / CoveragesReinsuranceTechnology

Aegon, Allianz, Munich Re, Swiss Re and Zurich launch blockchain initiative B3i

October 19, 2016 by Canadian Underwriter

Five insurers and reinsurers – Aegon, Allianz, Munich Re, Swiss Re and Zurich – have launched the blockchain insurance industry initiative B3i, aimed at exploring the potential of distributed ledger technologies to better serve clients through faster, more convenient and

The lighthouse at Peggy's Cove the day after a hurricane.
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 AssociationsInsuranceMarkets / CoveragesReinsurance

Pool Re announces launch of International Forum of Terrorism Risk (Re)Insurance Pools

October 11, 2016 by Canadian Underwriter

Pool Re, which reinsures property damage and business interruption against terrorism risk in Great Britain, announced on Monday the launch of the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP). The formation of IFTRIP is the culmination of a Pool

businessman hand stop dominoes continuous toppled on the desk
News CatastrophesCommercial LinesInsuranceLegalMarkets / CoveragesPersonal LinesReinsurance

Business interruption payouts should be based on historic results even in post-disaster economy: AEIC speaker

October 11, 2016 by Angela Stelmakowich

The Fort McMurray wildfire will likely raise questions about the basis for business interruption (BI) insurance payouts in a post-catastrophe economy, but historic results are the best indication of what otherwise would have occurred, Emily Stock argued during the 43rd

Magnifying glass and documents with analytics data lying on tabl
News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Canadian P&C industry combined ratio improves to 96% in 2015 from 99% in 2014

October 7, 2016 by Canadian Underwriter

The property and casualty insurance industry in Canada reported an aggregated combined ratio of 96% in 2015, a three-point improvement from 99% in the previous year, driven by fewer severe weather and catastrophe events, the Office of the Superintendent of

Hurricane Matthew Florida
News CatastrophesCommercial LinesInsurancePersonal Lines

Hurricane Matthew unlikely to have material impact on insurance market: Willis Towers Watson

October 7, 2016 by Canadian Underwriter

With Hurricane Matthew weakening and being downgraded, it is less likely it will reach the US$30 billion initial loss estimates offered by catastrophe modelling firms, said Gary Marchitello, head of property broking with Willis Towers Watson (WTW). “The US$30 billion

Man with protective  mask and protective  clothes  explores danger area.
News CatastrophesClimate ChangeCommercial LinesInsuranceMarkets / CoveragesPersonal LinesReinsurance

Cat bond issuance so far in 2016 down 15% compared to same period in 2015, Fort Mac reviving talk about unmodelled risks: PCS

October 5, 2016 by Canadian Underwriter

Year-to-date Cat bond issuance was down more than 15% compared to the prior-year period as a result of a usually light third quarter and a less usual quiet second quarter, notes a new report from Property Claim Services (PCS). The

Cyber security concept with lock
News Commercial LinesInsuranceMarkets / CoveragesTechnology

Engineering insurers’ working group calls for ‘greater risk dialogue’ on cyber threats

October 4, 2016 by Canadian Underwriter

Cyber insurance coverage “should not replace” information technology security measures, and cyber risk can have an effect across engineering projects, the International Association of Engineering Insurers (IMIA) warned Tuesday. “The perception that cyber events do not cause physical damage is

Ted Harman, President, Accent Insurance Solutionsv
Feature CatastrophesInsurancePersonal Lines

Quake Coverage

October 4, 2016 Ted Harman, President, Accent Insurance Solutions

Brokers in Quebec should offer earthquake coverage on every new policy sold and carefully document customers’ refusals to purchase such coverage.

California Wildfires
News CatastrophesInsurancePersonal LinesReinsurance

California wildfire threatens 325 structures

September 30, 2016 THE ASSOCIATED PRESS

MORGAN HILL, Calif. – A wildfire in a mostly remote area of California’s Santa Cruz Mountains has now destroyed eight homes and sent a firefighter to the hospital, officials said Thursday. One firefighter was injured and hospitalized, but no details

Fort McMurray, Alberta, June 2, 2016 THE CANADIAN PRESS/Jason Franson
News CatastrophesInsuranceReinsurance

New reinsurer view of Canada may be forming, likely to influence pricing

September 30, 2016 Angela Stelmakowich, Editor

VANCOUVER – The higher frequency of billion-dollar-plus natural catastrophe events in Canada contributes to the global reinsurance community viewing the country differently and pricing will need to change to reflect risk, Mark Cloutier, group CEO for Brit Insurance Ltd., said