Canadian Underwriter


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Swiss Re estimates claims costs from hailstorms in Germany at US$240 million

September 23, 2013 by Canadian Underwriter

Swiss Re’s claims burden from hailstorms in Germany this past July is estimated at approximately US$240 million, net of retrocession and before tax, accounting for about 10% of the estimated US$2.0 billion to $2.7 billion in related losses industry wide.

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Insurance industry players testify at government committee for reauthorization of TRIA

September 20, 2013 by Canadian Underwriter

An executive from Marsh & McLennan Companies was among the industry representatives testifying before the United States House of Representatives, arguing for the reauthorization of the Terrorism Risk Insurance Act (TRIA). Peter J. Beshar, executive vice president and general counsel

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Rail company’s plan to ship oil through Hudson Bay too risky: minister

September 20, 2013 Chinta Puxley, THE CANADIAN PRESS

WINNIPEG  – The Manitoba government says a rail company’s plans to start transporting oil across hundreds of kilometres of remote rail line built on permafrost is too risky to the environment and the safety of those who live in the

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Canadian Pacific CEO says shippers have stonewalled purchase of safer cars: Globe

September 18, 2013 Ross Marowits, THE CANADIAN PRESS

Canada’s two large railways anticipate substantial growth in the transportation of crude oil in coming years, but the CEO of Canadian Pacific Railway has accused the country’s petroleum, chemical and commodity producers of persistently stonewalling the purchase of safer tanker

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Marine loss ratios climb, airline losses drop: report

September 10, 2013 by Canadian Underwriter

Underwriting performance has improved recently in marine and airline insurance, but those lines are “only marginally profitable,” suggests a new report by Swiss Re. The Zurich-based reinsurer announced Thursday it published the latest of its Sigma series of reports, titled

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AIR Worldwide adds non-catastrophe risk to next gen software

September 9, 2013 by Canadian Underwriter

AIR Worldwide announced Monday its next generation software platform, Touchstone, will include the ability to account for catastrophe and non-catastrophe risk in a single platform. By adding non-catastrophe analytics, companies will be able to analyze their risk of property exposure

News CatastrophesInsuranceMergers and Aqcuisitions

B.C. earthquake exposure presents opportunity for insurance carriers as some drop coverage

September 9, 2013 by Canadian Underwriter

Earthquake risk in British Columbia is a “pocket of opportunity” for global insurers, as some carriers have “curtailed” writings while insured values are increasing, suggests a new report from Aon Benfield. The reinsurance division of London-based Aon plc announced Sunday

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Impact Forecasting launches cat model for East Africa earthquakes

September 3, 2013 by Canadian Underwriter

Impact Forecasting, the catastrophe model development arm of Aon Benfield, has launched a new model for East Africa, which the company says is the first for the region. The catastrophe model quantifies the financial impact of earthquakes in the region,

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Global reinsurance outlook stable, investment environment remains a challenge: Fitch

August 29, 2013 by Canadian Underwriter

Fitch Ratings issued a stable outlook for global reinsurance ratings on Thursday, saying it expects to affirm most of its current ratings in 2014. Capital strength and continued profitability have allowed for the outlook, the firm said. Apart from a

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Majority of consumers globally aware of climate change risks, future damage from disasters

August 28, 2013 by Canadian Underwriter

Consumers worldwide are aware of future risks they may face, but still want their political leaders to do more to take on natural disasters and promote energy efficiency, according to a new survey from Swiss Re. According to the poll,

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U.S. insurance commissioners sign resolution in support of terrorism risk act

August 27, 2013 by Canadian Underwriter

The National Association of Insurance Commissioners (NAIC) in the United States has passed a resolution supporting the reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire in December 2014. “We strongly urge members of Congress to

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FEMA to provide federal funds to combat massive California fire

August 26, 2013 by Canadian Underwriter

The Federal Emergency Management Agency (FEMA) in the United States has authorized the use of federal funds to fight the Rim Fire currently burning in Tuolumne County in California. On Friday, the State of California submitted a request for a