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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 ClaimsInsuranceMarkets / CoveragesTechnology

U.S. auto insurance customers slow to adopt digital claims reporting, J.D. Power finds

October 23, 2017 by Canadian Underwriter

Despite a nationwide advertising blitz for mobile auto insurance apps and widespread use of digital channels to purchase insurance, auto insurance customers in the United States have been slow to adopt digital claims reporting, J.D. Power reported on Monday. Its

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

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Federal, Manitoba governments agree to pay $90 million to First Nations following 2011 flood

October 20, 2017 by Canadian Underwriter

The governments of Manitoba and Canada have agreed to pay more than $90 million to certain First Nations who were affected by flooding in 2011. McKenzie Lake Lawyers LLP said in a statement released earlier this week that while not

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

News CatastrophesClaimsInsuranceMarkets / Coverages

California wildfires already cost more than US$1 billion in losses: state insurance department

October 20, 2017 by Canadian Underwriter

The wildfires in California have cost US$1.045 billion in losses, preliminary data from the California Department of Insurance has revealed. On Thursday, California Insurance Commissioner Dave Jones announced preliminary data provided by eight California insurers processing claims for tens of

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

ILS market ready to deal with “wake-up call” of Q3 nat cats: Willis Towers Watson Securities

October 20, 2017 by Canadian Underwriter

Insurance-linked securities (ILS) investors are responding to the recent uptick in natural disasters by making payments to ceding companies, while at the same time continuing to raise more money and preparing to make new investments, Willis Towers Watson (WTW) Securities

News CatastrophesClaimsInsuranceMarkets / Coverages

Travelers reports lower net, core income in 2017 Q3 than in 2016 Q3

October 20, 2017 by Canadian Underwriter

A US$700 million pre-tax hit for catastrophe losses in 2017 Q3 contributed to Travelers Companies, Inc. seeing both its net income and core income drop compared to the prior-year quarter. The U.S. insurer’s net income amounted to US$293 million for

News ClaimsInsuranceLegalMarkets / Coverages

Cross-industry fraud increasing: LexisNexis Risk Solutions study

October 19, 2017 by Canadian Underwriter

Today’s criminals are more sophisticated than ever, as cross-industry fraud is occurring in 84% of polled cases, a new survey of fraud mitigation professionals has found. The third annual LexisNexis Fraud Mitigation Study surveyed 800 fraud mitigation professionals from the

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Zurich estimates net claims related to Hurricanes Harvey, Irma and Maria of US$700 million

October 19, 2017 by Canadian Underwriter

Zurich Insurance Group has become that latest insurer to estimate the impact of Hurricanes Harvey, Irma and Maria on its book of business. Zurich said in a press release on Thursday that it currently estimates aggregate claims in the third

News ClaimsInsuranceLegalMarkets / Coverages

CGL insurer has duty to defend third-party claim arising from workplace injury

October 19, 2017 by Canadian Underwriter

There is a possibility that a third-party claim against a door installation company – whose subcontractor was injured on the job and was not covered by the Alberta Workers’ Compensation Board – falls under a commercial general liability policy, a