Topic
Catastrophes
Rate increases predicted for aviation insurance
November 10, 2014 by Canadian UnderwriterThe Oct. 28 explosion of an unmannned supply rocket and the fatal crash three days later of Virgin Galactic’s SpaceshipTwo “will add upward pressure” on aviation insurance rates, A.M. Best Company Inc. predicts. “The Virgin Galactic SpaceShipTwo loss and Antares…
Italian appeals court deliberating fate of 7 experts found guilty of failing to warn of quake
November 10, 2014 THE ASSOCIATED PRESSL’AQUILA, Italy – An appeals court is deliberating the fate of seven experts who were found guilty of failing to adequately warn residents of the risk before an earthquake struck central Italy in 2009, killing more than 300 people. The…
Federal disaster assistance for Napa earthquake now at $2.4 million
November 7, 2014 by Canadian UnderwriterFederal disaster assistance from the United States goverment has exceeded $2.4 million for those affected by the Aug. 24 South Napa earthquake, just one week after they became eligible to apply, the Federal Emergency Management Agency reported Thursday. In early September, Risk Management…
Profit up at Zurich Insurance in first nine months
November 6, 2014 by Canadian UnderwriterZurich Insurance Group has reported a business operating profit of $3.8 billion, for the nine months ended Sept. 30, up 7% over the same period last year. Net income attributable to shareholders also rose 3% to $3 billion for the…
Settlement of Canterbury quake insurance claims now tops NZ$13 billion
November 4, 2014 by Canadian UnderwriterPrivate insurance claims stemming from the 2010 Canterbury earthquake in New Zealand have hit the NZ$13 billion mark, notes a statement from the Insurance Council of New Zealand (ICNZ). As of the end of September, insurance companies had settled $8…
Water worries
November 1, 2014 by Canadian UnderwriterIt has been a little slow this year, catastrophe-wise, but it would be foolish to believe what happens in one year will necessarily follow in the next. Clearly, there is no shortage of perils to elicit concern and produce costs…
Remnants of Change
November 1, 2014 by Canadian UnderwriterThe catastrophe splash of 2013 has given way to a decidedly more muted experience in 2014. For the reinsurance market, what are the remnants of change? Can the existing pieces be patched together to construct even greater strength or do emerging pressures threaten to produce threadbare cover?
Still Movement
November 1, 2014 Greg Meckbach, Associate Editor; Harmeet Singh, Online Editor; and Angela Stelmakowich, EditorAs always, things are changing on both the insurance and reinsurance fronts. Players in the Canadian market need to consider conditions at home and abroad to get a complete picture of things that remain the same and those poised to change.
Quake Stakes
November 1, 2014 Mary Lou O'Reilly, Senior Vice President, Issues Management and Communications, Insurance Bureau of CanadaExperts agree a big earthquake is coming to Canada. So why are people not getting prepared? Exactly where and when the “big one” will hit can only be surmised, but preparedness has been lackluster for an event that will undoubtedly prove costly for everyone from governments to consumers, insurers and reinsurers.
Calming Influence
November 1, 2014 Nathan Spitse, Senior Manager, Crisis Management; and Dave Robinson, Senior Manager, Business Insurance Consulting Practice, DeloitteMajor disasters – natural or man-made – can damage both the immediate assets and operations of a business, as well as those far beyond. A major crisis serves as a moment of truth that tests the readiness, resilience and character of a business.
Allstate reports Q3 combined ratio of 93.5% after $517 million in cat losses
October 30, 2014 by Canadian UnderwriterThe Allstate Corp. released Wednesday its financial results for the three months ending Sept. 30, reporting 29 catastrophes during the quarter, a 4.8% increase in property-liability premiums and a 32% drop in underwriting income. “Catastrophe losses were $517 million in…
Net written premiums up for Aviva in Canada during third quarter
October 30, 2014 by Canadian UnderwriterAviva PLC has reported a 1.6-point deterioration in Canada’s combined operating ratio and a 6% year-over-year increase, on a constant currency basis, in net written premiums, for the first nine months of the year, in general insurance in Canada. Worldwide,…