Canadian Underwriter

Topic
Claims


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 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 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 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

News ClaimsInsuranceLegalMarkets / Coverages

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