Topic
Catastrophes
Catastrophe bond issuance in 2015 ‘will modestly exceed’ last year
January 15, 2015 by Canadian UnderwriterInvestors put more than US$8 billion into catastrophe bonds last year, and assets under management in insurance-linked security should continue to grow, Willis Securities Inc. stated in a report released Thursday. “We would not be surprised to see $9 billion…
Canadian earthquake could cause half of losses in 100-year return period scenario
January 14, 2015 by Canadian UnderwriterCatastrophe modeling firm AIR Worldwide estimates that the current 1.00% exceedance probability loss (or the 100-year return period loss) is approximately $231.5 billion and the long-term average annual loss from natural catastrophes and terrorism is $72.6 billion. That’s compared with…
Disruptive scenarios like cyber breaches and natural cats seen as top concerns by risk managers
January 14, 2015 by Canadian UnderwriterBusiness interruption and disruption to supply chains are among the main concerns organizations will face in 2015, according to the new Risk Barometer report from Allianz. In a worldwide survey of more than 500 risk managers and insurance experts within…
TRIA will ‘continue to protect’ U.S. economy against major terrorist incidents, American insurers say
January 14, 2015 by Canadian UnderwriterAssociations representing both risk managers and American property & casualty insurance carriers praised the passage this week of a law extending the United States government backstop for commercial terrorism insurance coverage. The Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) was…
Disciplined underwriting key in overcapitalized global reinsurance sector: A.M. Best
January 13, 2015 by Canadian UnderwriterCurrent conditions in the global reinsurance sector, which remains overcapitalized, demand that disciplined underwriting be the focus of reinsurers, including those that are reducing their books of business to address those challenging conditions, suggests a new report issued Monday by…
Lac Megantic settlement is just a fraction of what’s needed, town says
January 12, 2015 Sidhartha Banerjee, THE CANADIAN PRESSMONTREAL – The funds earmarked for those affected by the Lac-Megantic train disaster represent just a fraction of what’s needed, a town official says. A US$200-million settlement was announced last week, with more than one-half of the money going to…
BP attempt to shift Clean Water Act liability in oil spill rejected by appeals court
January 12, 2015 Kevin McGill, THE ASSOCIATED PRESSNEW ORLEANS – A federal appeals court has refused to reconsider its 2014 ruling that BP cannot avoid federal penalties for the 2010 Gulf of Mexico oil spill by blaming another company’s failed equipment. The 5th U.S. Circuit Court of…
Young industry developing drones resembles Silicon Valley in early days of personal computer
January 12, 2015 Scott Mayerowitz, THE ASSOCIATED PRESSDANVERS, Mass. – To see the future of drones, head up the hill at the intersection of Industrial Drive and Electronics Avenue. Inside a bland brick office building, the team at CyPhy is working on tethered machines that can fly…
A.M. Best conducting stress tests on insurers after U.S. terrorism insurance act passes
January 12, 2015 by Canadian UnderwriterA.M. Best will continue to conduct stress tests on insurers to evaluate the effect terrorism exposures will have on balance sheets, the rating agency reiterated following last week’s Congressional action to reauthorize the Terrorism Risk Insurance Act. The Terrorism Risk…
Haiti marks 5th anniversary of earthquake amid signs of uneven recovery
January 12, 2015 David McFadden, THE ASSOCIATED PRESSPORT-AU-PRINCE, Haiti – Somber Haitians gathered early Monday to remember the devastating January 2010 earthquake that left much of the capital and surrounding area in ruins in one of the worst natural disasters of modern times. Hundreds of people, most…
Settlement reached in Lac Megantic lawsuit to compensate victims
January 9, 2015 By Peter Rakobowchuk - THE CANADIAN PRESSMONTREAL – Victims of the 2013 rail disaster in Lac-Megantic, Que., have reached a major financial settlement with the railway that was at the heart of the deadly tragedy. A U.S. lawyer who worked on the wrongful-death lawsuits said Friday…
$7.8 billion in cat bond issuance in 2014, PCS reports
January 8, 2015 by Canadian UnderwriterLast year was a year of “firsts” for the catastrophe bond market, with a record-setting $7.8 billion in issuance, Property Claim Services reported Wednesday. That amount was up 8% last year over 2013, according to the firm’s annual cat bond…