Topic
Catastrophes
Record rainfall causes flooding in Los Angeles area
September 16, 2015 Christopher Weber - THE ASSOCIATED PRESSLOS ANGELES – A record-breaking storm slammed parched Southern California on Tuesday, cutting off power to thousands, jamming traffic during the morning commute and stranding some people in surging waterways. Downtown Los Angeles saw a staggering 2.39 inches (6.07centimetres), breaking…
Flash floods kill 16 in southwest U.S.
September 16, 2015 Kimberly Pierceall And Brady McCombs - THE ASSOCIATED PRESSHILDALE, Utah – A van and SUV carrying three women and 13 children sat near the widening stream, waiting for the water to recede so they could cross back to their homes in a small, polygamous town on the Utah-Arizona…
Cyber insurance market could increase to at least $7.5 billion by 2020, cyber resilient approach urged: PwC
September 16, 2015 by Canadian UnderwriterThe global demand for cyber insurance presents a huge commercial opportunity for insurers and reinsurers – estimated to be at least US$7.5 billion by the end of the decade – but with that opportunity comes risks that could be potentially…
Global insured average annual loss up to US$74.4 billion: AIR
September 16, 2015 by Canadian UnderwriterAIR Worldwide Corp. released Tuesday its 2015 Global Modeled Catastrophe Losses report, reporting the global aggregate average annual insured loss was $74.4 billion in 2015, up from $72.6 billion in 2014. All figures are in United States dollars. The report…
Hannover Re anticipates rising demand in treaty renewals at Jan. 1, 2016
September 15, 2015 by Canadian UnderwriterProperty and casualty reinsurance worldwide is seeing a reduction in the oversupply of reinsurance capacity compared to the previous year despite the continuing highly competitive environment, Hannover Re CEO Ulrich Wallin said Monday during a press conference in Monte Carlo.…
Profits for Canadian p&c insurance companies endure despite challenging market conditions: A.M. Best
September 15, 2015 by Canadian UnderwriterCanada’s property and casualty insurance market – faced with challenging market dynamics and unforeseen headwinds like the steep decline in global oil prices – remains resilient, prompting A.M. Best to maintain a stable rating outlook for the industry as a…
Fatal California wildfires destroy 1,000 structures
September 14, 2015 Ellen Knickmeyer And Olga R. Rodriguez - THE ASSOCIATED PRESSMIDDLETOWN, Calif. – Some 400 homes were among the hundreds of structures destroyed as fast-moving wildfires raged through communities in Northern California, leaving at least one person dead and sending residents fleeing along roads where some buildings and vehicles were…
AIR Worldwide, security risk firms collaborate on advanced cyber model
September 14, 2015 by Canadian UnderwriterAIR Worldwide will work with security risk and cyber data providers BitSight Technologies and Risk Based Security (RBS) to build an advanced cyber risk model. AIR Cyber Risk Model will seek to help the insurance industry better manage the evolving…
Insurers discussing ‘broader form’ of contingent business interruption coverage: Swiss Re
September 14, 2015 by Canadian UnderwriterContingent business interruption insurance does not cover some “important supply chain risks,” though some insurers are discussing the possibility for broadening CBI coverage, while a lack of historical data makes it difficult for carriers to underwrite terrorism coverage, Swiss Re…
Challenging market conditions continue to put pressure on reinsurance pricing: Guy Carpenter
September 14, 2015 by Canadian UnderwriterAbundant capacity, the influx of new capital and limited loss experience is keeping the pressure on reinsurance pricing, terms and conditions, Alex Moczarski, president and CEO of Guy Carpenter & Company, LLC and chairman of Marsh & McLennan Companies International,…
With time ticking for the “Big One,” West Coast quake warning system begins to take shape
September 11, 2015 Terrence Petty - THE ASSOCIATED PRESSPORTLAND, Ore. – University of Washington researchers are testing an earthquake alert system as the Pacific Northwest prepares for the day when a 600-mile-long fault line looming off the coast unleashes a catastrophic earthquake and tsunami. The fault line hasn’t…
Flooding in Japan forces evacuation of 860,000: AIR Worldwide
September 11, 2015 by Canadian UnderwriterFlooding in Japan has forced the evacuation of approximately 860,000 people north and east of Tokyo, and about 100,000 people were ordered from their homes, AIR Worldwide reported on Thursday. Torrential rainfall during the last several days – exacerbated by…