Canadian Underwriter

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Catastrophes


News CatastrophesClaimsConstructionInsuranceMarkets / Coverages

Quality of construction workmanship a major factor in water losses: RSA Canada CEO

October 27, 2017 Greg Meckbach, Associate Editor

Aging infrastructure and deteriorating construction standards are among the “major factors” leading to the challenges Canadian property insurers face when dealing with water losses, brokers heard Thursday during the CEO Panel at the Insurance Brokers Association of Ontario convention. “The

News CatastrophesClaimsClimate ChangeInsurance

Hurricane recent events, history illustrate need to beef up preparedness: AGCS

October 27, 2017 by Angela Stelmakowich

The preparedness of U.S. businesses is still wanting despite lessons learned from Hurricane Sandy and the high hurricane activity, devastation and losses so far this Atlantic hurricane season, suggests Allianz Global Corporate & Specialty (AGCS). “In light of lessons learned

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Hurricanes, Mexico earthquakes cost SCOR 430 million euros in Q3

October 26, 2017 by Canadian Underwriter

“An exceptional series of large natural catastrophes, with Hurricanes Harvey, Irma and Maria and earthquakes in Mexico,” has led to a cost of 430 million euros, net of retrocession and tax, for SCOR SE for the third quarter of the

News CatastrophesClaimsInsuranceMarkets / Coverages

2016 central Italy earthquakes cost an estimated 208 million euros: PERILS

October 26, 2017 by Canadian Underwriter

The series of earthquakes that impacted central Italy one year ago have cost 208 million euros, the independent Zurich-based organization PERILS has estimated. On Thursday, PERILS disclosed its final property insurance loss estimate for the earthquakes that struck Italy between

News CatastrophesClaimsEarnings / RatingsInsuranceReinsurance

Hurricanes expected to deliver 1.4 billion euro hit to Munich Re in third quarter, total tally estimated at 2.7 billion euros

October 26, 2017 by Canadian Underwriter

Exceptional major-loss expenditure related to hurricanes Harvey, Irma and Maria (HIM) are expected to result in Munich Re posting a loss of 1.4 billion euros in 2017 Q3, reducing the (re)insurer’s previously anticipated full-year profit. Emphasizing that current estimates “are

News CatastrophesInsuranceMarkets / Coverages

California launching fire clean up ‘for the record books’

October 25, 2017 Ellen Knickmeyer - THE ASSOCIATED PRESS

SANTA ROSA, Calif. – Government officials outlined plans Monday for what they say will be the largest fire clean-up in California history, aimed at removing hazardous substances and ash from 8,400 homes and other structures burned in Northern California wildfires.

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Reinsurance sector strongly positioned to deal with potential record-breaking losses of 2017: JLT Re

October 25, 2017 by Canadian Underwriter

After five years of below-average loss experience, 2017 looks set to become the “most expensive catastrophe loss year ever for the P&C sector,” but reinsurers’ existing capital base is sufficient to service the bulk of losses sustained so far, a

News CatastrophesClaimsInsuranceMarkets / Coverages

Insured losses from Hurricane Irma already US$5.3 billion: Florida Office of Insurance Regulation

October 25, 2017 by Canadian Underwriter

Total estimated insured losses from Hurricane Irma in Florida have already topped US$5 billion, the Florida Office of Insurance Regulation (FOIR) has reported. Aggregate information compiled from claims data filed by insurers shows that total estimated insured losses are US$5,311,772,141.

News CatastrophesEarnings / RatingsInsuranceReinsurance

P&C combined ratio for XL Group up to 146.9% in third quarter

October 25, 2017 by Canadian Underwriter

XL Group Ltd. has reported a P&C combined ratio of 146.9% for the third quarter of 2017 ending Sept. 30, as natural catastrophe losses largely attributed to Hurricanes Harvey, Irma and Maria took their toll. Excluding prior-year development and nat

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Lloyd’s revises Harvey, Irma and Maria claims estimates to US$4.9 billion

October 23, 2017 by Canadian Underwriter

Lloyd’s has revised its net claims estimates for Hurricanes Harvey and Irma to a combined US$3.9 billion, plus a preliminary claims estimate for Hurricane Maria of US$0.9 billion. In a statement on Monday, Lloyd’s also reported that the world’s specialist

News CatastrophesClaimsClimate ChangeInsuranceMarkets / Coverages

Climate change added to historic fire season by making it more extreme: University of Alberta researcher

October 23, 2017 Bill Graveland - THE CANADIAN PRESS

CALGARY – Climate change didn’t directly cause major wildfires in Alberta and British Columbia this year but it did contribute to their extreme nature, says a University of Alberta researcher. B.C. recorded its worst-ever fire season. Wildfires that began in

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Swiss Re estimates losses from recent hurricanes, Mexico earthquakes at US$3.6 billion

October 20, 2017 by Canadian Underwriter

Swiss Re has estimated its preliminary combined losses from Hurricanes Harvey, Irma and Maria and the earthquakes in Mexico to be approximately US$3.6 billion, net of retrocession and before tax. Of the total combined losses, claims from the two earthquakes