Topic
Catastrophes
2015 the quietest Canadian catastrophe year in five years, with $510 million in insured losses: PCS
February 10, 2016 by Canadian Underwriter2015 was the quietest Canadian catastrophe year since PCS Canada launched in 2010, with insured losses from three cat events reaching about $510 million, according to Property Claims Services’ (PCS) full-year cat review, released on Wednesday. PCS, a division of…
U.S. Southwest drifting into drier climate state: study
February 9, 2016 by Canadian UnderwriterThe weather patterns that typically bring moisture to the southwestern United States are becoming more rare, an indication that the region is sliding into the drier climate state predicted by global models, suggested a recent study. “A normal year in…
January winter weather causes US$4 billion loss to global economy: Impact Forecasting
February 9, 2016 by Canadian UnderwriterA powerful winter storm in the eastern United States during the second half of January is estimated to cost US$2 billion in economic losses, according to Aon Benfield’s catastrophe model development team. The storm brought heavy snowfall, high winds, coastal…
Even the ski hill is closed as ‘a good dump of snow’ lands on East Coast
February 8, 2016 The Canadian PressHALIFAX – It was a familiar story Monday in Atlantic Canada as a nasty storm grounded flights and prompted schools, shops, offices – and even a ski hill – to shut early. Nova Scotia was expected bear the brunt of…
NOAA launches campaign to study current El Nio
February 8, 2016 by Canadian UnderwriterThe National Oceanic and Atmospheric Administration (NOAA) announced on Friday that its scientists and partners have embarked on an “unprecedented” effort to study how the current El Niño affects weather systems. The scientists and partners began a land, sea and…
Munich Re’s consolidated result 3.1 billion euros in 2015, in line with 2014
February 8, 2016 by Canadian UnderwriterProvisional calculations indicate Munich Re will post a consolidated result of 3.1 billion euros for 2015, down just slightly from what was regarded as the very good result of 3.2 billion euros in 2014. Provisional calculations show that in the…
Over 100 missing, 14 dead as strong quake rattles Taiwan
February 6, 2016 Gladys Tsai - THE ASSOCIATED PRESSTAINAN, Taiwan – Rescuers were searching late Saturday for more than 100 people still missing after a powerful, shallow earthquake struck southern Taiwan before dawn, causing a high-rise residential building to collapse and killing at least 14 people. Nearly 340…
Flood losses from U.K. storms Eva and Frank estimated at 526 million pounds
February 5, 2016 by Canadian UnderwriterPERILS AG has said that the initial estimate of the insured property market loss for the flood damage related to storms Eva and Frank in the United Kingdom is 526 million pounds. PERILS, the independent Zurich-based organization providing industry-wide catastrophe…
Institute for Catastrophic Loss Reduction to host workshop on reducing flood risk in Toronto
February 4, 2016 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) will host its next Friday Forum on Feb. 19 on the topic of reducing flood risk in Toronto. The workshop will be held from 10 a.m. to 11:30 a.m. in the ICLR boardroom…
Tornadoes in the South; snow in Plains and Upper Midwest
February 3, 2016 Emily Wagster and Josh Funk - THE ASSOCIATED PRESSJACKSON, Miss. – Tornadoes touched down in Mississippi and Alabama as thunderstorms swept through the area Tuesday, while a powerful snowstorm buried parts of Colorado and Nebraska in more than a foot of snow before crawling into the Upper Midwest.…
Preparation key to helping reduce losses from catastrophes, improving claims experience
February 3, 2016 Jason Contant, Online EditorThe flooding in southern Alberta in 2013 has better prepared claims executives for another major catastrophe, speakers suggested on Tuesday at the inaugural Canadian Catastrophe Conference. “You think you are ready, but you’re never quite ready for what was to…
IoT poses one of insurance industry’s biggest underwriting challenges: Rosenbaum
February 3, 2016 Angela Stelmakowich, EditorOne of the insurance industry’s biggest challenges on the underwriting side is “how to effectively and profitably transfer cyber risk with respect to machine-to-machine technology,” so-called Internet of Things, Brian Rosenbaum, national director of the Legal and Research Practice at…