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Bermuda’s global insurers, reinsurers could fund at least US$25 billion of insured losses from hurricanes

October 11, 2017 by Canadian Underwriter

Bermuda market firms may fund at least a quarter of the estimated US$100 billion in aggregate insured losses from hurricanes Harvey, Irma and Maria, suggest preliminary aggregated loss estimates from the Association of Bermuda Insurers & Reinsurers (ABIR). “Based on

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Mexico earthquake and three hurricanes could cost the industry US$95 billion: SCOR

October 10, 2017 by Canadian Underwriter

Catastrophe losses “should reach” US$95 billion, for the private insurance market, from three recent North Atlantic hurricanes and the earthquake in Mexico, SCOR SE suggested Monday. That figure is the “total private insured market loss for the combined Harvey-Irma-Maria hurricanes

News ClaimsInsuranceMarkets / CoveragesTechnology

Endeavour launches cyber facility, cyber protection becoming key to risk management

October 10, 2017 by Canadian Underwriter

Endeavour Insurance Services is looking to facilitate easier management of risks in the small-medium enterprise (SME) cyber space – while also supporting MGAs, brokers and clients in the U.S. and Canada – with the launch of a new technology and

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Beware ‘event amnesia’ following Fort McMurray wildfire, NICC speaker warns

October 5, 2017 Jason Contant, Online Editor

Following Canada’s costliest natural disaster, Fort McMurray may be more resilient in the short- and medium-term, but there needs to be an avoidance of “event amnesia,” a speaker suggested earlier this week at the National Insurance Conference of Canada (NICC).

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Record month of Atlantic tropical cyclones leads to major financial toll: Aon Benfield

October 5, 2017 by Canadian Underwriter

Hurricanes Irma and Maria as well as three powerful earthquakes in Mexico resulted in tens of billions of dollars (U.S.) in damage last month, according to Impact Forecasting’s latest monthly Global Catastrophe Recap report. Impact Forecasting, Aon Benfield’s cat model

News CatastrophesClaimsConstructionInsurance

Magnitude of U.K.’s Grenfell Tower fire was preventable: FM Global

October 5, 2017 by Canadian Underwriter

The magnitude of the fire that engulfed London’s Grenfell Tower in June was preventable, according to a newly released whitepaper from FM Global, one of the world’s largest business property insurers. On June 14, a massive fire broke out in

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Property Claim Services and NFIP to report aggregate flood loss estimates

October 5, 2017 by Canadian Underwriter

Property Claim Services (PCS) reported on Thursday that it will publish aggregate flood loss information supplied by the National Flood Insurance Program (NFIP), beginning with Hurricane Harvey. Historically, NFIP losses have been excluded from PCS’ industry insured loss estimates, the

News Claims

For many hotels, terror risks make tight security routine

October 3, 2017 Kelvin Chan And David Koenig - THE ASSOCIATED PRESS

In many parts of the world, the constant fear of extremist attacks has led to tighter security measures at hotels and resorts, but that is less so in the United States, where hotels are reluctant to intrude on the privacy

News CatastrophesClaimsInsuranceLegislation / Regulation

U.S. politicians urged to ‘work quickly’ to ensure NFIP ‘sustainable for the future’

October 3, 2017 by Canadian Underwriter

A coalition of insurers and associations is urging the United States Congress to quickly reform and extend the National Flood Insurance Program, which owes billions to the U.S. government and will expire this year unless a law extending NFIP is

News ClaimsInsuranceTechnology

Aviva Canada beefs up identity theft offering to protect customers

October 3, 2017 by Canadian Underwriter

Aviva Canada is marking the beginning of Cyber Security Awareness Month (October) with the announcement that it is introducing enhancements to its identity theft coverage at no additional cost to existing customers. The coverage features widespread financial protection if a

News ClaimsInsuranceMarkets / CoveragesTechnology

Cyber attacks among polled U.S. business costing at least US$5,000

October 2, 2017 by Canadian Underwriter

Seven in 10 of the surveyed U.S. businesses that experienced a cyber attack in the last year spent in excess of US$5,000 to investigate each incident, restore or replace software and hardware, and address any other consequences. However, 38% of

News ClaimsInsuranceReinsuranceTechnology

Willis Re supports B3i blockchain insurance industry initiative

October 2, 2017 by Canadian Underwriter

Willis Re is supporting the B3i initiative – the global blockchain effort launched last fall – by becoming a member and taking part in its prototype market testing phase. The announcement follows the successful launch of a working market testing